Sometimes, even Pennsylvania's largest landlord finds itself unable (or unwilling) to develop properties it own, which is where you (might) come in. The housing authority started auctioning off properties only two years ago. Over the past two years, the PHA's two auctions have netted them seven million dollars and taken about 400 properties off their hands. Though the housing authority often develops larger properties most interesting to investors and developers, they also have some smaller holdings that might interest lay Philadelphians.
On July 16th, 200 properties will be up for public bidding at First District Plaza (3801 Market Street). The auction will be conducted by Max Spann, (who is apparently a national government agency auctioneer extraordinaire).
Though all the properties going up for bid are available to the general public, it's important to note that they will all need significant work. Most of them have long stood vacant, and will probably require a significant investment to get them ready for residents. Two past auction buyers said that they had a great experience with the last auction, but both buyers were established real estate developers.
If you're looking to buy a home or property and feeling adventurous, the PHA is offering information sessions to help prospective buyers get a handle on how the auction works, and which properties are going up for bid. The information sessions will be held on June 26th, July 2nd, and July 9th from 12-3pm at Greater Grays Ferry Estates (1800 S. 32nd Street)
· Philadelphia Housing Authority To Auction Off Unused Properties [CBS Philly]
· Max Spann to Auction 200 Philadelphia Housing Authority Properties [Philadelphia Housing Authority]