If it sounds too good to be true, it usually is. Although this abandoned Syracuse home was on sale for only $2,000, it comes with its quirks. Built in 1910 and uninhabited since the 1970s, this 1,344 square foot property doesn’t seem to have much to offer its new owner.
The Greater Syracuse Land Bank had initially listed the home for the low price of $6,500 in March of 2021. When the land bank was unable to sell the property, the price was reduced to just $2,000.
The land bank first came into possession of the home in November of 2019, according to the NY Post. When properties are turned over to the GSLB, it’s usually because they’ve become tax-delinquent. The purpose of the land bank is to put these tax-delinquent properties to “productive use.”
However, not all tax-delinquent properties are abandoned. Some are still inhabited when given over to the Land Bank. Abandoned or not, it still takes a couple of years to transfer ownership to the Land Bank, clean out the properties, and prepare them for sale. During this time is when the properties tend to deteriorate—that is if they are not already in a deteriorating state.
Not much is known about the Hojnacki family, who lived on the property from the ‘50s to the ’70s. Shirley Hojnacki had resided there until she got married in 1969. After she moved out, her family continued to live in the home for a few more years. In the 70’s is when the home first went up for sale. Hojnacki currently resides in Wisconsin.
Why the property had been abandoned is unknown. What is known is that the property has sustained a considerable amount of fire and water damage. The estimated cost of renovating the property is $98,000. The lucky buyer would have to show $100,000 in funds to secure the property.
Aside from the home needing a lot of work done, it also comes with other limitations. The Land Bank requires that the home be “owner-occupied or renovated and resold to an owner-occupant.”
The three-bedroom, one-bathroom property is located on 103 Glahn Ave and is being sold without warranty or representation. To make an offer on the property, prospective buyers need to submit their offers no later than the first Tuesday of each month. These offers are then evaluated at the Greater Syracuse Land Bank’s Board of Directors meeting.
Given all the obstacles presented to interested buyers, it’s no wonder the property has had a difficult time selling. However, the Land Bank has managed to sell 1,130 properties since 2014. They’re hopeful that this property will be next.
Editor’s note: as of 2/21/22 this property has been taken off-market. Whether or not this is because it was sold is unclear as this property has been removed from the market in the past and re-listed at a lower price.
Vivian Tejada is a freelance real estate writer from Providence, RI. She writes SEO blogs for real estate, travel and hospitality companies. She's passionate about the future of work and helping Latin American freelancers achieve time, location, and financial freedom. When she’s not writing you can find her at the gym, a family cookout, or at brunch with her girls. Follow her on Linkedin to learn more.