CHICAGO—A vast array of Chicago-area properties went intoforeclosure during the recession and its aftermath, and bank-ownedsales became quite common. But real estate professionals thathandle many of these transactions tell that a shift hastaken place. In the past, speculators that smelled bargains snappedup many of these properties. But today the gathering economicrecovery means it is far more likely that developers orowner-occupiers want to take over this real estate.

“You've got a wider pool of buyers and investors,” saysJohn R. Homsher, a principal withPodolsky|Circle CORFAC International in suburbanRiverwoods. For example, along with Alissa Adler,principal, he represented a regional bank in the $1,288,000 sale of17W240 22nd St., a vacant 24,000 square-foot office building inOakbrook Terrace, IL. This well-located building would have been agreat pick-up for a speculator, “but we sold it to a user.”

The purchaser was represented by Jackie Salmanof Cabanban, Rubin & Mayberry CommercialRealty.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.