For sale: Local high

school, slightly used
By Scott Nicholson

Watauga County is setting a new course for the sale of the existing high school, putting the 71-acre property on the open market.

The Watauga County Board of Commissioners had initially set a sealed-bid process in place for the property, but after receiving only one sealed bid for a portion of the property, the commissioners set a price of $28 million and allowed licensed real estate agents to broker the deal.

The sealed bid was for 21 acres of the back portion of the property at a price of $5.5 million. The proposal was for a housing development. The commissioners rejected the bid as “non-conforming,” since the bids were intended to be for the entire parcel.

Under the current plan, any real estate agent can broker the property. If a purchase offer is accepted, the real estate agent will receive a 5 percent commission on the sale price.

The property, located in Boone, could undergo an upset-bid process if an offer is made below the asking price. If that offer is accepted, it could be increased within 10 days by a qualified buyer.

If one agent brings forth an initial proposal and buyer but another agent’s client ultimately wins the property through upset bids, those two agents would split the commission evenly.

The property will be sold “as is,” Any commission would be contingent upon the closing the sale. Developers making an offer to purchase would pay an initial deposit of $300,000.

The successful bidder will have 150 days to inspect the property, with an established closing date of June 30, 2010. Details on the sale conditions are available at www.wataugacounty.org.

In 2006, the commissioners decided not to sell the property until the new high school was completed, citing the cost of short-term rental of the facility if a purchaser took it over. Several informal offers of more than $30 million were submitted at that time, but without clarification of rent, incentives, or other conditions that could have affected the net value of the purchase.