200 Philadelphia Vacant Homes to Be Auctioned Off
By Veronica Grecu, Associate Editor
Philadelphia will soon unload approximately 200 of its abandoned homes and properties around the city at a public auction that will be conducted by Max Spann, one of the largest real estate auction companies in the country. The announcement was made by Philadelphia Housing Authority (PHA) President and CEO Kelvin Jeremiah during an official event held last week in front of one of the houses offered for sale on N. Marston Street.
Scheduled for 10 a.m. on July 16 at the First District Plaza, 3801 Market Street in University City, the auction is meant to reduce blight and put long-term abandoned properties back on the market as PHA is no longer able to rehab or maintain these properties because of recent budget costs—around $32 million that followed the federal government’s sequester, the Philadelphia Business Journal notes.
According to PlanPhilly.com, PHA currently oversees 1,700 vacant homes scattered around the city. By selling them one by one at prices ranging from $6,000 to $300,000, PHA hopes to gather additional revenue that can be used to fuel other projects and initiatives.
Three auction informational sessions will be held by Max Spann on June 26, July 2 and July 9 from 12:00 to 3:00 a.m. at the Greater Grays Ferry Estates, 1800 S. 32nd Street to help prospective bidders see how the auction works, get the full list of properties and ask more details about the process.
“The variety of properties offered means there are homes for just about anyone, even those who didn’t think they could afford to buy a home,” said Max Spann Executive Vice President Bob Dann.
Image via PlanPhilly.com/Google MapsTags: abandoned property, Acquisitions/Dispositions, auction, Bob Dann, Brokers, Consumer, economy, Finance/Investment, Financiers, Investors, Kelvin Jeremiah, Local, Max Spann, National, Owners, Philadelphia, Philadelphia Housing Authority, Philadelphia Lead Story, Professional, Regional, single-family, University City, vacant property