Absolute Bankruptcy Auction Planned for Developers Assets in Michigan City’s Popular Beachwalk Vacation Resort Community

P1370263 (1024x576)MICHIGAN CITY, IN – A well-known portfolio of move-in ready single-family vacation homes, finished lots and developable property in the Lake Michigan resort town of Michigan City, Indiana will be offered for sale via open outcry auction on Tuesday, November 10th.

The live auction sale enables individual homebuyers and developers and investors the opportunity to name their price for real property, ready-to-build finished lots and large undeveloped land parcels within the popular Beachwalk Resort Development, a successful lakefront vacation and second-home community located one hour from downtown Chicago.

The one-day auction event is being conducted by Madison Hawk, a national real estate firm and industry leader specializing in Structured Accelerated Sales, and will include:

  • Seven single-family homes, furnished and ready to occupy or rent;
  • 35 homesites that can be immediately be built upon issuance of a building permit;
  • Over 50 acres of development land adjacent to Beachwalk and surrounding Lake Kai;
  • Seven acres of land just south of Beachwalk with panoramic lake views;
  • The auction will also feature several homes and commercial properties located throughout Michigan City outside of the Beachwalk development.

“The assets will be sold separately and ‘Absolute,’ regardless of price, under the direction of a Chapter 7 Trustee in the Bankruptcy Proceedings of the original developer,” according to Jeff Hubbard, President of Madison Hawk.  “The sale is subject to the continuing jurisdiction of the Bankruptcy Court.”

The auction will take place at the Blue Chip Hotel & Casino located at 777 Blue Chip Drive, Michigan City, IN 46360. Registration will begin at 11 a.m. with the auction commencing at 12 p.m. CST.

Lake-View_623_333“With its close proximity to downtown Chicago, the Beachwalk community has been one of premier vacation destinations in northwest Indiana and southwest Michigan for 20 years,” said Jamie Cote, Managing Director of Madison Hawk.  “This auction will provide homebuyers the unique chance to purchase their dream getaway in a well-established neighborhood with resort-style amenities and easy access to the Lake Michigan shorelines at discounted prices.  The land parcels offer all the ingredients to continue this successful development and will present investors and builders with exceptional value-added acquisition opportunities.”

First introduced in 1994, Beachwalk boasts quaint candy colored cottage style homes and a long list of resort amenities, including the private 24-acre Lake Kai, a community pool, tennis court, beach volleyball, parks and access to the beautiful shoreline of Lake Michigan.  The family-inspired vacation community boasts a unique design originally based on the award-winning, new urbanist town of Seaside, Florida.  Homes mix eclectic exteriors ranging from traditional American and traditional beach-style design to traditional Michigan City architecture to create distinctive and eye pleasing streetscapes.

On-Site inspections will be available for all properties from 11 a.m. to 2 p.m. on Sundays, October 18th and November 1st, Saturday, October 24th and Thursdays, October 22nd, 29th and November 5th.  A detailed Due Diligence Packet is available and contains specific information related to the properties, the auction and the terms of sale.

For more information on the Beachwalk Development auction, please call (800)-547-1045, or visit www.madisonhawk.com/auctions/beachwalk.

About Madison Hawk

Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties.  www.madisonhawk.com

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