chicago-condos & Chicago Real Estate pcherry on 26 Jan 2010 09:48 pm

Cityscape Condos Being Auctioned In Bulk

January 26, 2010 - Even though there is a Chicago condo auction scheduled for this coming Saturday to sell off the remaining unsold units at Cityscape Condominiums, the average buyer probably won’t be able to score a deal on a single unit. That’s because the units, both retail and residential, are being sold in bulk. Most of the parcels, as they are being called, are going up for bid in lots of two lower level retail spaces and six upper floor condos with three bedrooms and two baths. Each of the groups of units also come with an attached parking garage with nine spaces, three of which have lifts for additional parking. And the estimated value of those parcels is running anywhere from $1.7 to $2.7 million.

The auction is being conducted by Rick Levin and will take place at 11AM on Saturday, January 30th at the Hyatt Rosemont on 6350 North River Road in Rosemont, Illinois.

Some of the condos are completed and some are still under construction. A few of the residential units are sold, some are leased and one of the retail spaces are sold. All of the parcel’s estimated net worth is based on the available units of course. Finishes include the standard luxury details, a fireplace and either two balconies or one balcony and one deck per residential unit.

When this Chicago real estate project was being pre-sold, the two to three bedroom condos had been priced between the $350,000 to $610,000 range.

With so many developers still having unsold inventory on their books, we may see more auctions for Chicago real estate as the spring selling season gets into swing.

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