West U Finally Finds Buyer for Controversial Marlowe Street Lot
After years of sitting stagnant on the market, the City of West U has finally accepted an offer to sell the vacant lot at 3936 Marlowe.
The West U City Council tonight approved a contract to sell the city owned property at the corner of Marlowe and Weslayan.
City Manager Michael Ross told InstantNewsWestU that the city recently had three interested buyers and he has signed a contract with an individual who made an offer for the asking price of $365,000.
The city has agreed to sell the 6,000 square foot lot, which has been on the market for the last four years, contingent on the buyers due diligence to close within 45 days.
The name of the individual who has agreed to purchase the property is not being released at this time.
The city has had a slew of problems with the Marlowe property since 2005 when a lawsuit was brought against the city.
The city issued a building permit to former property owners Thomas and Paula Peden in December 2004. The permit was then revoked in February 2005 after a resident questioned if the home under construction was too big. The Pedens sued the city, which eventually resulted in a settlement where the city purchased the lot and tore down the half-built house.
The lawsuit cost the city more than $300,000 in legal fees and $400,000 to purchase the property.
The city recently spent about $5,000 to fix up the property and make it more appealing to buyers, Ross said.
The Marlowe property was listed with Roger Martin Properties for $400,000 up until this past March when the city decided to lower the price to $365,000. The city will net $345,000 at closing.
Ross said it is a relief for the city to have finally sold the Marlowe Street property.
“Cities shouldn’t be in the real estate business,” he said.