Wigton Homes plans new construction on Belmont Avenue in Madison Township

MADISON TOWNSHIP — Two vacant Belmont Avenue lots have a new owner after Madison Township trustees approved the sale through an online auction.

The Holden Agency submitted the winning bid of $35,475, which includes the buyer’s premium. The sale is scheduled to close July 7.

Trustees met Tuesday evening in a special meeting to finalize the sale after previously approving an online auction through RES Auctions.

Plans outlined for Belmont Avenue properties

Jerry Holden, CEO of The Holden Agency, said the property was purchased on behalf of Wigton Homes, which plans to build new residential homes on the site.

Holden said they designated one lot for a custom home and will build a quick move-in home, commonly known as a spec home, on the second lot.

Example of a home by Wigton Homes. (Provided by Wigton Homes)

“With that, the customers are going to get $10,000 flex cash and a 3.5% interest rate.”

Holden noted the offer is well below the current rates around 6.5%.

“It increases the borrower’s buying power and allows them to have a payment that fits their budget.”

Holden added they also offer the same financing incentives for customers building custom homes on land they already own.

The company is preparing zoning and building permits for the project.

“We’ve been looking in that area as an area of opportunity,” he said. “We’re typically your luxury home builder, and we have three different developments going on right now in Richland County.”

“That’s one area of Richland County where we don’t have anything going on, so we wanted to work in that northern area, and that price point area.”

Holden said the Belmont Avenue homes are in residential zoning and financed through THA Mortgage, the company’s in-house lending division.

The final contract capped the township’s marketing cost at $1,500. Trustees set a minimum reserve of $10,000 for each of the two 75-by-135-foot lots.

During previous discussions, trustees confirmed the lots do not yet have parcel numbers. The buyer must obtain parcel numbers through the Richland County Courthouse after closing the sale.