Press Releases

Wednesday, June 11, 2008

Bankruptcy Required Neumann Homes To Auction 26 New, 23 Partially Completed Homes, 29 Homesites Throughout Chicago Area

CHICAGO, May 15, 2008 - NRC Realty & Capital Advisors, LLC is coordinating an auction of 26 new homes, 23 partially completed homes and 29 fully improved lots in Illinois and southern Wisconsin for Warrenville-based Neumann Homes, which filed for bankruptcy in November of 2007. The auction will take place on Saturday, June 28, 2008, starting at 1:30 p.m. at the Westin Hotel, 400 Park Blvd. in Itasca. Registration begins at 11:30 a.m.

Properties are available for review at www.nrc.com/807. The auctioned properties include townhomes, single-family homes and homesites for sale. The incomplete homes are all under roof, sheathed, and at a minimum at trim stage or beyond.

Properties are located in the following Illinois communities: North Aurora, Hanover Park, Gilberts, Lakemoor, Grayslake, Minooka, Oswego and Sugar Grove. Southern Wisconsin communities include Kenosha and Sturtevant.

Neumann Homes consistently ranked among the Chicago area's top homebuilders. At its peak, Neumann Homes constructed more than 1,000 homes a year for several years. The company exceeded $517 million in closing revenue in 2005.

Gladstone says all homes will be available for viewing on Saturdays and Sundays, May 24, 25, 31 and June 1, 7, 8, 14, 15, 21, 22 from 1 p.m. to 4 p.m. "We strongly recommend that buyers visit every property they are interested in bidding on. We encourage bidders to bring along their contractors or decorators during the open house visits."

NRC will also conduct "How-to-Bid Seminars" on June 7 at Lake Street Square in Grayslake; June 14 at Summer Gate at Southbury in Oswego; and June 21 at Church Street Station in Hanover Park. The seminars will begin at 1:00 p.m. and conclude at 1:30 p.m.

Homes for auction include: Chicory Creek (Sturtevant, WI). Located off I-94 and Highway 11 East. At auction are five three-to-four bedroom, two-and-a-half baths, two-car garage single-family homes ranging from 1,906 to 2,679 square feet. Three of the five homes are completed and will be sold with an occupancy certificate. Two of the five homes are partially, yet substantially complete. There are also 21 lots for purchase.

Church Street Station (Hanover Park, IL). Located one mile off the Elgin-O'Hare Expressway on the northwest corner of Lake Street and Barrington Road, one block from the Metra Church Street Station. At auction will be nine completed townhomes from 818 to 1,966 square feet. These homes range from two-to three bedrooms and two- to two-and-a-half baths. All homes feature two-car garages.

The Conservancy (Gilberts, IL). Located north of I-90 west of Randall Road along Galigan Road, The Conservancy has 950+ acres approved for 796 homesites. At auction are two four-bedroom, two-and-a-half baths, three-car garage single-family model homes ranging from 2,449 to 2,931 square feet. The homes are builder models and are truly beautiful.

Lake Street Square (Grayslake, IL). Located southwest of Route 83 and Route 120 on Lake Street across from the Grayslake Metra Station. The community features 51 fully improved townhome sites. Available at auction are nine three-bedroom, two-and-a-half baths, two-car garage townhomes ranging from 1,684 to 1,966 square feet. Eight homes are completed and will be sold with an occupancy certificate. One home is partially yet substantially complete.

Prairie Ridge (Minooka, IL). Located about eight miles southwest of I-55 and I-80 along Ridge Road. At auction are seven two-to-three-bedroom, one-and-a-half- to two-and-a-half baths, two-car garage townhomes ranging from 1,547 to 1,672 square feet. Two townhomes are complete and will be sold with an occupancy certificate. Five homes are partially yet substantially complete.

Summer Gate at Southbury (Oswego, IL). Located south of IL-34, and situated along the south side of Wolf's Crossing Road, west of Douglas Road. Available at auction are 16 three-to-five-bedroom, two-and-a-half-to-three-bath, two-to-three-car-garage single family homes from 2,354 to 4,223 square feet. Three of the homes are complete and will be sold with an occupancy certificate. Thirteen of the homes are partially yet substantially complete.

A single-family home at 43 W. 058 Prairie Street in Sugar Grove, IL. The three-bedroom, two-bath, six-car garage totals 3,612 square feet. This is a great older home on 2.1 acres.

Twenty nine fully improved homesites will also be sold at the June 28 auction.Chicory Creek (Sturtevant, WI). Available for auction are 21 fully improved homesites from 9,750 to 15,665 square feet.

Leona's Rolling Meadows (Kenosha, WI). The location is minutes east of I-94. At auction are two fully improved homesites from 10,880 to 11,086 square feet.

Tanner Trails (North Aurora, IL). The location is off Tanner Road west of Deerpath Road. At auction are six fully improved homesites from 14,000 to 17,193 square feet.

The Glen at Lakemoor Farms (Lakemoor, IL). Located about one half mile north of Route 120 in Lakemoor, IL. At auction are two 2-to-3-bedroom, two-bath, two-car garage tonwhomes ranging from 1,477 to 1,601 square feet. These homes and the Chatham Grove properties below are being sold by a national investor and are not subject to the bankruptcy filing.

Chatham Grove (Aurora, IL). Located just north of Ogden Ave. (Route 34), Chatham Grove includes 99 maintenance-free townhomes for people 55 or older. At auction will be four two-bedroom, two-bath, two-car garage townhomes ranging from 1,577 to 1,588 square feet.

All bids will be subject to final court approval. A co-op broker fee equal to two percent of the high bid price will be paid to a qualified licensed broker whose client closes a purchase of a property.

NRC has prepared a full color sales brochure which can be ordered by calling NRC customer service at 800-747-3342 ext. 807, or on the NRC website at www.nrc.com/807.

NRC Realty & Capital Advisors, LLC is a 19-year-old Chicago-based firm specializing in the accelerated sale of real estate by auction and sealed bid sale. NRC's clients include lenders, developers, governmental institutions and high net worth investors.