Bids Pile Up On Commercial Properties, Chicago's Southwest Suburbs
CHICAGO – September 28, 2021 – (Newswire.com)
As the Covid Economy is reshaping consumer markets, investors are finding a safe harbor in real estate, especially in the auction arena, according to Chicago-based national real estate firm, Diliberto Real Estate Services.
The world of real estate has change. Professional office amenities these days offer a short walk to your favorite coffee house or trendy restaurant; which is more often than not your own kitchen. Work attire measured from the waist up, as Zoom meets reach all time highs. And virtual stores are at large. So what’s in store for real estate?
“A significant transfer of ownership,” according to Dino Diliberto, Director of Projects at Diliberto Real Estate Services. “Long-time owners recognize the need to reposition their real estate, and don’t want the challenge; while new investors recognize the investment opportunity to buy right,” Diliberto adds. One example is found in Chicago suburb Palos Heights, where 90% of recent sealed bid offerings are selling within 8 to 10 weeks and prior to bid deadlines set by Diliberto, up from 60% – 65% over the past 5 years, according to Diliberto.
These include; Dominick’s foodstore-anchored Indian Trails Shopping Center, a 136,000 sf shopping center on 12 acres; selling in about eight weeks to a major fresh store operator. Palos Plaza, located in Palos Heights, grossing $534,000, lasted just a few weeks on the market before bids piled in and a winning bidder was determined. A square block on Chicago’s State Street flew off the shelf to a residential developer, within a few weeks.
Re-imagining real estate in some ways will dominate returns. For example, struggling office markets can find their way to residential redevelopment. According to the National Association of Realtors, as of September 10, New York, Washington D.C., Los Angeles, Chicago, San Francisco, Boston, Philadelphia, Denver, Seattle, and Northern New Jersey have suffered the largest declines in occupancy over a 12-month period. 26 of 390 markets have lost over 1 million square feet in office occupancy on a net basis over the past 12 months ending September 19. Diliberto says this clientele benefits from defining values through a bidding process, attracting the right buyers quickly.
National and regional offerings are scheduled for private and corporate sellers on the Diliberto bidding platform, with sales in Fall and Winter. For information: contact@dilibertorealestate.com or call 708-361-2437.
Press Release Service
by
Newswire.com
Original Source:
Investors Seek Safer Harbor in Real Estate, Auctions
