The city is poised to wring dirt for every penny it’s worth when it comes to land sales: It’s going eBay style.The city will turn to Internet auctions to sell its extra land, a lucrative alternative to the old ways of either requesting offers from developers or just sitting at a table and hashing out a deal.
Commissioners approved the tactic unanimously Monday.
Selling land online is a new idea for governments in Palm Beach County, city finance officials say.
“As far as I know, we’re going to be the first,” said Nora Laudermilk, the city’s procurement official. “I just thought it would be the best way to get the maximum price.”
The city-turned-auctioneer technique promises to drive already high real-estate prices even higher. The city of North Port recently had an offer of $12 million for 1,900 tax-delinquent properties but raked in $60 million after an online bidding war. Miami sold the Miami Arena online, collecting $3 million more than the initial offer and $6 million above the appraised value, city officials say.
annalaura on July 25th, 2006 at 12:17 pm
I think its a great idea. After all pretty much everything else has been sold on ebay, why not city land?