For the second time this year, a South Loop new construction high rise is going to use an auction to sell remaining units.
1400 S. Michigan, or Michigan Avenue Tower II, expects to auction 40 out of the remaining 97 units available in the 257 unit building on November 15.
This is a tactic that was used by the developer of […]
You might have seen the ad in the Tribune the last few weeks for the Rick Levin & Associate auction of 2 penthouse units and 20 parking spots at 8 W. Monroe, The Metropolis, in the Loop.
The 2 penthouses have private terraces. The space is unfinished however- without the drywall. So a buyer can fully customize the space.
The […]
CA Development, which have developments in Old Irving Park and Edgebrook Glen, is apparently going to auction 8 new construction single family homes this weekend on Sunday, April 26.
According to the company’s website, the 8 homes that are going to auction were priced “as high as” $1.15 million and are “guaranteed” to be sold.
Minimum bids will start at $495,000.
It […]
Crain’s has coverage of the Vetro auction with some interesting quotes on topics we’ve been chattering about here the last several days. Sales totaled $12.1 million.
It appears, that other highrises may be following the Vetro’s lead:
Lenders on other slow-moving downtown condo projects also are considering forcing developers to hold auctions, said Garry Benson, president and […]
The auction of the 40 units at The Vetro is this weekend in the Loop.
If you attend, please post your observations. And please- fill us in on the selling prices.
Any guesses on how many people will show up and how high the bidding will go?
Date: Saturday March 7
Location: W Chicago Hotel- City Center
Time: Auction begins […]
The auction of 40 units at The Vetro, at 611 S. Wells, in the South Loop in early March is “big” news in the real estate world.
The auction is being advertised all over the Chicago Tribune as well as such upscale newspapers like the Wall Street Journal.
Even The Vetro itself is getting into the act. The developer […]
If you remember, there was a 1 bedroom unit at The Sterling at 345 N. LaSalle for sale on eBay. The auction was expected to end on January 6, 2008 but I found when I went to the page that it had ended early (on January 4.)
Maybe the bids weren’t going high enough?
Same with the auction on […]
“Me” pointed out in the last post on The Sterling that Unit #1902 is for sale on eBay.
Auction for Unit #1902 [eBay]
Unit #1902: 1 bedroom, 1 bath, 725 square feet
Listing says “appraised value” is $295,000
Last sold in February 2002 for $253,000
Current “bid” is $140,000
Auction ends on January 6, 2008
The seller has a store under “Dizzy Bid […]
Rick Levin & Associates had a large ad in the Sunday Chicago Tribune announcing the auction of condos and parking spaces at The Metropolis, at 8 W. Monroe, and State Place, at 1101 S. State Street.
These are “developer closeouts” which means that the developer just wants to get rid of the units.
The Metropolis will have […]