Early in 2019 the town received an unsolicited offer to purchase the subject lot. That offer was too low and was rejected. The lot is located in the 400-block of Madison Avenue, conforming size, and zoned in the Residential – 1 district, which allows for single-family residential use housing units as a by-right use.
During the fiscal year 2020 budget preparation process staff proposed the sale of the subject lot and included the revenue line of $70,000 for the sale. The draft budget was finalized, advertised, and adopted with that revenue line in place.
In July the town advertised the potential sale of the lot and invited offers. The offer period closed on July 31, 2019.
A total of six offers were received ranging from $40,000 to $85,100.
The bids received were as follows (lowest to highest):
$40,000; 60,111; 70,000; 70,100; $78,000; $85,100.
The public hearing will be held before the Town Council at 6:30 p.m. on September 5, 2019, at the Cape Charles Civic Center, 500 Tazewell Avenue, Cape Charles, Virginia 23310.
Why wouldn’t it go to the highest bidder?
Wish we knew. Where and how was it advertised?
A “high bid” number is not always indicative of a ‘good’ offer. If it is contingent upon the sale of another property, versus a full cash no contingency offer, the lower is a better offer.