By Matt Youngfrau
MONTICELLO October 25, 2002 As Sullivan Countys economic boom looms on the horizon, real estate continues to be a hot commodity.
That was evident on Tuesday and Wednesday as the Paul Gerry Fieldhouse at Sullivan County Community College in Loch Sheldrake was packed for the countys Annual Fall Real Property Tax Auction.
Approximately 220 properties were bid on by 451 people. The outstanding taxes on those properties totalled $731,424.33. The total bids received came to $2,536,050. As it stands at press time, the county could see a profit of $1,804,625.67. This is all subject to legislative approval and will be discussed next week.
Most of the parcels were selling high, remarked Sullivan County District 9 Legislator and Real Property Committee Chair Jim Carnell Jr. That is a good sign for the county.
I hear it went well, stated Legislature Chair Leni Binder.
It exceeded my expectations, Sullivan County Treasurer Olga Parlow commented. Many properties were pulled at the last minute. The list kept shrinking.
It was a great success, noted Sullivan County Real Property Administration Director Robert Theadore. We all worked together and made the county money.
The most anticipated property on the auction block was the former NaLou property. It is 64 acres of prime development behind the former Ames Plaza on Concord Road in Kiamesha Lake. It had been valued highly by many and had even been the source of litigation.
The property was assessed at $1.5 million. It was expected to go for at least that, with some speculating as high as $2 million.
It was sold for $950,000. Those involved expressed surprise and some disappointment.
I was expecting it to do better, Carnell said. The goal is to get it back on the tax rolls.
I would like to see it on the tax rolls, Binder commented. I have to talk to the other legislators and see what they want to do.
The Real Property Advisory Committee will be meeting Monday to go over the bids. A special Real Property Committee meeting was called for Tuesday at 11 a.m. to discuss the bids and approve or reject them. A special meeting of the Legislature was also called for Tuesday at 11:30 a.m. to approve the sales.