chicago-condos & Chicago Real Estate pcherry on 27 Apr 2010 10:37 pm

Condos Sold For Over 50% Below List At 1400 N Lakeshore Drive Auction

April 27, 2010 - For those of you who didn’t attend the 1400 N Lakeshore Drive auction of Chicago condos this past Sunday, here are a few details about how the event went. Developer RDM planned on auctioning 15 units, although they had a pool of about 40 that they were considering. According to an article in Crain’s, there were 19 condos sold at the auction and even seven sales contracts signed pending developer approval.

The article also stated that of the 391 total units in the high-rise, around 80 were still unsold before the auction. The units that did sell at auction in this Gold Coast conversion tower already have renters, and many don’t have upgraded finishes yet. But auctioneer Fine & Company principal Michael Fine told Crain’s that the auction has already generated interest from new buyers who are hoping for lower prices to be set on the remaining units in this Chicago real estate project.

The biggest bargin percentage-wise was a one bedroom condo that sold for $117,000 which was a 56% reduction on the list price. On the flip side, the most that a one bedroom unit brought was $197,400. That was 40% lower than the list price. The two bedroom condo that brought the most money was sold for $314,600 and the one that brought the least went for a high bid of $185,000. The highest bid on a studio was $89,775.

If you missed this auction, it’s probably a safe bet that there will be more Chicago real estate auctions yet to come this year. So check back here regularly for all the latest information and details.

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