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Greater Syracuse Land Bank sells most properties ever in 2021

katelyn wright land bank
City of Syracuse
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Youtube
Greater Syracuse Land Bank Executive Director Katelyn Wright delivers an annual report to Syracuse Common Councilors.

The Greater Syracuse Land Bank sold a record number of homes in 2021. According to the Land Bank’s annual report to Syracuse Common Councilors Tuesday, they sold 176 properties. Executive Director Katelyn Wright says they’re now in need of better-quality buildings to attract potential buyers,

“When somebody comes to the Land Bank, they have to show that they have enough financing to cover the renovations. It used to be that our renovation estimates might be $30,000 to $50,000 for a home that we had on the market,” said Wright. “And now they’re $100,000 [to] $120,000 because they just need an extraordinary amount of work.”

The Greater Syracuse Land Bank has used American Rescue Plan Act funding to do some repairs before putting homes on the market, such as replacing windows or repairing a roof, to encourage buyers. Wright says the current cost of renovations is the number one complaint they receive from people looking at Land Bank properties.

Katie Zilcosky is WAER’s All Things Considered host and features reporter. She also co-hosts WAER’s public affairs show Syracuse Speaks. As a reporter, she focuses on technology, poverty, and identity.