Prairie Crossing is one of the conservation oriented communities in Grayslake. 29 homes owned by the waste management of Illinois Inc. in the Prairie Crossing community of Grayslake are set to be auctioned off in a mass property auction to be conducted on July 9. In a large scale property auction scheduled to occur soon, sealed-bid auctions have been scheduled on properties located in this community area which is noted for the many amenities such as trails, open spaces, stables and organic farms. Many property owners, including realtors with homes in this area are concerned about the impact of such a large scale property auction slated to occur in this neighbourhood.
The mass property auction has raised a lot of concern and curiosity among the residents regarding what changes may be slated to occur in the neighbourhood following the sale. Each of the homes on sale are, on an average, 2500 square feet and have between three to five bedrooms each. Sheldon Good and Co who are handling the property auction say that fair market value of the homes are high as the community is one that is desirable for home buyers and also has excellent potential as an investment option. Prairie Crossing is a neighbourhood where homes in previous sales fetched as much as $250,000-$350,000 in the last year. Since the homes are owned by Waste Management, residents are wary of what the sale may imply, as the nearby landfill has been a source of odour problems to the community in the past.
This structured sale through property auctions is expected to reduce the time required for marketing which is the case in regular property auctions. There hasn’t been a stipulated minimum bid on the houses but bids which don’t meet the expectations may also be denied by Waste Management. Offers for buying less than 29 of the homes would also be considered, however, there is no attempts to sell at the lowest prices, to sell off all 29 homes at one go. In the past, the company has sold 8 or 9 homes in a single property auction. Since markets are improving and real estate investments are being looked into again by many buyers, the company has deemed it an opportune time to sell the homes and focus on core business areas.