AuctionWorks to Host Real Estate Auction June 23-25

Online auction features luxury home in Chicago’s Lincoln Park and several bank-owned properties being sold absolute to the highest bidder.

Business Wire

CHICAGO--(BUSINESS WIRE)--

AuctionWorks has announced the firm will host an auction online June 23-25 that will include single-family, multi-family, mixed-use, office, industrial, retail and vacant land. The auction includes two luxury homes in Chicago’s Lincoln Park and Peterson Park neighborhoods. Also, six of the 27 properties currently offered are bank-owned and will be sold absolute to the highest bidder, regardless of price. Buyers can bid online or submit pre-auction offers.

“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 Chicago-based AuctionWorks. “These sellers are often sophisticated and wealthy - not in distress, foreclosure or bankrupt - and are attracted to the auction process for myriad reasons.”

Some of the main features that attract sellers are the competitive bidding an auction inspires; the opportunity for a quick sale (30 days or less); less hassle (fewer showings and no negotiations); and no contingencies such as financing or inspection, added Peterson.

“Our upcoming auction will feature high-profile homes in two of Chicago’s most popular North Side neighborhoods,” said Peterson. “The Lincoln Park home was built in 1876 and features hard-to-find vintage details such as quarter sawn oak and original brass hardware, yet it is replete with luxury finishes, and the Peterson Park home is a rare find as it sits on a corner, double lot.”

The single-family brick home at 1727 N. Dayton Ave. in Lincoln Park has a suggested opening bid of $1,250,000. It features hardwood floors, high ceilings, a large living room, separate formal dining room with original built-ins, a gourmet eat-in kitchen, four bedrooms on the second level, and a master bedroom with walk-in closet and newer bath. The outdoor space features a deck, yard and two-car garage.

“This home in the heart of Lincoln Park offers plenty of space for a family and is located steps from North and Clybourn Avenue’s vibrant shopping district and its Red Line ‘L’ stop,” Peterson said. “The home is also near popular Oz Park and the Lincoln Park Zoo.”

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. The first floor features a foyer and staircase; a formal living room with a wood-burning fireplace; a separate dining room; a powder room; a bedroom currently in use as a library that has built-in bookshelves; and a large kitchen with an adjacent breakfast room and enclosed sun porch. The second floor features four bedrooms; two full baths; large walk-in closets; and a porch. The full, finished basement includes a bedroom and a full bath, allowing for an in-law arrangement or nanny.

“A sprawling home on a corner, double lot on Chicago’s North Side is always a solid investment,” Peterson said. “There will always be consumer demand for such properties.”

Pre-auction bids for 1727 N. Dayton Ave are due June 18 and pre-auction bids for 6156 N. Saint Louis Ave. are due June 1.

Other residential properties include two single-family homes in Joliet, Ill., one of which is the historic John D’Arcy House; a three-bedroom home in Oakbrook Terrace, Ill.; a bank-owned residence in East Chicago, Ind.; a single-family home and two-flat in Pecatonica, Ill.; two duplexes and a single-family home in Rockford, Ill.; and four recently constructed triplexes on Chicago’s South Side.

“The residential properties have favorable price points,” Peterson said. “The rental income from apartment buildings makes an attractive investment for seasoned investors seeking to build their portfolio as well as interested buyers seeking stable returns.”

Commercial properties and vacant land will also be offered in the June auction, with several being bank-owned, including four vacant land parcels and an industrial property, all of which will be sold absolute to the highest bidder, regardless of price.

Bank-owned vacant land parcels that will be sold absolute include 5 acres at Route 52 & Frontage Road in Shorewood, Ill., zoned as an office, research, and light industrial district; 3.88 acres on Chicago’s South Side; 2.66 acres in Orland Park, Ill.; and a 5,944-square-foot lot in Blue Island, Ill.

The industrial property at 1530 Hubbard Ave., Batavia, Ill., is a 23,764-square-foot multi-tenant warehouse on 1.5 acres with a minimum bid of $775,000. The building has five drive-in doors and two dock high doors. The other industrial property – a 48,000-square-foot industrial building at 13417 S. Halsted St., Riverdale, Ill., – will be sold absolute to the highest bidder.

The retail building at 530 Crescent Boulevard in the heart of downtown Glen Ellyn, Ill., receives a lot of foot traffic and has parking in front of the building. It has a minimum bid of $950,000. Other properties include a retail/office building in Hazel Crest, Ill.; a mixed-use building in Shannon, Ill.; office buildings in Oak Forest, Ill., and Rockford; a retail building in Rockford, and vacant land along Archer Avenue in Lemont, Ill.

“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.

All of AuctionWorks’ online bids are placed by actual prospective purchasers who are registered to bid, and the firm never bids on behalf of the seller. This process creates the most open and transparent online bidding experience, Peterson said.

Interested parties in the June 23-25 online auction should visit www.svnauctionworks.com to bid and join the mailing list to receive upcoming auction notices. Many of the properties are expected to sell pre-auction, and pre-auction bids are highly encouraged.

About AuctionWorks

AuctionWorks is a majority woman-owned business and an independently owned and operated franchise of Sperry Van Ness. AuctionWorks offers a wide variety of commercial real estate at auction, (including industrial, multi-family, office and retail) as well as specialty use properties (e.g. golf courses, shopping centers, hospitality, automotive) and all types of residential real estate. AuctionWorks has a substantial network of real estate brokers and investors to whom we successfully target market our auction properties.

For more information about AuctionWorks, visit the firm’s website, http://www.svnauctionworks.com/.

To learn more about Sperry Van Ness, please visit svnchicago.com.

Editors: For more information or to schedule an interview, contact Mark Thomton at (312) 267-4523 or mthomton@taylorjohnson.com.

Contact:
for AuctionWorks
Mark Thomton, 312-267-4523
mthomton@taylorjohnson.com
or
Emily Johnson, 312-267-4522
ejohnson@taylorjohnson.com

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