Looking for a waterfront condo?

May 7, 2009
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Morse Lake CondosAn auction has been set to sell nine remaining waterfront condos in a bank-owned development on Morse Lake in Cicero. The project, One Waterfront Plaza, is in receivership after the now-defunct DayMarc Homes defaulted. Each of the units, which range from 1,750 square feet to 2,600 square feet, overlook Morse Lake and include a covered parking garage, boat slip and access to a heated swimming pool. Two of the condos are complete, and the others are white boxes. Preview days are set for May 23 and May 30, and the auction is set for June 27. Auctioneer Bob Getts of Colliers Turley Martin Tucker is handling the sale. What's your bid?
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  • one dollar, bob.
  • i see what you did there
  • Depends on: whether you'd have to put all the kitchen and bathroom and flooring and mechanicals (heating, cooling, hot water) in that white box, what the comps are for completed units, whether the unit can be rented out long term, whether the boat slip can be subleased, whether the unit can be sold on contract, and how much the CAM and association costs are.
  • So you're saying there's a chance!

    The article said that the auction is for nine remaining. What did the condos that were sold go for?
  • any info on the harbour town condos on morse at little chicago and carrigan? only one building vacant for years now.... http://www.harbourtowncondo.com/index.php

    any chance this blog will ever pick up and cover some ground?
  • well, sold units went for about 350k for the smaller and about 469 for the midsize and 550-650 for the larger. None of the upstairs units sold, they were asking 700+
  • Jim Shook at Coldwell Banker Commercial has the Harbour Town condos and the adjoining apartments for sale.
  • thanks for the info. So if the apartments and the condos are for sale am I correct in assuming that no further units will be built? It's just as well, they're hideous...

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

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