Five surplus properties under contract; staff expects mid-September closings

Property staff provided a parcel-by-parcel update to the Real Estate Committee on Aug. 28, reporting contracts, down payments and anticipated closing timelines for five surplus properties. The properties named were 52 Nursery Avenue ($410,000), 157 Elwood Avenue ($10,000), 454 South First Avenue ($30,000), 3 Portland Avenue ($450,000) and 50 North High Street ($275,000).

"We have a signed contract. We have the down payment. We're in the process of clearing the title, so I anticipate that closing in like the middle of September," Property staff said about 52 Nursery Avenue. Staff said similar status updates apply to the Elwood and South First parcels and reported that Portland Avenue also has a down payment and pending title clearance. On 50 North High Street, staff and members clarified that the parcel is a vacant lot and that the committee had previously voted to hold that property in escrow; staff said they still need attorney information to complete contract processing.

Taken together the five identified sale prices total $1,175,000. Committee members asked for follow-up on other parcels (for example, 20 Beechwood) and staff said they would provide updates as title clearance and attorney coordination progress. No further votes were taken on the parcel sales at the meeting.