April 21, 2014

Elyria
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Lorain lake houses go on the block — just two sell

ELYRIA – Seven luxury homes being built on Shore Drive in Lorain went on the auction block Sunday and all but two remain on the market after potential buyers refused to move the public sale along.

Blame it on the rain, the housing market or even the Browns. But don`t blame it on the homes, said Joel Dutton, president of Dutton Auction and Realty Co.

Built on gorgeous Lake Erie and outfitted with such amenities as granite countertops, vaulted ceilings, gas fireplaces and back-door access to the beach, the homes are more than worth their value of upward of $300,000, he said.

“These are very nice units, the kind of homes that many wish they had, but only a few can actually get,” he said. “Many people have said they thought they would have to go all the way to Port Clinton to get lakefront property like this. The development is Lorain`s best-kept secret that won`t be a secret for long.”

While some tossed out a low-ball number here and there at the auction at the Holiday Inn-Elyria, only one man actually bid on a home and won. After traveling all the way from Raleigh, N.C., by way of a stop in Philadelphia, Dave McCray Jr. bought two homes – 4380 and 4383 Shore Drive – for about $210,000 each.

He said they will be a great investment and will be resold as soon as the market allows.

“I heard about this auction two weeks ago from a friend and thought I would see what I could get,” he said after purchasing the homes. “They`re nice and in a good location.”

However, neither perk worked to the auction`s advantage. After about an hour of bidding, the auction ended after no substantial bids came in for the remaining homes, which were being sold at reserve, meaning the sale commenced pending the seller`s approval or rejection of the highest bid.

“They`re still out there. I just can`t say for how long,” Dutton said.

The units located in the “La Cote de Lac” development are part of a $10 million project that will eventually include a mixture of upscale townhouses and lakeview homes. Some are yet to be completed and many more are in wait of buyers wishing to snatch up their own vacation home on the lake.

Well, maybe that will remain true for just a little while longer.

The bidding process was energetic from the auctioneer`s standpoint, but started out slow with potential buyers in the audience shying away from bidding as Dutton worked to drive up the price of each home. It was hard work with the stoic crowd.

“I shouldn`t have to work this hard to sell such beautiful homes,” Dutton said.

Contact Lisa Roberson at 653-6268 or lroberson@chroniclet.com.