Inland Real Estate Auctions, Inc. to Auction Builders™ Remaining Portfolio of Luxury Homes in St. Charles, Ill.

. October 8, 2007

Inland Real Estate Auctions, Inc. announced today that it will represent luxury homebuilder Robert Lord Builders, Inc. in the sale of five luxury homes ranging in original listing price from $1 million to $5 million. The homes, located in St. Charles, Ill., include the personal residence of Robert Lord, president of the company.

The first four homes, ranging in price from $1 million to $1.7 million, will be sold at auction on Nov. 7. A fifth, originally priced at $5 million, is an environmentally-friendly “green home” that has already attracted industry awards and media attention. Dubbed the “Lord Castle,” it will be sold at Inland Real Estate Auction’s spring showcase in March 2008.

“We have chosen the auction to overcome the slow economy and accelerate sales, and to provide a competitive marketing advantage,” Lord said. “Additionally, the auction will serve to determine value for some of our more unique homes.”

Of the four homes to be auctioned in November, at least one will be sold “absolute”, regardless of the final auction price. All of the homes are custom-designed and feature modern amenities and environmentally-conscious construction. The homes are designed to be more economical and energy-efficient than conventionally constructed houses. Robert Lord Builders builds homes to fit the standards of the U.S. government’s LEED (Leadership in Energy and Environmental Design) rating system.

The $5 million Lord Castle, is an example of a “self-sustaining” property, Lord said. The 11,000-square-foot, six-bedroom, six-bathroom home features a geothermal heating and cooling system that creates a renewable fuel source to maximize energy efficiency, advanced closed-cell foam insulation and a hybrid septic system with an aerobic digester and a raised sand filter.

“We continue to see more use of our auctions for residential inventory,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions. “The biggest advantages of our auctions include giving liquidity to builders and stopping the cost of carry, which can be hundreds of thousands of dollars over many months. The builder can pass these savings onto buyers in the form of substantial discounts to the price, in exchange for a sale in only six to seven weeks.”

Buyers are asked to pre-qualify for financing ahead of the auction. Additionally, bidders must attend at least one open house and bring the required cashiers check to the auction. These checks are held by the bidder, unless they win a bid, at which time the check is given to Inland as initial earnest money.

Viewings for the homes begin on October 14 from 1 p.m. to 4 p.m. The homes are located at 6N558 Kim Lane, 40W767 Fox Creek Drive, 39W770 Henry David Thoreau Drive, 39W582 Henry David Thoreau Drive and 39W883 Walt Whitman Road.

Among just 11 certified Graduate Master Builders in Illinois, Robert Lord and Robert Lord Builders strive to continually set the benchmark for excellence by pushing the boundaries of the home building industry.

One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), which comprises independent real estate investment and financial companies doing business nationwide. Inland is one of the nation’s largest commercial real estate companies. Inland’s national headquarters is in Oak Brook, Ill.

Category: Auction News

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