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Sunday, June 22, 2008

One-day Auction Set for Neumann

Source: Chicago Sun-Times
By Bill Cunniff

Twenty-six new homes and 23 partially completed homes are slated to be sold in an upcoming auction for a bankrupt home-building company.

The auction will be at 1:30 p.m. June 28 at the Westin Hotel, 400 Park Blvd. in Itasca. Registration begins at 11:30 a.m. The incomplete homes are all under roof, sheathed, and at trim stage or beyond.

The properties slated for bidding include:

  • 9 town houses at Church Street Station in Hanover Park.
  • 9 town houses at Lake Street Square in Grayslake.
  • 16 single-family homes at Summer Gate at Southbury in Oswego.
  • 7 town houses at Prairie Ridge in Minooka.
  • 2 single-family homes at the Conservancy in Gilberts.
  • 2 town houses at the Glen at Lakemoor Farms in Lakemoor.
  • 4 town houses at Chatham Grove in Aurora.

Warrenville-based Neumann Homes filed for bankruptcy in November. In better times, the firm had ranked among the Chicago area's top homebuilders in the Sun-Times annual survey. At its peak, Neumann Homes constructed more than 1,000 homes a year for several years. The company had $517 million in closing revenue in 2005.

"This is a one-day only opportunity for homebuyers, small builders and opportunistic investors to purchase these properties discounted from their original prices," said Evan Gladstone, executive managing director of NRC Realty Advisors, the auctioneer.

The properties may be reviewed at the auctioneer's Web site, Properties will available for viewing from 1 p.m. to 4 p.m. today.

"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," Gladstone said.

Neumann Homes auction. NRC Realty Advisors LLC, (800) 747-3342 ext. 807, or visit Troubled homes industry

The nation's housing downturn is shaping up to be the worst in a generation, according to a new study.

The falloff in housing starts, new-home sales and existing home sales already rivals the worst downturns in the post World War II era. And home price declines and mortgage defaults are the worst on records that date back to the 1960s and 1970s.

"The slump in housing markets has not yet run its full course," said Nicolas P. Retsinas, the director of the Joint Center for Housing

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