AuctionWorks to Host Real Estate Auction August 25-27

AuctionWorks has announced the firm will host an online auction Aug. 25-27 that will include single-family homes; mixed-use, office, industrial and retail buildings; and vacant land. The auction includes a 14,000-square-foot estate set on 2.3 acres in Willowbrook, Ill., in the Hinsdale Central School District. It also includes several bank-owned properties, including two that will be sold absolute. An upcoming September auction will feature a recently renovated, five-bedroom single-family luxury home with golf course views in Riverwoods, Ill.; several adjacent riverfront commercial properties in West Dundee, Ill.; and the opportunity to purchase notes in bulk. Buyers can bid online or submit pre-auction offers.

“High-end homes have been a big part of our recent auctions,” said Diana M. Peterson, president of Chicago-based AuctionWorks. “In our previous auction, a vintage Lincoln Park home replete with luxury finishes sold in a pre-auction bidding war for $1.425 million, $100,000 over the reserve price. We’re seeing more sellers opt to use online auctions because it provides high visibility for their luxury homes among a screened, stable pool of serious buyers.”

Built in 2010, but never lived in, the seven-bedroom, 7 1/2-bath home on 2.3 acres at 544 Ridgemoor Drive, Willowbrook, Ill., has a suggested opening bid of $2.395 million. It was previously valued at $5.699 million. The new-construction home features a two-story foyer with travertine floors; walnut cabinetry; beamed and tray ceilings; a chef’s kitchen; a master suite with terrace and spa bath; six indoor fireplaces; a walk-out lower level with a pub style bar, wine cellar and home theatre; a five-car garage; a grand, circular driveway; five en suite bedrooms upstairs, and private grounds with two brick paver patios and an outdoor fireplace.

“Built within a neighborhood of multi-million dollar residences, the Willowbrook home offers true estate living at its best and is located in the Hinsdale Central School District,” Peterson said. “Expansive entertaining spaces throughout the property make it an ideal home for gatherings with family and friends in a very private, park-like setting. While very grand in size and level of finish, the home includes many intimate spaces that make it also feel very comfortable.”

In a separate online auction on September 22-24, AuctionWorks will auction a recently renovated, five-bedroom, five-and-a-half bath single-family residence in Riverwoods, Ill., with a suggested opening bid of $900,000. All five bedrooms are located on the second floor and the property has golf course views. The home was previously valued at $1.249 million and bids will be accepted pre-auction, said Peterson.

Other luxury residences in the August auction include a fully furnished, six-bedroom beach house in New Buffalo, Mich. that currently rents for $3,600 per week and has an annual cash flow of approximately $40,000.

Also up for auction are several single residences in Chicago, Oakbrook Terrace, Ill., Rushville, Ill., and Joliet, Ill., some of which are bank-owned properties. A bank-owned single-family home in East Chicago, Ind., will be sold absolute to the highest bidder. The historic John D’Arcy home in Joliet is a contractor’s dream; it has a new basement with new mechanicals and a new roof and features the original fireplaces and neo classical exterior. The interior is primarily unfinished/ has been taken down to the studs and requires re-finishing throughout.

“The residential properties are attractively priced,” Peterson said. “In addition to the luxury homes, the auction offers many bank-owned properties that present excellent investment opportunities.”

Retail properties include a former auto showroom and garage at a corner light along Rand Road in Des Plaines, Ill and three units within the Crescenzo Commons retail development in Manhattan, Ill., which will be sold absolute to the highest bidder.

The auction also includes three properties in downtown West Dundee, Ill. – a free-standing building ideal for retail or restaurant use, and two riverfront buildings: a loft office and an office/retail storefront. These three properties are being offered in bulk and present an excellent redevelopment opportunity on the riverfront.

Industrial properties include a 23,764-square-foot multi-tenant warehouse at 1530 Hubbard Ave., Batavia, Ill., with a minimum bid of $775,000; and an industrial flex building a few blocks from the Route 53 and Northwest Highway interchange in Rolling Meadows, Ill.

Several well-located office buildings will be in the auction as well, including: a 13,681-square-foot building at 5251 West 147th Street in Oak Forest, Ill., and a 16,704-square-foot property at 17065 Dixie Highway in Hazel Crest, Ill.

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.

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.