Summary
To: Mayor Gary H. Katica and Commissioners
From: JP Murphy, Town Manager
Date: 4/3/2020
______________________________________________________________________
Subject:
Title
Ahlf Property Offers
Summary:
The 60 offering period for the Ahlf properties has expired. Town has received the following offers:
No offers for all three parcels
#2 Baybrook
1. $900,000 20 day due diligence, 45 days to close. Conventional financing with an approval letter from the buyers bank
2. $600,000 30 day closing. Cash sale
3. $575,000 14 day closing. Cash sale
#7 Baybrook
One offer that included 7 Baybrook and 0 Manatee. $550,000 with a 15 day due diligence period and 30 days to close. Cash sale
#0 Manatee
One offer for $175,000 with a 30 day closing. Cash salend
Body
Previous Commission Action: Commission approved the sale of the properties
Background/Problem Discussion: The town received appraisals and listed the properties for sale . 2 Baybrook appraised for $921,000 and 7 Baybrook appraised for $587,000. If the commission selects a buyer to enter into negotiations with, town staff and the real estate broker can further negotiate terms to provide to the commission for ultimate sale of each parcel by way of ordinance. The Commission may accept any and all offers, accept an offer with conditions, begin negotiations with the highest ranked offeror, or reject any and all offers. Once offers are selected and at the conclusion of the due diligence period an ordinance for sale will be drafted and heard at two public hearings.
Expenditure Challenges: N/A
Financial Implications: Dependent on the ultimate selection of offers.
Recommendation: I'd recommend the selection of offer #1 for 2 Baybrook for $900,000, as it is near the appraised value and market conditions are likely to sour.
As for the inland lots, the $550,000 offer for 7 Baybrook & 0 Manatee I feel is low particularly given that the offer for 0 Manatee is $175,000. The lot for 7 Baybrook alone appraised for ...
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