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Agent urges price cut for unsold Sewell's Point lot; commissioners opt to wait and revisit listing
Summary
An independent Sotheby's contractor told the commission the heritage lot has had about 10 inquiries in 10 months and recommended a roughly $50,000 reduction; commissioners debated fiscal prudence and agreed to revisit the listing in November/January when the listing expires (Nov. 14).
An independent real-estate agent representing the listing for the town’s heritage lot told the Sewell's Point Town Commission the property has drawn only about 10 inquiries in roughly 10 months and asked the commission to consider reducing the asking price by about $50,000 to spur interest.
“The summer was extremely quiet… I have tried,” the real-estate agent said, noting marketing expenses he paid out of pocket as an independent contractor for Sotheby's. He estimated builder costs — roughly $300 per square foot to build — and explained how permit and impact fees raise total development costs, arguing a modest price cut would make the parcel more attractive to local builders.
Commissioners pushed back on relying on a price cut as taxpayer-funded subsidy. Commissioner Kurzman warned the sale “really comes down to taxpayer money,” and said the town must secure a certain price to fund related projects. Vice Mayor Fender and others praised the agent’s work and urged patience, saying market conditions and pending federal rate changes could improve interest.
The commission noted the listing agreement expires Nov. 14. Several commissioners suggested keeping the lot on the market, re-assessing in November or January, and allowing the agent one more concentrated marketing push if the commission votes to reduce the price later. No formal price change was approved at the meeting; the commission asked to place an update on a future agenda to revisit the matter.
