CHICAGO—Earlier this year, the national real estate brokerage firm Sperry Van Ness launched a Chicago-based franchise, called AuctionWorks, and the new venture will host a multi-property auction online from June 23 to the 25th. Potential buyers will have the opportunity to bid online or submit pre-auction offers for a diverse collection that includes both luxury homes and a set of bank-owned properties.
“Auctions have become a popular choice for sellers of luxury properties who are seeking more control over the sale process in a time when traditional sale contracts often fall apart due to financing and other contingencies,” said Diana M. Peterson, president of AuctionWorks, in a prepared statement. She was not available for comment yesterday, but GlobeSt.com will provide an update shortly.
The 27 properties up for bid will include single-family, multi-family, mixed-use, office, industrial, retail and vacant land. Two luxury homes in Chicago's Lincoln Park and Peterson Park neighborhoods are included, and six of the properties are bank-owned and will be sold absolute to the highest bidder, regardless of price.
The single-family brick home at 1727 N. Dayton Ave. in Lincoln Park has a suggested opening bid of $1,250,000. The Peterson Park single-family residence at 6156 N. Saint Louis Ave. is a six-bedroom, four-bath, brick home on a corner, double lot with a suggested opening bid of $625,000. Pre-auction bids for 1727 N. Dayton Ave are due June 18 and those for 6156 N. Saint Louis Ave. are due June 1.
Commercial properties and vacant land will also be offered in the June auction. Bank-owned vacant land parcels that will be sold absolute include:
- 5 acres at Route 52 & Frontage Rd. in Shorewood, IL, zoned as an office, research, and light industrial district.
- 3.88 acres on Chicago's South Side; 2.66 acres in Orland Park, IL; and a 5,944-square-foot lot in Blue Island, IL.
Other properties include:
- An industrial property at 1530 Hubbard Ave., Batavia, IL, is a 23,764-square-foot multi-tenant warehouse on 1.5 acres with a minimum bid of $775,000.
- A 48,000-square-foot industrial building at 13417 S. Halsted St., Riverdale, IL.
- A retail building at 530 Crescent Blvd. in downtown Glen Ellyn, IL, with a minimum bid of $950,000.
“We continue to offer a diverse amount of commercial properties spanning several geographic locations, giving investors multiple options to bring value to their portfolios,” said Peterson.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
