CHICAGO—A vast array of Chicago-area properties went into foreclosure during the recession and its aftermath, and bank-owned sales became quite common. But real estate professionals that handle many of these transactions tell GlobeSt.com that a shift has taken place. In the past, speculators that smelled bargains snapped up many of these properties. But today the gathering economic recovery means it is far more likely that developers or owner-occupiers want to take over this real estate.
“You've got a wider pool of buyers and investors,” says John R. Homsher, a principal with Podolsky|Circle CORFAC International in suburban Riverwoods. For example, along with Alissa Adler, principal, he represented a regional bank in the $1,288,000 sale of 17W240 22nd St., a vacant 24,000 square-foot office building in Oakbrook Terrace, IL. This well-located building would have been a great pick-up for a speculator, “but we sold it to a user.”
The purchaser was represented by Jackie Salman of Cabanban, Rubin & Mayberry Commercial Realty.
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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.
