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Visiting high-end foreclosures in Mundelein and Long Grove

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Joe Zekas

20 years on the North Shore without going native.

Foreclosed home in Mundelein, Illinois

I spent several hours yesterday rambling around, visiting foreclosed properties with Coldwell Banker's Frank DeNovi. Frank is little-known to consumers, but well-known to the lenders on whose behalf he manages and sells hundreds of foreclosed, bank-owned properties year after year.

Our first stop was at a 9,000 square foot 6-bedroom, 5 full, 2 half-bath home (pictured above) on a nearly 2-acre site in Mundelein priced in the $760s. A highlight of the home is a 2-story family room with a wall of windows overlooking a tranquil pond. Frank guesstimated the home's value at well over $1 million in the heated market that prevailed several years ago.

We moved on to Long Grove, to a Richard Meier-style contemporary on a large wooded lot. The 5-bedroom, 5 ½ bath home opened into a soaring, light-filled 2-story living room overlooking a lower-level party room with a pro-quality bar. One unusual feature was a dual set of kitchen appliances enabling the kitchen to be kosher and non-kosher.

Both homes were in surprisingly good condition - the result, Frank informed me, of lenders' recent willingness to invest in bringing them up to and maintaining them in the state that buyers are demanding rather than limiting the market for the homes to investors.

Check back in a while for video walk-throughs of these homes, and a lengthy video interview with Frank DeNovi on foreclosures.

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