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School district sells home at $17,000 loss
By Ray Weikal
Count North Kansas City Schools’ latest student-built home as another victim of the housing market downturn.
School district officials agreed to sell the home at 4005 N. Chestnut Ave. for $129,000 during a May 6 Board of Education meeting. The sale price amounts to about a $17,000 loss for the district.
The North Chestnut Avenue home was built during the 2006-2007 school year by students enrolled in the district’s building trades program. The three-bedroom, two-bath house is 1,520 square feet.
The home is being purchased by Connie and Larry Neal. Connie Neal will begin teaching at North Kansas City High School this fall, according to district Chief Financial Officer Paul Harrell.
Twelve months ago, the house was listed with a $160,000 asking price. The Neal’s purchase offer was the first made since the home was listed.
“All houses are taking longer to sell,” Harrell said.
The home is northeast of Antioch and Parvin roads. It sits on a lot subdivided by a homeowner who “didn’t want to mow so much grass,” Harrell said. The district purchased the lot for $9,000 and spent $131,000 on materials and supplies to build the house. Five percent of the sale price was set aside for the real estate agent’s commission.
District students have been annually constructing homes since the 2000-2001 school year, according to Harrell.
“For all of those eight years except for this one, those houses have sold within three or four months,” he said. “This is the first time that we haven’t recouped our investment.”
Long term, the district is still making money on its homes, according to Superintendent Tom Cummings.
“There have been times were we have made over $17,000 on a single house,” Cummings said.
Board of Education member Phil Holloway asked if the district should make a higher counter-offer for the North Chestnut Avenue property.
“In my line of work, you rarely offer what you’re ultimately willing to pay,” said Holloway, an attorney.
Given the economy and the fact that the district isn’t in the home building business, Board of Education member Kathleen Harris was satisfied with the deal.
“At this particular time, at that particular price, that may not be bad,” Harris said.
The Board of Education approved the sale agreement on a 6-to-1 vote, with Holloway voting against it.
Staff writer Ray Weikal can be reached at 389-6637 or rayweikal@npgco.com.
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School district officials agreed to sell the home at 4005 N. Chestnut Ave. for $129,000 during a May 6 Board of Education meeting. The sale price amounts to about a $17,000 loss for the district.
The North Chestnut Avenue home was built during the 2006-2007 school year by students enrolled in the district’s building trades program. The three-bedroom, two-bath house is 1,520 square feet.
The home is being purchased by Connie and Larry Neal. Connie Neal will begin teaching at North Kansas City High School this fall, according to district Chief Financial Officer Paul Harrell.
Twelve months ago, the house was listed with a $160,000 asking price. The Neal’s purchase offer was the first made since the home was listed.
“All houses are taking longer to sell,” Harrell said.
The home is northeast of Antioch and Parvin roads. It sits on a lot subdivided by a homeowner who “didn’t want to mow so much grass,” Harrell said. The district purchased the lot for $9,000 and spent $131,000 on materials and supplies to build the house. Five percent of the sale price was set aside for the real estate agent’s commission.
District students have been annually constructing homes since the 2000-2001 school year, according to Harrell.
“For all of those eight years except for this one, those houses have sold within three or four months,” he said. “This is the first time that we haven’t recouped our investment.”
Long term, the district is still making money on its homes, according to Superintendent Tom Cummings.
“There have been times were we have made over $17,000 on a single house,” Cummings said.
Board of Education member Phil Holloway asked if the district should make a higher counter-offer for the North Chestnut Avenue property.
“In my line of work, you rarely offer what you’re ultimately willing to pay,” said Holloway, an attorney.
Given the economy and the fact that the district isn’t in the home building business, Board of Education member Kathleen Harris was satisfied with the deal.
“At this particular time, at that particular price, that may not be bad,” Harris said.
The Board of Education approved the sale agreement on a 6-to-1 vote, with Holloway voting against it.
Staff writer Ray Weikal can be reached at 389-6637 or rayweikal@npgco.com.