Mich. Condo Auction Expected to Shorten Marketing Period from Years to 8-10 Weeks

By Erika Schnitzer, Associate EditorNew Buffalo, Mich.–Inland Real Estate Auctions Inc., an Oak Brook, Ill.-based auction firm, will auction 20 luxury lake view resort condominiums at Light Harbor Preserve. The condos, originally ranging in price from the low $500,000s to $800,000, will be offered and sold regardless of price. The auction is scheduled for June 5.“In the current economy, developers are faced with extended holding periods for this kind of property,” says Frank Diliberto, president and CEO of Inland Real Estate Auctions. “By curtailing the holding period, developers can pass significant savings to the buyers.”Bidders’ seminars and open houses will begin this month. The auction is expected to shorten the marketing time from several years to eight to 10 weeks.Designed and constructed by the Gierczyk Cos., a Homewood, Ill.–based firm whose services include design, construction and investment, the development was sold to Lake Michigan Land Group in April 2007.Two- and three-bedroom condos, ranging from 1000 to 1,800 sq. ft., with additional sq. footage on decks, will be auctioned in the summer, and units will be available for immediate occupancy.Amenities at the development include hardwood floors, Kraftmade cabinets, granite tops, stainless steel appliances, fireplaces and balconies. In addition, there are indoor and outdoor swimming pools, sun decks, a fitness center, 700 sq. ft. heated indoor parking and a lake view rooftop party deck with a kitchen and bar are available to all residents.Located at the mouth of the Galien River on Michigan’s west coast, just north of the Indiana border, New Buffalo is a 90-minute drive from Chicago. Amtrak and the Federal Railroad Administration are finalizing plans for a non-stop rail service directly from the Light Harbor Preserve to Chicago’s Union State in one hour. If plans for this project are finalized, platform construction is expected to begin in June 2008 and be completed by September 2008.“If finalized, the station dramatically impacts the development and substantially changes the marketing placement,” Diliberto tells MHN. “With a train, the condo could be a primary residence, instead of a second home, and it gives people ability to buy as investment.”