Hello.
Are the sentences below correct and natural?
1. There was a party next door.
2. There was a party going on next door.
3. There is a party next door.
4. There is a party going on next door.
Hello anonymous, Yes, all are correct. Best wishes, Joseph
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To comment further, in 1 and 2 the party is, of course, in past time, and in 3 and 4 it is in present time. And in 3 and 4 the verb would be contracted, "There's".