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Erie Land Bank raises minimum side‑lot sale price to $1,500
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Summary
Citing historical sale data and rising costs for title and legal work, the Erie Land Bank voted to increase the minimum price for side‑lot sales from $500 to $1,500 plus legal fees; staff noted acquisition and title costs can exceed sale proceeds.
The Erie Land Bank board voted to raise the minimum sale price for side lots to $1,500 (plus legal fees), a change staff said reflects market shifts since the policy was set in 2017 and the fact that title and acquisition legal costs are roughly $3,400 per lot.
Why it matters: staff said most side‑lot offers have clustered at the current $500 minimum, which frequently leaves the land bank covering legal and title costs. The $1,500 minimum is meant to reduce net losses from side‑lot conveyances while remaining low enough to encourage neighborhood takeup.
Staff reviewed a spreadsheet of side‑lot sales dating back to February 2024 and described a few high‑value outliers that skew averages; most sales were at the $500 minimum. "It really doesn't give us much more than saying that, you know, we'll sell them for $500, maybe $1,500," staff said in describing the distribution, and recommended $1,500 plus legal fees as a reasonable new floor.
A board member noted title and legal fees can exceed $3,000, and another said raising the minimum could be revisited if lots do not sell. The motion to set $1,500 as the minimum price was moved, seconded and approved by voice vote.
What’s next: staff will apply the new minimum to future side‑lot sales and monitor the effect on proposals; the board discussed revisiting the minimum if sales decline.
