$239,900
250CG054 - 0.53 acres
An exceptional residential development opportunity is now available in Oak Island, North Carolina. Conveniently located on Elizabeth Drive. On the Intracoastal side of the Island. § 160A-269.
Negotiated offer, advertisement, and upset bids.
A city may receive, solicit, or negotiate an offer to purchase property and
advertise it for upset bids. When an offer is made and the council proposes to
accept it, the council shall require the offeror to deposit five percent (5%) of his
bid with the city clerk, and shall publish a notice of the offer.
The notice shall contain a general description of the property, the amount and
terms of the offer, and a notice that within 10 days any person may raise the bid
by not less than ten percent (10%) of the first one thousand dollars ($1,000) and
five percent (5%) of the remainder. When a bid is raised, the bidder shall deposit
with the city clerk five percent (5%) of the increased bid, and the clerk shall
re-advertise the offer at the increased bid.
This procedure shall be repeated until no further qualifying upset bids are
received, at which time the council may accept the offer and sell the property
to the highest bidder. The council may at any time reject any and all offers.isted
deadline. Step 1: Submit a Written Offer
To begin the process, please submit a written offer via email to mgreene@marccom.com,
kjackson@oakislandnc.gov, and lstites@oakislandnc.gov
- Subject Line: Offer for 250CG056 & 250CG054
- Required Terms: Purchase price, closing period, and proof of funds.
- Note: This initial offer acts as a Letter of Intent and is not a formal contract.
Step 2: Town Council Review
The Town Council must vote to ''propose to accept'' the initial offer. This review will take place
at either the next regularly scheduled meeting or a specially called session. Prospective
bidders should understand that bids will be discussed in open session, and the Council will
decide in open session whether to accept a offer or not.
Step 3: Deposit and Upset Bid Process
If the council proposes to accept your offer, you must deposit 5% of the bid amount
with the Town Clerk. The clerk will then publish a public notice of the offer pursuant to
NC General Statute § 160A-269, which officially opens the 10-day upset bid process.
Pursuant to statute, the town holds the deposit.
Step 4: Final Approval and Contract
Once the upset bid period closes and the final high bidder is determined, the Town Council will pass a resolution authorizing the Town Manager to work with Marguerite Greene (C21 Collective) to execute the formal purchase contract.
Step 1: Make an Initial Offer
You submit a formal ''Offer to Purchase'' directly to the town for a specific piece of
property.
Step 2: Town Review & Earnest Money
If the town board is interested in your offer, they will pass a resolution to
accept it conditionally.
You must place a 5% deposit (bid bond or cash deposit) with the town
clerk to secure your position while the public bidding period opens.
Step 3: The 10-Day Public Challenge Period
The town advertises your offer to the public. Other buyers now have
10 days to outbid you.
To beat your offer, a competing buyer must submit a ''qualifying upset bid''
This new bid must beat yours by at least 10% of the first $1,000 plus 5% of the remaining
balance. They must also submit their own 5% deposit. while the public bidding period opens.
Step 4: Winning the Property
If no one outbids you within those 10 days, the town board officially awards the
property to you. If someone does outbid you, the 10-day clock resets. The advertising process repeats for the new highest bid. This cycle continues until a 10-day period passes with no new higher bids. If you are outbid and choose not to counter-offer, your 5% deposit is safely returned to you. Elizabeth Drive serves as a critical, scenic parallel route to the Intracoastal Waterway (ICW). No HOA Restrictions
100605181
MLS
288 Elizabeth Dr, Oak Island
