Real Estate
Edgartown selectmen Monday rejected a bid to buy the Warren House, a rundown town-owned former captain’s house on North Water street.
After a discussion in executive session with town counsel Ronald H. Rappaport, the selectmen said the bid by a group including Edgartown businesswoman Maggie White was too low. The board voted to put the house advertisement back in the central registry with a minimum bid of $2.3 million.
The Martha’s Vineyard Land Bank reported revenues of $222,437 for the business week ending on Friday, June 7, 2013. The land bank receives its funds from a two per cent fee charged on many Vineyard real estate transactions.
The Warren House, the rundown North Water street house owned by the town of Edgartown, finally has a bidder.
A group including Maggie White, the owner of Hob Knob Inn as well as construction and realty companies, submitted a two-option bid to restore the home into a single family residence early this week.
One bid would pay the town $1 million plus 40 per cent of the profits made from selling the house. A second offer would pay the town $1.25 million in cash.
The selectmen opted to take the bid under advisement and discuss it further at their June 17 meeting.
“I’ve never had a pantry!” Geneva Corwin said as she toured her newly finished kitchen for the first time. “I have cupboards now, it’s amazing.”
The pantry itself was still empty, but “it won’t be for long,” husband Calvin Corwin said.
