Funds raised from the property auction will go into a savings account for the town's shoreline protection program
It was a literal yard sale.
North Topsail Beach is expecting to receive over $620,000 from a property auction held earlier this month, according to information from the town.
The auction was set to sell 55 town-owned properties and was conducted by Johnson Properties Realtors & Auctioneers, Inc. While a live auction was ongoing at Town Hall on March 3, the town was receiving online offers on the same properties, the release said. Following the live auction, North Topsail Beach’s Board of Aldermen met to make decisions on “whether to accept or reject the live bids and to begin the upset process on the high offers received online.”
Carin Faulkner, assistant town manager, said the board accepted the high online offers but will be going through the upset bid process, in which the properties will be advertised and the bids can be upset during a set period of time. The board can accept or reject the final bid. According to the press release, the Board of Aldermen accepted all but one of the high live bids received on 25 of the parcels. Those bids totaled $455,600. The high live bid rejected by the board was made on the group of properties along Folkstone Road. The offer of $20,000 was too low, the release said.
Faulkner said her job now is to go through the process of getting paperwork ready to transfer the deeds to the new owners, as well as making sure all bidders have given North Topsail their required 5 percent deposit.
Funds raised from the property auction will go into a savings account for the town’s shoreline protection program, Stuart Turille, town manager, told The Daily News earlier in March.
According to the press release, the auctioneer said there were 75 registered online users from nearly 20 different states. In addition to the rejected live bid, the board rejected an online offer for the New River Inlet Road oceanfront property. All other online offers were accepted, and the board voted to begin the upset bid process.
In the upset bid process, the public still has the opportunity to make an offer on the two properties whose bids whose rejected by the Board of Aldermen or bid on the properties that are going to be advertised for upset. For more information on the remaining properties, visit NTBNC.org.