PORTER TOWNSHIP — With years of financial and legal woes now in the past, developers of the Falling Waters subdivision are hoping to get back on track, welcoming new buyers to the upscale development.
"The homeowners are just ecstatic," said Babe Woodward of Prime Real Estate in Crown Point.
The development, located just east of the Lake/Porter County line and south of Division Road, was taken over by a new owner, who cleared the site of the $19 million debt that was holding it back, according to attorney David Woodward.
The debt included $9.5 million from its troubled conservancy district, which provides sanitary and storm water services to the site, he said.
The sewer systems were put in place all at once rather than in phases, which left an annual bill on each lot of $2,290, Woodward said. Problems arose when the original development firm failed to pay its share on the vacant lots.
Now that the debt has been eliminated, the annual conservancy district fee has been reduced to $200, he said.
A group calling itself Watchdogs of Falling Waters had paid for a newspaper advertisement in 2012 claiming residents of the subdivision were stuck with the large conservancy district bill for 30 years and yet it was not disclosed to them at the time the parcels were purchased. The group claimed the legal maneuvering amounted to taxation without representation.
Babe Woodward said he is anxious to begin showing off the site and its 240 available lots.
Much of the site is wooded and features curving roadways, he said.
The average lot size is about a third of an acre and available for between $62,000 and $105,000, Woodward said. They are being offered at a 20 percent discount through the end of March, he said.
There are 60 to 80 homes at the site, Woodward said. The homes available now are in the $400,000 to $500,000 price range, though there are some on site topping more than $1 million.
There is a homeowner's association fee of $800 a year, and the community is gated.
Those interested in seeing the site or who have questions can call 219-250-0366.