They are blighted and boarded up but Friday they were at auction.
There were 41 properties up for grabs at the City of Hartford’s tax deed sale Friday.
“Good for the city because those properties can be turned around to functioning properties,” Clifford Knight said.
Knight has bought up around 65 properties over the last 15 years. Friday he had his eye on several buildings he hopes to transform.
“The cost of building a new home is high so renovation is the way if you can get a property and turning around it’s actually more beneficial,” Knight said.
The sales allow the city to recoup delinquent taxes and transfer properties to new ownership.
“It’s more of an art than it is a science but it is an opportunity to really pick up some properties that are being undervalued,” John Kennelly said.
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Kennelly, general counsel with Plan B Group, was looking for properties that could potentially become restaurants. He says buying up the buildings is an investment in Hartford.
“Obviously you look at properties that don’t need a huge amount of work that are completely dilapidated for a balance between how much do you have to invest here towards how much is reinvested in the future,” Kennelly said.
The bidders put down a $5,000 deposit and will then pay the balance of the sale price of the properties within five days.
Between the bidder and the city, it’s a win-win for both in the battle against blight.
