Tomorrow, DC's Department of Housing and Community Development will shed itself of 18 vacant, government-owned properties at a public auction. The single-family townhouses, multi-family buildings and vacant lots cover neighborhoods in almost every Ward, but take note: not everyone is welcome to bid. Buyers can include only prospective home owners that will occupy the property, non-profits and Certified Business Enterprises (CBE) registered with the District. Buyers must bring a $15,000 deposit to participate in the bidding.
There may be deals in waiting (for the buyer, not for the District taxpayer), given the restrictive qualifications on purchasers. Buyers looking to get in on the Shaw transition can bid on 1713 New Jersey Avenue, NW (pictured), which tax records show sold for just under $300,000 in 2005. Neighboring properties have sold for as much as $750,000 in recent years. A lot at 805 7th Street, NE, near H Street, zoned for residential use, could command some interest given the District Council's recent approval of overhead wires for the future streetcar. Though a buyer could snag a bargain, the buy-in and then the required 10 percent deposit within three days time could be a bit of a deterrent for the do-it-yourself buyer.
The District auctions the properties in the hopes of returning them to the tax roll, creating additional revenue and removing blight. The vacant properties were acquired through negotiated friendly sale, eminent domain, donation, and tax sale foreclosure when owners were "unwilling or unable to maintain their properties." The auction, run by Alex Cooper Auctioneers, will take place at the Walter E. Washington Convention Center tomorrow beginning "promptly" at 2 PM.
Washington, DC real estate development news