Open Discussion on the Auction at 1400 S. Michigan in the South Loop

Anyone go to the auction at 1400 S. Michigan? (You know who you are.)

Please let us know what happened (number of units that sold, selling prices etc.)

Thanks!

8 Responses to “Open Discussion on the Auction at 1400 S. Michigan in the South Loop”

  1. Sabrina:

    I attended the auction this afternoon and posted up a spreadsheet with info on every sale just now: http://yochicago.com/michigan-avenue-tower-ii-auction-rakes-in-11-2-million-with-43-sales/12784/

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  2. What is the chance that there were poeple there to ensure that the condos weren’t sold below a particular price? I am sure they will be listed very soon most of them!

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  3. Wow….knife-catchers abound! Based on these results combined with the Vetro results, I am surprised we have not seen more auctions.

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  4. Here’s another rundown of the results at 1400 S. Michigan with some added comments from Gary’s blog at Lucid Realty:

    http://blog.lucidrealty.com/2009/11/15/1400-s-michigan-avenue-tower-ii-auction-results/

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  5. Yeah at 276 per sq ft the developer should be ecstatic. Clearly haven’t hit the bottom in real estate yet.

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  6. G (the second one) on November 16th, 2009 at 9:32 am

    Are people really going to pay the extra $35,000 for parking?
    Did they know this when they bought them?
    I think it is great that they got $275/sq ft without parking. That is right on where things are actually moving in the South Loop right now if you add the parking price to it.
    Great job to all involved.
    It is also a major increase in the prices that Vetro got especially if you add parking.
    The public obviously saw a value in the location or the building itself.
    GLS – How can you say we clearly have not hit bottom yet. The public put those prices out there. To sell at that velocity is indicative of a bottom. Vetro was very low at $260/sq ft. RD followed in getting $300/sq ft and now you have a building getting about $310/sq ft (provided they get $35K for parking).
    You cannot build buildings like these at these prices.
    The bottom isn’t going to smack any of us in the face, however, the market is trying to find it. This was another good indicator that we are a step closer.
    We will be in this cycle a little longer but at least these did not sell for $200/sq ft.

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  7. some people got good deals for those 2brs for sure.
    but i don’t like the architecture style of this building. it’s just like marquee… the windows are too small. (no offense to people who bought it… just my personal opinion.)

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  8. “You cannot build buildings like these at these prices.”

    Who cares? They already built plenty of them that are empty and will sell for less than these prices. To say that this is “right on where things are actually moving in the South Loop right now” when current sales volume won’t clear inventory for years is preposterous.

    “The bottom isn’t going to smack any of us in the face” Of course not, when it arrives it will be here for years. But it will smack plenty of current debt slaves hard, which there are plenty of in the SL, as these price declines (and rent declines) set off cascading defaults.

    WTF is “velocity?” Sounds like a made-up BS realtard word. If not, please explain.

    Get a new name, you sully the G.

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