The Kodiak Island Borough has nearly a million more dollars in the bank today, after a wildly successful land auction over the weekend. According to Borough Manager Bud Cassidy, all but two lots attracted more than the minimum bid, and netted the borough $894,000. One lot in particular, according to Cassidy, generated the most interest:
“The Monashka piece was about a five acre chunk and the minimum bid was $90,000, and it sold for $390,000. A fair amount of bidding – pretty spirited – went on. It went back and forth 59 times and was finally sold to a guy named Dave Townsend.”
The two lots in Chiniak sold for their minimum price, $40,000 and $50,000 respectively. The five lots in Bell’s Flats all sold for more than the minimum asking price. Cassidy says the strong response was positive sign.
“I think this interest showed us that not just the borough, but the city, Native corporations – there’s a number of private land owners as well that own a fair amount of property in town and this should wake everyone up to make them understand there really is some pent up demand in the community.”
He said the borough is preparing more properties for sale, and the next batch should be closer to town:
“We’re working on our budget right now, and in that budget is some money is to put in some improvements for some of the lots we’re trying to sell next. And we’re talking about more urban lots over by KANA Fields and there’s really a need to sit down with both the Parks and Rec Department of the city and borough to discuss a few issues, because that’s where the KANA baseball fields and football, soccer fields are located.”
Cassidy said land sales with the regularity of those in the past are getting more difficult to organize, as most of the remaining land currently has poor access and is far from city utilities.
Monashka Lot Proves Most Popular in Land Auction