Philadelphia Land Bank

[Igor Messano]

Hi everyone,

Does anyone have any experience buying properties from the city? Seems like this new "land bank" is the main place controlling the vacant properties. I have an empty lot I am want to purchase but the listed price is not even close to market price. I suspect it is because it is 2 blocks away from Fishtown (Lot is in Kensington) and the comps are probably jacking up the price.

It's currently listed for over 30k but I could easily buy a semi-distressed property in the same street for that price. Empty lots within a 4-5 block radius but inside Kensington are more around the 5-10k range listed. Before going to the land bank this property was listed for 3k by the city.

Any ideas how to get this lot for cheap?