J and J's Town Homes of Wahkon Coming!

Area businessmen Kevin Cole and Jeffrey Eye believe they have a formula for success as they roll out J and J’s Detached Town homes of Wahkon amid some tough economic times.

--A family-type development in the No. 1 Mille Lacs real estate market (south shore)
-- Affordable town homes with large, detached garages
-- Dockage, Gazebos, open spaces with a quality association to make the property thrive.

“This is the nicest, big lake close to the Twin Cities,” Cole said in an interview Monday. “There’s the cost of gas and the cost of people’s time and I really believe the key is pricing. It’s something people can afford.”

Located on the former J and J Resort property, the two are teaming to develop the property into a 12-town home development with detached garages, dockage, gazebos and 12 slips. Gone will be Hidden Bay’s fish houses that were placed road-side and sort of marred the look of the property for the past few years.

The new development in Wahkon is slated to start construction mid-April, according to Cole who is a long-time area realtor-developer. The units will be priced at $169,900 and be two-story 1300-square foot units with loft-type upper levels. A lake association will own a piece of lake shore in the development.

A big hit may be the detached garages which are tabbed to be 12 by 26 feet and run along Highway 27 giving the development privacy and ample storage for its ownership.

“We’ve been in a recession for two years and we hope its hit bottom,” said Cole, who listed the J and J property for $825,000 for more than a year. “If you want to sell right now, you have to price where the market is. There are tons and tons of buyers out there but they’ve been kicking tires, feeling the economy hasn’t bottomed out.”

Based on the quick sales of Scenic Bay town homes, which are stacked tightly together in Isle, Cole and Eyes’ recipe appears to be a winner from the outside. There are currently more than 50 homes for sale around Mille Lacs lake listed above $350,000 and sales are stalled on those units.

“The lake shore owners are not adjusting to the market,” said Cole, who was asked to put on his realtor hat for an analysis of the current lake shore real estate situation. “The only properties selling around the lake are a few properties in a few choice locations.”

With Izatys still in limbo and a bevy of Beach Villa and Lakeside Townhome units for sale, the situation is further exacerbated. Current Izatys Resort LLC Ownership has until December 28th to redeem on its property or it goes back to Edina-based Commerce bank.
Former Golf Course Supervisor Barry Hines was hired by the bank to maintain the property, closing out the golf courses and checking on resort-based holdings until January 1st. He has shown the property to potential investors many times this fall. There are still several large entities allegedly interested in the property.