Newark Selling Vacant Lots To Couples For $1,000 This Valentine’s Day… But Then You Have To Build A House

For a $1,000 you and your sweetheart can buy this lot in Newark, NJ, on Valentine’s Day.

Forget the flowers and chocolates this Valentine’s Day. One New Jersey city thinks it knows what your sweetheart wants: a plot of land.

The city of Newark is giving couple’s a chance to celebrate the day of love by purchasing a vacant lot for just $1,000.

CBS New York reports the city is hosting the “Valentine’s Land Sale Day” from 9 a.m. to noon at Newark City Hall on Feb. 14.

Like many Valentine’s Day themed events, singles aren’t welcome, according to the city’s website.

“In the spirit of St. Valentine’s Day, we are doing a sale of city lots exclusively to couples,” the city says on its website. “Transforming non-tax producing city owned lots to occupied, tax producing properties with new homes built on them.”

In all, Newark is selling 100 lots at $1,000 each. The sale is not for developers or investors.

Couples who purchase one of the lots will be required to make a $500 down payment and pay the additional $500 when the deal closes. Buyers will also have to submit a City Planning Board approved site plan to close on the property and complete construction within 18 months of closing.

“We are observing Valentine’s Day with creativity and a commitment to Newark’s couples, by offering them opportunities to achieve their American dream of home ownership,” Newark Mayor Ras Baraka tells CBS New York “At the same time, we are turning vacant lots into homes that strengthen our communities, replacing blight with development.”

A list of available lots and a map can be found on the city’s website. Provided information contains only an address and lot size.

Rules for the Valentine’s Land Sale Day include:

• You must be a couple (straight or LGBT)

• Only one lot per couple

• Lots will be awarded on a “first come, first served” basis

• Lots will be sold for $1,000 each

• All final sales are subject to Municipal Council approval

• Buyers will be required to make a $500 down payment

• Buyers will be required to pay an additional $500 at closing

• Buyer is responsible for all closing costs

• Buyer must submit a City Planning Board approved site plan to close on the property

• Buyer must have a commitment letter from a financial institution AND/OR proof of cash to cover the cost of the infill new construction to close on the property

• Construction must be completed within 18 months of closing

• Buyer must reside in the property for 5 years after issuance of C.O.

• Anyone from anywhere is eligible to participate except employees of the EHD Property Management Division

Newark To Offer Vacant Lots To Couples For $1,000 In Valentine’s Day Sale [CBS New York]

by Ashlee Kieler via Consumerist