The City of Syracuse made an unusual move to seize 22 properties and then transfer ownership to the Greater Syracuse Land Bank which puts them on the market. Earlier this week, the Common Council approved taking the next group of properties that are often vacant and in need of rehabilitation.
Land Bank Director Katelyn Wright says they won’t gain access to the properties for at least a couple months.
"Our goal is to attract people that are going to invest in renovations. We've seen that moving blighted properties through demolition or renovation and getting them beautified and code compliant again, definitely improves quality of life for the neighbors and enhances property values for all the surrounding neighbors," she said.
Prior to the creation of the Land Bank, Wright says prospective buyers really took a risk when buying properties because they weren’t able to get in the door to assess the condition.
"One of the benefits of the Land Bank is that people are able to tour these properties before submitting a purchase offer. So we get the trash and debris cleaned out, so they can see what they're really dealing with. They can thoroughly inspect the property, come back multiple times with contractors if they want, and really understand what they're getting into before they take the plunge."
Last year, the Greater Syracuse Land Bank sold 162 properties, the highest ever. For more about their program visit SyracuseLandBank.org.