Builder Tried Rent To Own, Now Goes With Auction To Unload Slow Moving Inventory

In Brookfield, Illinois, the Riverside/Brookfield Landmark reports:

• [L]ast week, the "for sale" signs in front of the Courtyards of Brookfield at Shields and Eberly avenues came down in favor of two signs announcing the auction of 11 unoccupied units in the development. The project, which features 16 townhomes in four separate structures, broke ground in the spring of 2007 at a base listing price of $355,000 per unit.

• The development has been completed, but only one unit has sold. Four others are occupied and have rent-to-own leases. The remaining 11 townhomes will be auctioned off on Sunday, March 1 [...] starting at a minimum bid of $189,000.

For more, see Economy puts squeeze on townhome projects (Brookfield units will be auctioned; Riverside site for sale, in foreclosure).