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News - Press Release


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-