When Oakwood City Council approved sale of the land earlier this year, it opted “to sell for single-family construction only,” Law Director Robert Jacques said. “So, there will be a deed restriction built in … limiting it to single-family use.”
The torn down home was built above “a critically important section of failing sewer culvert,” Oakwood Vice Mayor Steve Byington said previously.
The new sewer was installed in a designated easement area along the southern line of the property, outside the area where a new home can be constructed, according to the city.
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, according to City Manager Norbert Klopsch.
New home construction in Oakwood is rare, Jacques said.
“Occasionally there’s a little infill lot here or there,” he said. “We have (had) homes bought for a tear down or rebuild — that kind of thing. But we’re landlocked.”
The two-parcel, 0.5-acre site is on the west side of Far Hills north of Ashridge Road, according to the city. Oakwood bought the land in 2020, according to Montgomery County land records.
Four years ago, the property — before the demolition — was valued at about $335,000, county records show. The land itself was appraised last month at $182,200, according to a report by certified general appraiser Michael Moorhead of Kettering.
To be considered, bids must be at least 90% of the land’s appraised value and be accompanied with a security deposit of $2,500 in cash or certified funds, according to the city.
The security deposits will either be applied to the sale price or returned, Jacques said. The successful bidder will have five business days to sign a purchase contract and construction on the home must start within a year, according to the city.
Details about the property and the bidding process can be found on the city’s website at https://oakwoodohio.gov/.
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