CHICAGO, Ill. (Nov. 14, 2012) — Bank-owned homes, duplexes, multi-unit residences and commercial properties in the Chicago area will be among approximately 100 properties set to be auctioned by the FDIC on Dec. 8-9.
“This will be an excellent time for individuals seeking homes for themselves or their family members, or for real estate investors who are seeking to add to their portfolios of investment properties,” said John Dixon, president of John Dixon & Associates, which will conduct the auctions.
“Most of these properties are unoccupied and present excellent opportunities for creating an income stream, or in some cases for renovation and resale,” said Dixon.
One of the highest profile properties is a single family residence on Bosworth Avenue, in the Lake View Oscar subdivision. “This is a very upscale home that is only nine years old, located in a high-demand area. We also have some attractive commercial properties, including a property with a car wash and two restaurants, a couple of bank branches, and some office condominiums,” said Dixon.
The first event, at which the FDIC will auction approximately 60 properties, will begin at 11 a.m. Saturday, Dec. 8. The second event, at which approximately 40 properties will be auctioned, will begin at 2 p.m. Sunday, Dec. 9. Both will be conducted at the Marriott Chicago Midway, 6520 South Cicero Ave.
Chinese and Spanish translators will be available both days.
Dixon said investors who had shied away from real estate since the credit crisis are now returning. “By virtually any yardstick, real estate is gaining strength, with home sales, construction and prices beginning to establish a clear uptrend. That means, of course, that those who delay too long will probably find themselves paying more,” he said.
John Dixon & Associates, based in Marietta, Ga., is a leading auctioneer of bank-owned properties throughout the United States. Individuals seeking additional information may contact the firm at 770-425-1141 or visit www.johndixon.com.