Mid-Atlantic real estate auction firm TRAC Auctions has been selected to conduct D.C. Habitat for Humanity’s first round of property auctions on Thursday, September 24th. According to the land acquisition coordinator for D.C. Habitat, Dennis Smyth, the sale of these properties, all located in the southeastern part of the nation’s capital, “is a win-win proposal for auction buyers and D.C. residents as the proceeds of these auctions will help fund D.C. Habitat for Humanity in its mission of expanding affordable housing in the District.” Paul Sobwick, TRAC’s lead auctioneer, agrees: “Dennis is absolutely right. This is a winner for both buyer and seller. The auction buyers will be acquiring these vacant properties at a price they are comfortable with and then improving them and the surrounding areas. Meanwhile, D.C. Habitat can reinvest the proceeds from the sale of these non-performing assets into its ongoing projects in the District. The speed and certainty of the auction process will help D.C. Habitat fund its honorable mission.”

The properties are being sold “absolute”, meaning that they will be sold to the highest bidder regardless of price. Absolute auctions are said to generate the highest level of interest and attendance due to the lack of price restrictions and the fact that prospective buyers know the property will indeed be sold. Tom Gimer, one of TRAC’s owners, believes that the increase in D.C. property auctions in the past year is due at least in part to the 10 percent annual tax imposed by Washington, D.C. on vacant properties. “Most people can’t afford to hold properties in the District anymore. For those who understand the time value of money, auction is clearly the best route,” Gimer said.