North Huron council has sold off 103 building lots (18 acres) with an estimated market value of $10-$20 million. The secret sale price is estimated at $47,000, based on council’s previous backroom deals. That would work out to $456/building lot.
North Huron’s recent sale of 77 acres for $200,000 ($2,597/acre) was during the peak of the real estate bubble, and was in a much more desirable location. Council is expected to have gotten less than the $2,500/acre as in their previous backroom deal, which was during the absolute height of the real estate market.
The next council meeting is 6pm, Tuesday 21 Feb at Wingham Town Hall
