This article titled “Heritage Harbor expands in tough economic climate” was just posted by the News Tribune written by Kevin Caufield . It is always great to share the good news!
OTTAWA — Along the Illinois River’s northern bank are massive, colorful waterfront homes more reminiscent of properties depicted on Cape Cod postcards than real estate normally found locally.
But even rarer, perhaps, were the number of parked pick-ups with union bumper stickers and men wearing tan Carhartt jackets and hard hats who busily moved from job site to job site.
Heritage Harbor in Ottawa seems to be one of the few areas that has not only ducked this recessionary economy, but is finding success as well.
“Everybody is talking about doom and gloom but we’ve had to get our Bobcats out and start digging,” said Heritage Harbor spokeswoman Tammy Barry.
The high-dollar, second-home resort broke ground recently on two ranch homes and its first four-unit Row Cottage Townhome building.
“People are always looking for waterfront property,” Barry said. “Waterfront investment has always been sold. It holds its value so for adventurous adults it’s a place to invest and enjoy rather than put money in a 401K.”
Three of the four units in the town home building have been sold for $240,000 to $280,000. The two ranch homes sold for $400,000 and $300,000.
Overall, the entire community project is still in its first phase. Crawdads Restaurant has been built and 110 of the planned 460 boat slips are installed.
Market research shows that nearly two out of three baby boomers express a desire to live on or near the water as they enter retirement. The could amount to 50 million homeowners willing to consider waterfront communities, which has high-end second home sales rising.
“The marina is the jewel in our crown and offers the ideal setting to have a weekend getaway, vacation cottage or permanent vacation,” said Heritage Harbor developer Tom Heimsoth in a prepared statement. “There simply aren’t many easy-to-reach waterfront communities within an hour of Chicago suburbs and certainly none of this caliber.”