City of Wilmington NC #SUR1024

City of Wilmington Solicits Upset Bids for Sale of 908 & 922 N Front Street Property

This opportunity involves the sale of city-owned real estate in Wilmington, North Carolina: - The City of Wilmington is soliciting upset bids for portions of 908 & 922 N Front Street, totaling approximately 17,780 square feet - The property is offered as-is; the buyer is responsible for all surveys and environmental assessments - An initial offer of $1,157,000 has been received; new bids must exceed this by at least 10% of the first $1,000 and 5% of the remainder - All bids require a 5% earnest money deposit (certified check or money order) - The sale is subject to City Council approval and governed by North Carolina General Statute 160A-269 - The city reserves the right to withdraw the property or reject all bids - No OEMs, vendors, or service providers are involved, as this is a real property transaction - Closing must occur within 30 days of City Council approval, with possession delivered immediately upon closing - The property is located at 908 & 922 N Front Street, Wilmington, NC 28401

Description

This is a public notice for an upset bid process regarding portions of the properties located at 908 and 922 N Front Street in Wilmington, North Carolina. An offer of $1,157,000 has been submitted for the purchase of these city-owned properties, which total approximately 17,780 square feet. Interested parties may submit sealed bids in person to the City Clerk by 3:00 PM on October 17, 2024, with qualifying higher bids required to exceed the current offer by specified percentages. The sale is subject to City Council approval and the city reserves the right to withdraw the property or reject all bids.

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