One of 14 lots in Cultus Lake Park has finally sold
One of the residential lots put up for sale by the Cultus Lake Park Board has been sold.
It's one of a group of 14 lease lots located on Fir Street and Second Avenue, about a block from Main Beach, that are starting to generate some interest.
The residential lots were listed with Landmark Realty and one has recently sold, confirmed Cultus Lake Park Board CAO Ron Campbell.
"There has definitely been some activity," he said.
The sale details will be discussed by park board commissioners at an in camera meeting, but Campbell said he could not divulge the purchase price.
The lots were listed this year, after being off the market since 2009. Asking prices for the re-listed properties are now ranging from $195,000 to $249,000.
"If and when the lots sell, the money will go into reserves," said Campbell. "Then the park board will determine how it will be used."
The funds from lease lot sales can only be spent on capital improvements in Cultus Lake Park, whereas lease revenue goes to offset operating costs in the budget, he added.
The 14 lots were surveyed and serviced in 2008 by the park board after being rezoned residential, and put up for sale to act as a revenue generating source for capital infrastructure improvements.
Some area residents expressed concern at the time about the process and about the rezoning of the property to a residential designation.
The first time the lots were listed on MLS, they were going from $250,000 to $400,000 each.
But none of the properties sold at the time and were eventually taken off the market.