Inland Real Estate Auctions, Inc. To Sell Two Luxury Homes in Illinois

Business Wire, May 19, 2005

OAK BROOK, Ill. -- On June 22 Inland Real Estate Auctions, Inc. will auction two unique luxury homes in Palos Heights and Hampshire, Ill., both of which are situated on luxurious, rolling country-like estates. The 1.2-acre Palos Heights estate includes an adjacent home site for new construction. The more than 5-acre Hampshire estate additionally includes an adjacent five acres of rolling hills, including a 1-acre pond stocked with fish.

The Palos Heights estate, located at 12126 S. Nagle Ave. in Palos Heights, is an unusual find in this southwest suburb of Chicago. Palos Heights has experienced substantial building and has a scarcity of available home sites. As a result, this property offers the best of both worlds: on the one hand, easy access to Route 83 and I-294, excellent schools, shopping and entertainment. On the other hand, it offers a secluded, country setting with a wooded backdrop and a flowing creek. Bidding for the spacious four-bedroom, three-and-a-half-bath home, and adjacent lot, starts at $550,000.

The sellers of the home in Palos Heights chose to auction the home after seeing Inland Real Estate Auctions' successful auction of a Frank Lloyd Wright landmark in Chicago in March.

"Like the Wright home, the Palos Heights property can be difficult to price in part because it contains both a home and a development site in a rapidly expanding market," said Frank Diliberto, president and CEO of the Inland Real Estate Auctions, Inc. "The new owner will have a choice of maintaining the large site as it is, selling it off or building a new home. The question becomes: Who is the best buyer? The auction will allow the seller to find the right buyer in only a few weeks."

The opening bid for the 10-acre Hampshire property, located at 41 W. 583 Big Timber Road, will be $500,000. The seven-bedroom, four-and-a-half-bath home includes three fireplaces, an English basement with an antique bar, an attached sunroom and a separate in-law or nanny apartment.

"Private homeowners are turning to the auction process at a record pace, even for trophy properties like these two houses," Diliberto said. "Sellers have found they are able to capture the attention of the marketplace when they use the auction process, giving them a competitive edge."

On the same day Inland Real Estate Auctions will also be auctioning an 84-unit apartment complex in Calumet City, Ill. and two industrial buildings, one each in Hammond and East Chicago, Ind.

All bidders must inspect the properties before bidding. For information on open houses and bidders' packets, call (630) 990-5353.

Inland Real Estate Auctions, Inc. (www.inlandreauctions.com) is part of The Inland Real Estate Group of Companies, Inc., which comprises independent real estate investment and financial companies doing business nationwide. With more than 35 years of experience focusing on auctions, commercial real estate brokerage, investment, property management, land development, acquisition and mortgage lending, Inland is one of the nation's largest privately-held real estate companies. Inland's national headquarters is in Oak Brook, Ill.