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From the Manager of Real Estate Services, DTPW, offer to purchase on a County-owned single family house located at 4500 North Lake Drive in the Village of Shorewood, Wisconsin
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POLICY ISSUE:
County Board Resolution File No. 11-14 was established by the County Board Chairperson relative to offers-to-purchase on lands under County control.
BACKGROUND:
The Real Estate Division of the Department of Transportation and Public Works received nine Offers to Purchase on a single-family house located at 4500 North Lake Drive in the Village of Shorewood. Milwaukee County acquired the subject property through tax foreclosure proceedings by the County Treasurer. A copy of the recommended primary offer as well as an exhibit depicting the location of the property is attached.
The subject property comprises a 5,887 square foot single-family house with 6 bedrooms, 4 baths, 2 half-baths and an attached 3-car garage. The property has dimensions of 100’ X 653’ and is located on Lake Michigan. The house has suffered many years of neglect and must be completely renovated inside and out. Several roof leaks have caused widespread interior water damage.
Staff hired an architectural firm to inspect the property for structural soundness and feasibility of renovation. The architects concluded that the property was sound and could be renovated at a cost of around one million dollars. Staff also obtained two appraisals by independent licensed appraisers. One appraiser valued the property in its “as is” condition at $550,000 and the other at $600,000. Staff offered the property to the general public in its “as is” condition with an asking price of $575,000.
The property was listed in the Multiple Listing Service, the County’s website, and a real estate sale sign was placed on the property. More than sixty-five real estate agents showed the property, and staff conducted more than a dozen showings.
Due to the condition of the house a buyer obtaining financing was questiona...
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