Nantucket Cove Subdivision in Beecher, IL

Description:

Auction Ordered by Court Appointed Receiver; Seller reserves the right to reject any offer.
Previously Valued At Over $3,500,000
Minimum Bid/Published Reserve Price: $499,000 (Reduced from $540,000) Plus 6% Buyer's Premium
Buyer's Premium: 6%
Cooperating Broker's Commission: 2%
Lot Combined Acreage: Approx. 39 Acres (Total of 127 Lots)
Single Family Lots: 112
Common Area Lots: 13
2018 Taxes: $37,685 (Paid in 2019)
Zoning: R1-Planned Unit Development (PUD)
Price just drastically reduced to a minimum bid/published reserve of only $499,000 plus 6% buyer’s premium! This subdivision portfolio package includes 112 vacant single family lots, 13 common area lots, a partially completed model home on one lot and a partially completed foundation lot. Pre-auction offers are highly encouraged!
This approximately 39 acre parcel of land is fully-developed and includes 112 vacant single family home lots, 13 common-area lots, a partially completed model home on a lot, and a partially completed foundation (127 lots total) in the Nantucket Cove subdivision in Beecher, Illinois (Will County). Beecher is located approximately 41 miles and a 50-minute drive from downtown Chicago.
The subdivision’s development started in 2005 with 171 marketable single-family home lots. To date, approximately 55 lots have been sold and most of these lots have homes and occupants. New home values in this subdivision have averaged in the mid to high $200k range. There are some homes in the subdivision in the $300k plus range.
Nantucket Cove is zoned as an R1-Planned Unit Development (“PUD”). The entire development is nearly complete with all roadways and utility infrastructure. A future bike path throughout the subdivision is the only remaining development requirement of the Village of Beecher. There are some excess dirt mounds on the property and the model home has had some water in the basement.
Sold "as-is", where-is with no warranties and no guarantees.
SCHOOL DISTRICT 200U:
Beecher Elementary School
Beecher Junior High School
Beecher High School

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