Town of Castor councillors will lower the price of a lot that has been described as too expensive by prospective buyers. Council discussed the issue at their Feb. 24 regular meeting.
Chief Administrative Officer (CAO) Christopher Robblee presented councillors with a report about a vacant lot that had been taken by the town in accordance with the Municipal Government Act for outstanding taxes.
The CAO noted the parcel of land has been listed at $35,000; he noted the town must follow the rules in the Municipal Government Act (MGA) for selling land, such as getting a market value appraisal and selling the property only for market value.
Also, any revenue over and above what is owed to the taxpayers is returned to the original owner.
However, feedback to the town from local real estate agents has been that the market for that parcel has dropped, and it’s not valued at $35,000.
Robblee confirmed some people contacted the town about the parcel but all offers were well below $35,000.
Robblee noted real estate agent expertise can’t be the basis for the parcel’s price; it has to be based on an appraisal.
The latest appraisal of the property was for $25,000, and Robblee noted the town must get at least $26,000 to square the debt of taxes owed to the Town of Castor.
Councillor Brenda Wilmer stated she would be in support of spreading the town’s real estate business around a bit so that each real estate business gets a chance.
Councillor Rod Zinger made a motion to reduce the asking price on said property from $35,000 to $30,000, which was unanimously passed.
Local Journalism Initiative reporter