As has been pretty well documented, the process of acquiring land from the City of Philadelphia is on the challenging side, to say the least. It’s one of the reasons land bank conversations have been percolating for the past several years. But for now, it’s numerous city agencies owning thousands of properties, each with different procedures to follow and requirements to meet. Every month, the special, chosen few that make it through the first steps in the process of purchasing a RDA PRA lot, see their case go before the PRA Board of Directors for a vote.

728 S Hicks St., a lot in the Graduate Hospital neighborhood, went to such a vote back in May. And to the credit of the folks buying this lot, they got a seriously good deal.

728 S Hicks St

Apparently, this lot was previously owned by Universal Properties until it went to sheriff’s sale in 2010. It’s not a large lot by any means, at 15’x31′, with a total squarefootage of about 471. But homes have been built on smaller lots. And it’s well located, right off of Fitzwater Street, and across from one of the larger homes you’ll see in the area.

Just across the street

So… what would you pay for this lot? Or better, what would the highest bidder pay for this lot? According to an appraiser, sent out by the City of Philadelphia, this lot is worth $30K. And that’s the price at which the City has decided to sell this particular lot. How much money are they leaving on the table? $50K? More? What appraiser could have come up with such a low number?

Hey, PRA, we’re interested in the huge, vacant northwest corner of 17th & Carpenter, across from the future Carpenter Square development. What do you say, like 200 bucks? You drive a hard bargain. $350. Final offer. Think about it, huh?

C'mon, let's make it happen!