Crib Chatter

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 the following auctioned:

Unit #1200: 3 bedroom, 2 bath, 1614 square feet

• Previously priced at $649,800
• Suggested opening bid of $250,000

35 Parking Spots:

• Previously priced at $44,900
• 10 spaces to be sold subject to a minimum bid of $25,000

State Place will have the following auctioned:

Unit #607T: 3 bedroom, 1.5 baths, 1966 square feet

• Previously priced at $725,000
• Suggested opening bid of $250,000
• To be sold “absolute” (regardless of price)

10 Parking Spots:

• Previously priced at $45,000
• Suggested opening bids of $15,000
• Four to be sold “absolute” (regardless of price)

The auction will be held on December 13, 2007.  You can tour the properties at open houses on the weekends prior to the auction.

The developers are obviously turning to the auction process as a way of standing out in an already crowded marketplace.  How many people have been to look at units at the Metropolis (which I’ve already talked about is a troubled building) or State Place recently? 

At least with the auction- someone might notice. 

I did.