REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers in today’s market
Irvine, CA (Vocus) April 2, 2010
The massive number of foreclosures in Chicago and around the state will drop by more than 230 on Saturday April 3 when Real Estate Disposition, the nation's leading real estate auction company, conducts a foreclosure auction at 9:30 a.m. at Hyatt Regency O’Hare.
Two foreclosures are million-dollar mansions: 1255 Montgomery Dr Deerfield, IL 60015 and 204 N Dee Rd Park Ridge, IL 60068. There is also a half-million dollar 2-flat near Wrigley Field: 3345 W Cullom Ave Chicago, IL 60618. All properties can be viewed at REDC’s web site, Auction.com. The public may register for the auction at Auction.com or at the venue beginning at 8 a.m.
"This is a great opportunity for a homebuyer or investor," says REDC CEO Jeff Frieden. “There are some beautiful properties at bargain-basement auction prices.”
Here are some of the other best deals in the auction:
700 2w E 51st St Chicago, IL 60615 – 2100 sq ft house off Lake Shore Dr. previously valued to $260K with a starting bid of $19K;
8033 S Escanaba Ave Chicago, IL 60617 – 1642 sq ft house previously valued to $56K with a starting bid of $9K;
2605 S Indiana Ave #1101 Chicago, IL 60616 – 1300 sq ft condo (also off Lake Shore Dr.) previously valued to $235K with a starting bid of $29K;
3001 S Michigan Ave #807 Chicago, IL 60616 – 1100 sq ft condo previously valued to $152K with a starting bid of $25K.
To see all the properties, go to REDC's web site, Auction.com.
The auction is part of REDC’s record 125 auctions in 71 days. The company has auctioned a U.S.- leading 7,350 properties for $415 million so far this year.
"2010 is the year of the foreclosure," Frieden says, referring to the three to seven million foreclosures that are hitting the market this year, doubling the number from 2009. "The market is white hot. The demand is there along with the inventory."-
The dismal state of foreclosures in Illinois and the U.S. is staggering. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that reports, "Despite efforts of servicers, homeowners, and the government, the foreclosure crisis continues to worsen. These signs point to more foreclosures in 2010 than in 2009."
In response to the millions of foreclosures hitting the market, REDC ramped up operations to auction bank-owned residential homes and condos, commercial buildings and notes in more than 47 states, both in live auctions and online.
Thousands of these foreclosures will change hands through REDC's auctions, which directly impacts the local and national economy by helping to minimize the ramifications of another economic crash. REDC auctions have emerged as a hot new trend in home buying and investing, whether it's residential, commercial real estate or notes.
Since its launch in 1990, REDC has helped tens of thousands of families and individuals purchase homes for affordable prices through its unique auction process, establishing the company as the global leader in real estate auction marketing.
“REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers in today’s market,” Frieden says. “In fact, the real estate auction industry now plays a major role in property sales in the U.S. As a result, REDC has helped make auctions a preferred choice over conventional, time-consuming and expensive real estate sales methods.”
“When a house sits vacant, no one is paying a mortgage, property taxes, gas, electric and water bills; they're not using landscapers, painters and electricians or buying household items at hardware stores,” Frieden says. “Moreover, the longer a house sits vacant, the more it deteriorates. That deterioration can lead to the deterioration of the neighborhood, causing the value of the homes to decrease. But when REDC puts a family back into a home through the auction process, they're paying a mortgage, property taxes, gas, electric and water bill. They're also creating jobs by hiring landscapers, painters and electricians and shopping at local stores. All of that fuels the economy."
In additional to auctioning foreclosures, REDC also conducts commercial and notes auctions, which can also be reviewed at http://www.Auction.com. REDC's headquarters are in Irvine, California with offices in Dallas, New York and London.