August 1, 2014

Elyria
Cloudy
72°F
test

No bids submitted in sheriff’s sale for 9 vacant Lorain lots

LORAIN — No bids were submitted in a Wednesday sheriff’s sale for nine foreclosed lots on Bascule Drive.

The vacant lots are in the 300 and 400 blocks of Bascule off East Erie and Colorado avenues. The properties are owned by Grant Entertainment LLC, a limited liability company.

Limited liability company members have little personal liability if the company has debts. Grant Entertainment members didn’t return calls Wednesday.

The company is being sued by the Harbor Walk Community Association, which is responsible for property upkeep, according to Lorain County Common Pleas Court documents. Grant owes the association $15,650 in assessments and $5,687 in attorneys fees, according to the documents.

Attorney John Monroe, who represents the association, said the properties were appraised at $90,000. By law, bids are offered at two-thirds of the appraised value. The earliest the next sale could occur is Aug. 6.

Monroe said he hopes another appraisal at a lower value is done to encourage bids. “Clearly, the marketplace didn’t feel they were worth the minimum bid,” he said.

Contact Evan Goodenow at 329-7129 or egoodenow@chroniclet.com.

  • Sis Delish

    Wow. Bascule is part of the Zaremba/Third Federal/Spitzer conglomerate which was promoted a few years back as THE place to be in Lorain… Now, can’t even give the lots away.

    Wonder if the parcels were scheduled for Residential or Commercial?

  • http://www.facebook.com/pat.holbrook.90 Pat Holbrook

    I called it!

  • Pablo Jones

    Is that $90,000 per lot or $90,000 for all 9 meaning roughly $10,000 per lot. That still seems pricey for those small lots. Probably a perfect spot for a Dollar General.

    • golfingirl

      Or Check Cashing store.

    • golfingirl

      All 9 lots for a total of $90k.

      Could have picked all them up for $60k.