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Chicago-Area Company Plans More Than 120 Property Auctions for Early 2008
Published: December 18, 2007
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By Erin Brereton, Content Manager
Oak Brook, Ill.--Following the completion of its fall property auction series, Oak Brook, Ill.-based Inland Real Estate Auctions, Inc. has announced it will auction off more than 120 properties in the first quarter of 2008.
Inland's scheduled January and February auctions include a portfolio of 72 properties in Chicago and Indiana ranging from $1.2 million single-family homes to home sites, apartments and retail centers.
Inland will be auctioning off 75 acres of residential and mixed-use development land in Yorkville, Ill., a 25-acre residential site with a two-story house in Bonfield, Ill. and roughly 60 new homes and condos, offered by developers and private owners, originally priced from the $200,000s to the mid-$700,000s.
"We all face the same struggle in this market, and that is where to find buyers," says Frank Diliberto, president and CEO of Inland Real Estate Auctions, Inc. "Today, sellers are working twice as hard and finding half the buyers. That is why sellers of every property type are turning to the auction to give them a creative edge."
Property auctions have increased 40 percent in the last three years, according to the National Auctioneers Association.
Before bidding in Inland's fall auction series, buyers were required to visit the properties and were asked to pre-qualify for financing. The fall auction involved $30 million worth of different types of real estate, ranging from undeveloped land to an Arlington Heights, Ill. apartment building (pictured), which was auctioned off on Oct. 25.
"Over the last month or so, we have marketed everything from apartments, high-end homes and office condos to more than 200 acres of corn fields," Diliberto says.
The date for Inland's January and February auctions is still being determined.
Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc., which includes independent U.S. real estate investment and financial companies.
