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Public Hearing on sale of Madison Ave Lot

September 1, 2019 by Wayne Creed 3 Comments

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.

Location of the lot for sale, highlighted in purple.

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.

Filed Under: Bottom, News

Comments

  1. David Gay says

    September 1, 2019 at 4:13 pm

    Why wouldn’t it go to the highest bidder?

    Reply
  2. Barbara Nowakowski says

    September 1, 2019 at 9:50 pm

    Wish we knew. Where and how was it advertised?

    Reply
  3. Publius Americanus says

    September 3, 2019 at 4:22 pm

    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.

    Reply

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