Online Auctions Increasing for Luxury RE


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CHICAGO—Real estate auctions continue to gain popularity among owners and investors as an alternative to traditional sales, and recently the use of auctions to sell high-end residential real estate has also increased. SVN AuctionWorks, for example, will soon offer up several suburban Chicago luxury estates for auction, along with four vacation townhomes in a marina resort community in Ottawa, IL and a single-family home on Wagner Lake in Buchanan, MI.

“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, says Diana Peterson, president of the Chicago-based company. “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.”…

Online Auctions Increasing for Luxury RE

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