Sheriff’s sale of Riverwalk this week

Postponed twice, the Union County Sheriff’s Sale of the 19 unsold, foreclosed Riverwalk townhouses is scheduled for 2 p.m. on Thursday (Aug. 16). The $5.255-million sheriff’s sale originally was scheduled in February, then postponed again in April on the townhouses that went into foreclosure in late 2009.

In all, 86 units were constructed by Diversified Communities, formerly based in Parsippany. Riverwalk Developers is still listed as owners on the 19 units, which are located on Genovese Lane (8), Hancock Street (5), Danchetz Court (3), and Barnhardt Lane (3). Their tax assessments range from $151,000 to $179,300, translating to annual property tax bills of approximately $8,700 to $10,500. About two dozen of the 67 Riverwalk units that did sell won judgments on their tax appeals last year, seeing their assessments reduced to about $148,500, slashing their property tax bills by as much as $1,000.

Completed sometime in 2005, most units started selling in early 2006 in the low $400,000s, according to property records, with some in the high $300,000s. Sales regularly were in the mid-$500,000s by 2007, with some larger units (about 1,800 square feet) going for $565,000 in 2007 and into early 2008 — a high of $615,000 in October 2007.

The last units to sell appear to have been in the fall of 2008, with three going for anywhere from about $370,000 to $445,000. At least four units have turned over since their original sale and it’s not pretty: one bought in January 2006 for $414,000 sold for $199,000 this past March.