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Fairview board directs appraisal after owner asks $700,000 for City Center Way lot
Summary
Property owner Jewel English told the Fairview board she will sell 7061 City Center Way for $700,000 cash or hold a 10‑year 5% note tied to a $625,000 offer; the board agreed to order an appraisal and return in 30 days to discuss options.
The Fairview Board of Commissioners asked City Manager Tom Daugherty to order a professional appraisal after property owner Jewel English told the board she would sell 7061 City Center Way for $700,000 in cash or would hold a 10‑year mortgage at 5% tied to an earlier $625,000 letter of intent.
The appraisal direction came after English, speaking from the podium, described an outside buyer’s $650,000 cash offer, the city’s prior nonbinding letter of intent for $625,000 with owner financing for 10 years at 5%, and her counter that a cash sale should be $700,000 because she would lose interest income if she surrendered her plan to hold the note.
An appraisal, the city manager and several commissioners said, is the most practical way to establish a defensible market value…
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