chicago-condos & Chicago Real Estate pcherry on 22 Mar 2010 09:42 pm

Upcoming Auction For 1400 N Lake Shore Drive Condos

March 22, 2010 - It’s Chicago condo auction time again. Mark your calendars for April 25th because 30 units at 1400 North Lake Shore Drive will be up for bid at the Doubletree Hotel Chicago on 300 East Ohio Street. Of those 30 up for bid, 15 will be sold absolute and winning bidders will get to pick from units that are ready for occupancy or that have already been leased. The developer is RDM Development and the auctioneers are Jameson Real Estate and Fine & Company. Registration starts at 11am and the bidding begins at 12pm. You will need a bidder’s packet to join in the fun. Those can be obtained at the sales center for 1400 N Lake Shore Drive or from Jameson Real Estate.

According to a recent article in Crain’s, the developer has lined up several lenders who will be on hand to help qualified buyers or rather winning bidders. It was the current tight lending market along with the housing market slump that slowed sales at the Gold Coast high-rise. Of the total 391 Chicago condos in the tower, around 80 are still not under contract yet.

Robert Mosky, president of RDM, was quoted in the article as saying that, “I’ve got people with great credit scores who just cannot get loans.”

Of the 80 condos that are unsold, 47 are being considered for the auction and will be pared down to 30. The remaining 50 condos will still be for sale, although around 70% (35 condos) are being leased at the moment, according to the article. All of the units are being sold as they stand, but you can opt for finish upgrades.

The studios potentially up for auction were priced from tbe $120,000s to $140,000s and have minimum bids of $50,000.

One bedroom, one bath condos that were priced from the $220,000s to $480,000s will have minimum bids of between $90,000 and $175,000.

Two bedroom, two bath condos that had been listed from the $320,000s to $480,000s will have minimum bids of $175,000 to $200,000.

The only three bedroom, two bath condo had been priced at $449,900 and will have a minimum bid of $200,000.

The condos can be seen every weekend, both Saturday and Sunday from noon to 3pm starting on March 27th. Cashier’s checks for between $5,000 and $20,000 will be needed.

We can probably expect to see more Chicago real estate auctions this year as developers try to sell out buildings and pay off construction loans.

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