He won't lose any money beyond the principal he put in. I imagine he has a loan with one of "his guys" who will write down the loss at closing. I would not be shocked if the loan officer was non other than a certain Mr. Hernandez.

3. 850,000 per lot

850K is what something sold for on Muprhys lake in 2008, that has/had a house on it. Hard to tell if the house was demolished or it was just small, but sold for 850K and I think March of 2008, was MUCH better than today, as a house closing in March goes under contract in Jan, or maybe even December of 2007.

Friends of mine tried to do a fake lake development for empty nesters, didnt sell too quick. While the "Live on the lake" retirement dream exists, I dont think the fake lake is what sells. Part of the lakehouse theory is the privacy, which does not exist in such setups as Murphys Lake.

The No backyard and safety issues, also not so great for small kids

Big price reduction before October, 2010, when the current mortgage on both parcels is due. According to the Cook County Recorder of Deeds, there is a mortgage on both properties not to exceed $4.3 million. Looks like it was intended as a purchase/construction loan. Maturity date was extended by a year both in 2008 and 2009. But in 2010, it was only extended for 6 more months. Can't tell the outstanding balance due, but I would guess the bank is getting nervous about the loan.

Also, according to the Cook County Assessors Office, the assessed values of both parcels has almost doubled for the 2009 tax year. 2009 first installment was only 55% of 2008 total, but they will catch up on the second installment due in October or November 2010.

Sold by October, 2010 at a big haircut of $1.5 million for both.

Still holding at $1.1 M per lot!

BUT ACT NOW and you can get $60,000 worth of plans!

Still holding at $1.1 M per lot!

BUT ACT NOW and you can get $60,000 worth of plans!

UPDATE: Price Lowered to $979,000!

and this is my favorite, 99.99% of listings say the owner is "OOR" Owner Of Record, of this one says Mike North and here is the listing description:

Mike North says "Sell my lakefront lot(s) I've decided not to move!" Mins to O'Hare & downtown Chicago Murphy Lake is just beyond the city & far beyond the ordinary! Swim, fish, boat, ice skate, watch the sunset over the water. Use Mike's arch. drawings (at no charge and they cost thousands of dollars!) or create your own. Buy 1 lot or 2. The possibilities are endless, he'll even consider a trade!

Information deemed unreliable from other sources.