Chicago Real Estate Up For Auction

February 25, 2011

Chicago carries one of the highest rates of foreclosed homes in the country, which can be a good thing if you are in the market for a piece of Chicago real estate.

Rick Levin & Associates, Inc. will be conducting an auction on March 6 in Rosemont of a single-family home in upscale Glencoe as well as dozens of brand new condos in Harwood Heights.

There are also bank-owned commercial properties in Chicago up for auction. So if you are looking to start a business, this would be a great way to get ahead.

Here’s a lowdown on what’s for sale and when to go see it.

Residential Properties


This single-family Colonial ranch is located at 545 Greenwood Avenue in the upscale North Shore suburb and includes:

Glencoe Ranch for sale

545 Greenwood Ave., Glencoe

*Three bedrooms and three baths

*Living room with fireplace and bay windows that overlook the garden

*Family room that opens to patio and professionally landscaped, fenced-in yard

*A library with built-in bookcases

*Finished basement with office, bath and another bedroom

*Two-car attached garage

*Previously priced at $795,000, the minimum bid is $422,000

*Scheduled open house: February 27; 11 a.m. to 1 p.m.

Harwood Heights

This is a bank-directed auction of 25 newly constructed condos located at Clock Tower Pointe Condominiums, 4811 and 4833 N. Olcott in the western suburb.

Inside a Harwood Heights condo

Inside a Harwood Heights condo.

*Luxury two-bedroom, two-bath condos up to 1,474 square feet each

*Hardwood floors, granite counter tops and stainless steel appliances

*In-unit laundry

*The elevator building includes a fitness center and indoor parking; one space included with an option for a second

*Previously priced up to $375,000, the minimum bid is $168,500

*Units are FHA approved; qualified buyers can buy with as little as 3.5 percent down

*Scheduled open houses: February 26, 27 and March 5 from 11 a.m. to 1 p.m.; March 2 from 4 to 6 p.m.

Commercial Properties


*West Madison Commercial Condominiums: Located at 2438, 2442, 2444 and 2446 W. Madison in Chicago, these four commercial condos provide up to 1,360 square feet each. Previously valued up to $165,000 apiece, each will be sold at a minimum bid of $75,000. Inspection can be done by appointment.

*N. Western Commercial Condominiums: Located at 1721 and 1735 N. Western in Chicago, these two commercial condos offer up to 1,025 square feet each. Previously valued up to $200,000, each will be sold at a minimum bid of $110,000 apiece. Inspection by appointment.

*Commercial property: Located at 7509-7511 W. Belmont in Chicago, this 4,180-square-foot property is on a 5,500-square-foot lot. Previously valued at $510,000, this property will be sold at a minimum bid of $250,000. An on-site inspection is planned for March 1 from 11 a.m. to 1 p.m.

What: Auction of bank-owned Chicago-area properties

When: Sunday, March 6; 11 a.m.

Where: Hyatt Rosemont, 6350 N. River Road, Rosemont

Visit: ricklevin.com for more information

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