Another South Loop condominium development is looking to clear their unsold inventory via an auction. On November 15, 2009 Michigan Avenue Tower II will auction off 41 units in one hour at the W Hotel, starting at 1:00 PM. Check out the link above for information on the building, floor plans, and some historic sales data. The building is located at 1400 S. Michigan Avenue and offers nice views from the north (above the 10th floor or thereabouts) and east facing units.
Here is the list of condominium units up for auction:
| Unit # | Unit Type | Sq. Ft. | Exposure | Last Asking Price |
Minimum Bid |
Assessments | |
| 500 | Studio / 1BA | 580 | East | $135,900 | $99,000 | $239 | |
| 1211 | 1BD / 1BA | 692 | West | $239,000 | $120,000 | $277 | |
| 1812 | 1BD / 1BA | 692 | West | $238,900 | $120,000 | $294 | |
| 1911 | 1BD / 1BA | 692 | West | $238,900 | $120,000 | $300 | |
| 1912 | 1BD / 1BA | 692 | West | $240,900 | $120,000 | $298 | |
| 2011 | 1BD / 1BA | 692 | West | $241,900 | $120,000 | $303 | |
| 2212 | 1BD / 1BA | 692 | West | $243,900 | $120,000 | $310 | |
| 2311 | 1BD / 1BA | 692 | West | $246,900 | $120,000 | $317 | |
| 2312 | 1BD / 1BA | 692 | West | $246,900 | $120,000 | $314 | |
| 2512 | 1BD / 1BA | 692 | West | $252,900 | $120,000 | $317 | |
| 1906 | 1BD / 1BA | 783 | South | $302,900 | $135,000 | $318 | |
| 2006 | 1BD / 1BA | 783 | South | $305,900 | $135,000 | $321 | |
| 2106 | 1BD / 1BA | 783 | South | $308,900 | $135,000 | $351 | |
| 2306 | 1BD / 1BA | 783 | South | $314,900 | $135,000 | $357 | |
| 2506 | 1BD / 1BA | 783 | South | $320,900 | $135,000 | $371 | |
| 1107 | 1BD + / 1BA | 751 | North | $264,900 | $135,000 | $293 | |
| 1507 | 1BD + / 1BA | 751 | North | $266,000 | $135,000 | $306 | |
| 2008 | 1BD + / 1BA | 751 | South | $276,000 | $135,000 | $314 | |
| 2108 | 1BD + / 1BA | 751 | South | $279,900 | $135,000 | $350 | |
| 2208 | 1BD + / 1BA | 751 | South | $282,900 | $135,000 | $353 | |
| 2308 | 1BD + / 1BA | 751 | South | $285,900 | $135,000 | $356 | |
| 2507 | 1BD + / 1BA | 751 | North | $306,900 | $135,000 | $371 | |
| 2205 | 1BD + / 1BA | 825 | North | $305,000 | $150,000 | $359 | |
| 2505 | 1BD + / 1BA | 825 | North | $316,000 | $150,000 | $375 | |
| 809 | 2BD / 2BA | 1,027 | Northwest | $345,900 | $175,000 | $381 | |
| 1409 | 2BD / 2BA | 1,027 | Northwest | $363,900 | $175,000 | $400 | |
| 1509 | 2BD / 2BA | 1,027 | Northwest | $366,900 | $175,000 | $403 | |
| 2009 | 2BD / 2BA | 1,027 | Northwest | $381,900 | $175,000 | $419 | |
| 2309 | 2BD / 2BA | 1,027 | Northwest | $390,900 | $175,000 | $446 | |
| 2509 | 2BD / 2BA | 1,027 | Northwest | $395,900 | $175,000 | $460 | |
| 2510 | 2BD / 2BA | 1,027 | SouthWest | $391,900 | $175,000 | $449 | |
| 2802 | 2BD / 2BA | 1,115 | South | $439,900 | $200,000 | $510 | |
| 2605 | 2BD / 2BA | 1,144 | North | $520,000 | $200,000 | $488 | |
| 2705 | 2BD / 2BA | 1,144 | North | $525,000 | $200,000 | $491 | |
| 2606 | 2BD / 2BA | 1,259 | Southwest | $559,000 | $235,000 | $521 | |
| 2706 | 2BD / 2BA | 1,259 | Southwest | $446,900 | $235,000 | $532 | |
| 2607 | 2BD / 2BA | 1,259 | Northwest | $559,000 | $235,000 | $524 | |
| 703 | 2BD / 2BA | 1,260 | Northeast | $429,900 | $235,000 | $444 | |
| 1104 | 2BD / 2BA | 1,260 | SouthEast | $435,900 | $235,000 | $405 | |
| 2602 | 3BD / 3BA | 1,540 | Southeast | $650,990 | $375,000 | $??? | |
| 1203 | 3BD / 3BA | 2,120 | Northeast | $682,000 | $375,000 | $764 |
These units are being auctioned off without parking. Indoor, heated parking spaces can be purchases separately at a flat fee of $35,000. Notice that most of the units being auctioned off have the less desirable exposures. Units are available for previews daily through November 14. Every time I’ve been to the building it has been swamped with potential bidders so I’m thinking there aren’t going to be any bargains at this auction. Then again, all these people could be bottom feeders, who will drop out once the bids rise $20K above the minimums.
Bidders will be required to register in advance of the auction and should check in by 12:00 noon on the 15th at the W Hotel, located at 172 W. Adams St., in Chicago. Bidders must bring a cashier’s check or the usual substitutes for $5000 along with a blank personal check, which will be used in combination to leave a 5% deposit (of the winning bid amount). A separate cashier’s check is required for each property that the bidder is approved to bid on. It sounds like they won’t let you into the auction without presenting the checks.
Bidders can work with realtors but their realtor must be present at the bidder’s first visit to the building and all must register in order for the realtor to earn the 2% commission.
There will be a practice auction at 7:30 PM on November 14, also at the W Hotel. Interested bidders would be well advised to attend this event as it will provide an opportunity to find out what the bid increments will be, whether or not you will be able to understand the auctioneer (why the hell do they talk so fast?), and get a feel for the overall process.