, 2014

Comparable sales noted
to support town purchase
of Main Street property

by Audrey Thomasson

KILMARNOCK—Town council member Rebecca Tebbs Nunn on Friday offered information in support of the town’s recent decision to purchase 1 North Main Street for a town office.

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Addressing the finance and administration committee, Nunn offered three examples of commercial property sales as comparable transactions for the town’s offer of $729,500 on the former Bay Trust building.

During the meeting, members agreed that an appraisal of the property costing several thousand dollars would be a waste of money at this point.

“With an offer on the table, the appraisal will likely match the offer,” said councilman William Smith.

Members Shawn Donahue, Howard Staughan and Nunn agreed with Smith to recommend that council not go forward with the appraisal.

Topping the list of comparable transactions cited by Nunn is the July 2010 sale of the Marks and Sullivan building, which she called “...the worst time for real estate sales” in the current economy.

“The property was assessed for $430,000...and purchased for $650,000,” said Nunn. “The purchase price is 51% over the assessed value.”

Nunn said the Fridenstein Building on North Main was assessed for $200,000 and sold in 2010 for $520,000, “...160% over it’s assessed value.”

The Bay Meadows Real Estate building was sold in a foreclosure sale last year. “The assessed value was $203,000 and it sold in foreclosure for $324,500 on April 1, 2012. That’s 62% over assessed value.”

Nunn said in comparison the town purchase of the Bay Trust building for $729,500 is only 31% over the assessed value of $556,000. “In addition, we are getting a vault valued at an additional $200,000 and a security lighting system valued at over $40,000.”

Nunn said the vault will be an asset to the town because it currently rents vault space for records that must be kept permanently, including recordings of all meetings.

With a town parking lot across the street from the town office, there is plenty of available parking during the day, she said. Town council meetings take place on Monday nights, when restaurants are closed and don’t need the street parking, said Nunn.

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