No single-family homes have been built in the city since 2020 and the lack of interest in the site came as a surprise, Jacques said.
Oakwood has had three or four people who had called the city “on a regular basis expressing interest in it” since it bought the land about four years ago, Jacques said. “And then once it was available for sale we did not hear from those people or others.
“Our only thought is it has to do with market conditions right now,” he added. “It may be that when they saw the appraised value, it was higher than what they had in mind, particularly with higher interest rates these days.”
Any proposals submitted before the deadline had to be at least 90% of the land’s appraisal of $182,200, according to Oakwood records. The city now plans to review any offers as they come in, Jacques said.
Oakwood bought the home because it had to be torn down as it was built above what was a key section of a culvert that needed to be replaced, Oakwood Vice Mayor Steve Byington has said.
Six single-family homes were built in Oakwood in 2019-20, all part of Pointe Oakwood near the Dayton border in the suburb’s northern section, City Manager Norbert Klopsch has said.
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