As the use of auctions in high-end residential real estate continues to rise, SVN AuctionWorks has announced the firm will be offering two suburban Chicago luxury estates up for auction, along with four vacation townhomes in a marina resort community in Ottawa, Illinois and a single family home on Wagner Lake in Buchanan, Michigan.

“We are seeing more and more luxury and vacation homeowners opt to forgo traditional sales methods and take advantage of the unique benefits property auctions can offer,” said Diana Peterson, president of Chicago-based SVNAuctionWorks. “Sellers of these properties are continuing to recognize that auctions are not just for distressed properties, but are a smart strategy to sell homes quickly and for top dollar.

“In fact, each year the industry sees more owners explore a sale via auction as the preferred method to sell their home,” continued Peterson. “This trend has been growing for some time in other affluent metropolitan areas across the country, but here in Chicago we we’ve seen a substantial uptick in the luxury and vacation market over the past year.”

Vacation Properties For Enjoyment or Investment
Up for auction November 18-20 are four waterfront multi-level townhomes at Heritage Harbor Ottawa, a 142-acre master-planned marina resort community along the Illinois River in Starved Rock Country. The four West Harbor Loft townhomes are centered on a 32-acre harbor and full service marina located in Ottawa, Illinois, just 90 minutes southwest of Chicago. Measuring 1,380 square feet, each townhome has two bedrooms, two baths and a tandem two-car garage featuring an oversized storage closet to accommodate recreational gear.

The townhomes include engineered wood flooring, stainless steel appliances, solid surface countertops in the kitchen, and nautical touches throughout. The main living space has a combined living and dining area separated from the kitchen by a breakfast bar. A balcony off the living area overlooks the harbor, while a large grilling deck is located off the kitchen. The suggested opening bids for the online auction range from $198,000 to $225,000 for individual residences or $840,000 for investors interested in purchasing all four units.

“Sales for vacation properties are in high demand,” said Peterson, referencing the 1.13 million vacation home sales in 2014, which according to the National Association of Realtors, was the highest sales figure since 2006. “These townhomes are a great opportunity not just for buyers who want to enjoy the community’s boating amenities, waterfront living, and nearby recreational opportunities such as Starved Rock State Park, but also investors. Each maintenance-free townhome can be put in Heritage Harbor’s on-site vacation rental pool, which is managed by the community’s developer.”

SVN AuctionWorks has also listed for November auction a three-bedroom, 2 ½ bath single-family vacation home on Wagner Lake in Buchanan, Michigan. Boasting magnificent lake views and built in 2005, this approximately 2,400-square-foot, newer construction, vacation, rental or retirement home’s many features include an open floor plan with a first floor master bedroom with master bath, living room with wood burning fireplace, updated chef’s kitchen featuring granite counters and stainless steel appliances, and an expansive, covered front porch with a screened seating and dining area that overlooks the lake. In addition, the home boasts two spacious second floor bedrooms, second floor recreation room (which could be converted into a bunk room or fourth and fifth bedrooms), full-size laundry room, powder room, and stereo surround sound both inside and out.

“This warm, inviting home is one of 24 cottages in a private, well-managed, gated community with 66 pristine, wooded acres, and on a quiet spring-fed lake,” said Peterson. “Unlike the other cottages here, this home is uniquely situated on a low-maintenance lot that is double the size of most in the community and offers unmatched privacy with woods on three sides.”

Community amenities include a professionally maintained heated pool, outdoor dining, paddle boarding/kayaking, swimming, summer trails, fishing and a children’s playground. In the winter, residents can enjoy cross-country skiing, ice skating and sledding.

“This is a year round vacation home or a forever home where every day feels like a vacation,” added Peterson.

Located 90 minutes from Chicago, this home is in the center of all that Harbor Country has to offer, including area wineries, Lake Michigan beaches, boating, fishing, and more.

The home is up for auction November 18-20 with a minimum bid/published reserve price of $375,000.

Luxury Single-Family Estates
Also up for auction in November is a 10,500-square-foot, seven-bedroom, 8½-bath luxury property in Oak Brook, Illinois featuring an elevator, four fireplaces, three decks, an indoor sport court and a 4,500-square-foot lower level complete with an entertainment/media area, second kitchen and laundry, exercise room, sauna, bedroom, full bath and access to a four-car heated garage. The home has a minimum bid/published reserve price of $1.59 million. The auction is slated for November 2 – 4 and pre-auction bids are highly-encouraged.

“Located in a gated community of about 20 custom homes in one of Chicago’s top suburbs, this amazing property is situated on 1.3 heavily wooded acres and boasts beautiful gardens,” said Peterson. “It’s hard to find homes under $2 million with these features anywhere, let alone in highly desirable Oak Brook. The new owner will enjoy marble floors, an open floor plan ideal for entertaining, a dream kitchen with top appliances, and luxury finishes and state-of-the-art electronics throughout, including two media rooms with projectors, motorized screens and surround sound, 17 flat screen TVs, closed circuit TV whole house monitoring, an entire house sound system and much more.”

Additionally, SVN AuctionWorks has listed a luxury estate at 777 Greenleaf Ave. in the North Shore suburb of Glencoe for auction on February 8 – 10, 2016. The 13,000-square-foot grand estate (with approximately 10,400 square feet on the first two floors) has six bedrooms and 9 baths. Ideally located in East Glencoe, near Glencoe beach, the Metra and Glencoe’s central business district, this home has a suggested opening bid of $2.6 million.

Custom-built in 2003, the estate features seven fireplaces, vaulted, tray and beamed ceilings, oversized crown molding, extensive millwork, floor to ceiling windows, a central vacuum system and nine to 13 foot ceilings throughout. Taking center stage on the first floor is a dramatic, two story foyer with winding staircase; a chef’s kitchen with porcelain floors, custom cabinetry and high-end appliances; a family room with fireplace and adjacent bar; a library/study with extensive millwork and fireplace; a sun room; a formal living room with fireplace; a formal dining room with fireplace and adjacent butler’s pantry; a mud room; a three season porch; and access to the three car, attached garage. Upstairs, the home boasts five bedrooms, all with en suite baths, including an enormous master suite with a vaulted ceiling and two large walk-in closets with custom cabinetry and multiple dressing areas. The spa-like master bath features custom cabinetry, marble counters, extensive stone detail, steam shower with body sprays, whirlpool tub, and a fireplace. The second floor also offers several large storage closets and a laundry room. The property’s lower level includes a second kitchen, second laundry room, recreation room, media room, climate controlled wine cellar, golf practice room and exercise room, a bedroom with an en suite full bath and a second full bath.

Situated on nearly one acre, the property’s tremendous outdoor space includes a large, fenced-in backyard with outdoor fireplace, built-in Weber grill, large flagstone patio and an extensively landscaped front yard with more than 80 rose bushes.

“As evidenced by this estate, auctions are increasingly becoming a preferred method of sale in the luxury housing market,” said Peterson. “This is a magnificent home and the seller could have listed it through a traditional brokerage, but he knew that like a priceless piece of art, an auction would be the best way to recognize the maximum value of this one-of-a-kind residence.”

To see other SVN AuctionWorks properties up for auction, visit www.svnauctionworks.com and join the mailing list to receive upcoming auction notices. Buyers can bid online or submit offers directly to SVN AuctionWorks.

All of SVN AuctionWorks’ online bids are placed by actual prospective purchasers who are registered to bid, and the firm never bids on behalf of the seller. According to Peterson, this process creates the most open and transparent online bidding experience.

About AuctionWorks
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. AuctionWorks has a substantial network of real estate brokers and investors to whom we successfully target market our auction properties.

For more information about SVN AuctionWorks, visit www.svnauctionworks.com/.
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To learn more about Sperry Van Ness | Chicago Commercial, visit www.svnchicago.com.