Utica Urban Renewal Agency sells out residential inventory again

For the second year in a row the Utica Urban Renewal Agency has sold out of city-owned residential properties.

Posted: Dec. 20, 2017 5:47 PM
Updated: Dec. 21, 2017 10:33 AM

If you’re looking to live in the city of Utica, you’re not alone.

Gene Allen, the marketing director for the Utica Urban Renewal Agency, puts it this way: "Utica is hot. People are buying properties all over the place and they’re investing in the City. They’re actually showing their confidence in the City with their pocketbooks."

The housing market for city-owned properties has been off the charts. The city has sold out of the inventory for residential properties, and there’s a good reason why.

"People are seeing there’s A: value in the properties. They’re getting a bargan," Allen said. "They’re able to pick up a property anywhere from $5,000-$30,000 without having a mortgage. They’re investing money into rehabbing them."

The Urban Renewal Agency is doing so well at selling their residential lots, they’ve now turned their attention to selling vacant lots.

"I’m sending out letters to the people on either side saying, 'Hey, this lot’s available, do you want to add it to your property?" said Allen. "The ones that are buildable, we’re putting together sort of a little campaign: build your dream home now to try to entice people to build newer homes on the buildable lots, because you can also get a tax incentive."

Allen believes the spike in interest is due to a number of factors. He says the central location in the state, along with affordable housing and a reasonable cost of living all contribute to the quality of life people are looking for.

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