Developer Trying Sealed Bid Auction in Lakeview
433 W. Briar in Lakeview is a conversion of an 11 story vintage building with 34 units. It hasn’t been selling very long- maybe six to eight months or so.
It’s a nice building with two bedroom and larger units and there is parking available (rare for vintage buildings.)
But apparently the developer wants to try a new tactic on selling the remaining units. The building is about 65% sold.
From Craigslist:
Fab. Vintage 11 story building at 433 Briar between Sheridan and Broadway. 2 & 3 Bedroom, 2.5 Bath units from 1,650 sf to over 2,600 sf. Developer elects to use Sealed Bid Sale – Bid Deadline Nov. 7. Buyers can pick their finishes on most units with 60 day delivery. Very Private & intimate property that must be seen. The developer will save over $1,000,000 by selling quickly and will pass those savings on to buyers who can move quickly. Originally pre-construction priced from $250,000 to $900,000.
An example of one of the units is the following:
Unit #7B: 2 bedroom, 2.5 baths, 1620 square feet
- Listed at $565,000 with parking deeded but extra
Here’s the listing:
UNIQUE OPPORTUNITY – THIS AND OTHER UNITS IN THE PROPERTY ARE BEING OFFERED FOR SALE VIA SEALED BID. BID DEADLINE NOVEMBER 7, 2007. DEVELOPER WILL SAVE OVER $1,000,000 IN COSTS BY SELLING QUICKLY, AND IS WILLING TO PASS THOSE SAVINGS ON TO BUYERS WHO CAN ACT QUICKLY. CALL UNIVERSAL FOR TERMS, CONDITIONS AND OPEN HOUSE DATES AND TIMES.
Will we see more of these auctions from developers trying to move units? And will these auctions even work?
Stay tuned.