auction: Michael Jordan Puts His Home For Auction
- 10/21/13 07:22 AM
Photo courtesy of Concierge Auctions Chicago legend, Michael Jordan puts his home up for auction. His Highland Park home of nearly 20 years is 56,000 square feet and was originally put on the market back in February 2012 for $29 million. After failing to sell, MJ decided to put it up for auction with Concierge Auctions. Katherine Chez Malkin of Baird & Warner, the listing broker, will also be cooperating with Concierge Auctions in the sale. When asked why he was selling the home, Michael Jordan answered, "my kids are grown now and I don't need a large house … (1 comments)
If you think the Chicago real estate market is completely on its way back, here is a little extra dose of reality that may alter that line of thinking. Last year in the Chicagoland area, there were over 35,000 foreclosures that sold at auction. In Illinois, once a property goes to auction, there are really only 2 results from the auction sale: the property is sold back to the bank which owned the mortgage, or someone, i.e. an investor, outbids the bank and buys the property for cash. According to Woodstock Institute, foreclosure auctions were expected to increase … (0 comments)
auction: Small Income Rental Properties On The Rise
- 03/03/13 04:34 AM
Small rental properties have risen in value along with your rent. It’s no secret that the buyer has the upper hand in the current residential market. According to an article in the Chicago Tribune, specifically in the 2-4 unit property category, to be the highest it’s been since 2009 and 10% higher than last year. In a study done by the De Paul University’s Institute for Housing Studies, 2-4 unit properties make up 33% of Cook County’s rental housing market and 38% of Chicago’s. Their take on the rising cast of rentals is due to 1) the combination of … (1 comments)
auction: Foreclosure Update: 516 Augusta, Oak Park
- 07/06/12 08:40 AM
This grand property was previously foreclosed by the lender and taken back by the bank nearly a year ago. See prior ActiveRain post: Foreclosure, Foreclosure, Foreclosure: 516 Augusta, Oak Park The property was then recently listed with an REO broker and now is in a multiple bid situation at a list price that is nearly 50% less than the original foreclosure auction opening price. My how times have changed.
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