The Brookfield Public Library trustees unanimously decided at their Dec. 19 meeting to sell the home at 3507 Arden Ave. that it bought five months ago.
The library had purchased the home for $400,000 in July, because it was considering the corner of Arden and Washington avenues as a possible site for a new library building. The library targeted five homes in that area, and had secured agreements on four of the parcels. But officials abandoned their plan after one of the homeowners refused to sell, and strong opposition to the plan surfaced in the Hollywood section of village in which the new library would have been located.
Now the library is trying to sell the home in one of the weakest housing markets in memory. The library will hold a sealed auction, one of two methods allowed to public authorities wanting to sell property. The other option is to hire a real estate agent and court buyers as they express interest.
Despite seeing depressed prices for houses in recent months, the library has established a minimum bid of $410,000 for purchasing 3507 Arden Ave.
Library Board President Jonathan Platt said that the library has spent about $7,500 to spruce up the house since purchasing it, including putting in new carpeting and painting the interior.
Platt hopes the auction will attract bidders.
“We’re hopeful,” said Platt. “We think it’s a good location. We bought it with the idea that it would be marketable is we were not able to develop the site.”
Platt said if the library doesn’t receive any bids it would likely alter the minimum price at a subsequent auction.
The library had considered renting out the home while waiting for the housing market to improve, but after consulting with a Realtor the board decided to try and sell the home right away. If the library had decided to be a landlord, it would also have to begin paying property taxes.
The library will sell the home to the highest bidder, providing that the minimum bid is met. Bids must be received at the library by noon on Tuesday, Feb. 26, 2008.
The outside of a bidder’s envelope must be marked “Sealed Bid of Property at 3507 Arden.” A total of $5,000 in earnest money in the form of a certified check or cashier’s check must accompany the bid.
Bids will be opened and read aloud at the library’s board of trustees meeting on Wednesday, Feb. 27, 2008. The successful bidder, if there is one, must execute a written real estate sale contract by March 5, 2008 or forfeit the earnest money.
Those interested in viewing the home should contact Brookfield Public Library Director Kimberly Litland at 485-6917 or through e-mail at klitland@brookfieldpubliclibrary.info.
Platt said that the library is not necessarily looking to make a profit on the sale of the home.
“Mainly we’re looking to recoup our funds,” said Platt.