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Old 02-02-2009, 12:17 PM
 
Location: Sugar Grove, IL
3,131 posts, read 11,648,036 times
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kimball hill has declared bankruptcy. I heard a holding company from california was looking at a big chunk of the property and a different group is looking at approx 70 lots to actually build on. terms are still being negotiated last I heard!
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Old 02-03-2009, 08:07 AM
 
8 posts, read 33,189 times
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What is a holding company?? I am guessing it is a company that buys land dirt cheap and resells it when the market turns around?? The persons looking to build on 70 lots is this recent..I heard a couple months ago a builder was going to do this but it fell through....?
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Old 02-04-2009, 08:19 AM
 
Location: Sugar Grove, IL
3,131 posts, read 11,648,036 times
Reputation: 1640
I heard that the holding company is from california. Yes, they typically pick up parcels and hold them until the time is right to sell to a different developer. The people looking to buy the 70 lots are trying to come to terms with kimball hill on some issues. I just heard this the other day. I believe it is a group of more local people...tri-cities area I think.
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Old 09-12-2009, 07:43 PM
 
9 posts, read 20,376 times
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Is this a good time to buy in settlers ridge? I thinking about bidding on a home that was listed for $750 and offering $400k
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Old 09-13-2009, 09:15 AM
 
Location: Sugar Grove, IL
3,131 posts, read 11,648,036 times
Reputation: 1640
There is a company looking into buying the remaining 70 lots that are ready to build on. they are not builders. they are also looking into buying the other kimball hill holdings around the area. I think that if you are looking at one of those homes, you should go for it. I am thinking it must be one of the special homes that was built for the home show a couple years ago. those were beautiful and very high-end.
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Old 09-14-2009, 07:06 AM
 
945 posts, read 1,988,090 times
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Quote:
Originally Posted by sgresident View Post
There is a company looking into buying the remaining 70 lots that are ready to build on. they are not builders. they are also looking into buying the other kimball hill holdings around the area. I think that if you are looking at one of those homes, you should go for it. I am thinking it must be one of the special homes that was built for the home show a couple years ago. those were beautiful and very high-end.
Noticed a post on this subject that I commented on last fall. Still sad that this beautiful area faced this situation. It truly was going to be beautiful when finished and hope it still happens for those that "settled" there! Were'nt they supposed to have a clubhouse and pool and all the bells and whistles? As to the home that was 700 and now 400, I know Kackert builders filed chapter 7 and has 2 homes in wheaton that are bank owned, including one he was building for himself on Franklin St. I sincerely hope Settlers Ridge comes around. And the Solheim Cup in Sugar Grove hopefully helped draw people to the area. Thanks for the update, SGrv. resident. Keep us posted.
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Old 09-14-2009, 05:27 PM
 
610 posts, read 2,729,575 times
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Yes, Kackert has several for sale that are unfinished. His finished projects in Sugar Grove have been on the market for a long time. There are several occupied homes in Settlers Ridge that are in foreclosure. I agree, very sad, since the original concept had great potential. Perhaps in the future something can be built and have success. I feel badly for those who live there who have little to no neighbors and paid for a home that they thought would be surrounded by parks, a pool and a school. This is happening all over but the SR concept was so large and left a lot of vacant space. Wishing the best to all out there! Kimball Hill's development in Winfield has been taken over so hopefully SR will follow suit.
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Old 09-14-2009, 05:58 PM
 
782 posts, read 3,789,656 times
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I really feel bad for Ingram Park across the street. I wonder why anyone bought the two models they built when they knew the builder filed for bankruptcy. They are in worser shape then Settlers Ridge.
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Old 09-14-2009, 07:44 PM
 
89 posts, read 262,054 times
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Sad, sad, sad. I feel really bad for those who moved to Settlers Ridge.
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Old 09-30-2009, 10:50 PM
 
9 posts, read 20,376 times
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Has anyone heard of any new retailers coming into Sugar Grove?
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