Earlier today I received an email from 1400 S. Michigan – Tower II promoting recent price reductions with the subject line “Auction Pricing without the Auction!” Basically they are claiming that they’ve lowered their asking prices to the auction levels. Well, if you can buy a unit at the same price as at auction then that’s a pretty good deal because you can do so at a more leisurely pace and without all the auction mania going on. Let’s see if this claim holds water.
Unit 1312, 1 bedroom/ 1 bath and 692 sq ft has been cut from $253,990 to $182,990. That compares with unit 1812, which sold for $182,000 at auction. Well, that’s a higher floor but let’s assume there is some room for negotiation on unit 1312 – though developers don’t usually like to negotiate.
Unit 1508, 1 bedroom +/ 1 bath and 751 sq ft has been cut from $268,990 to $199,990. That compares with unit 2008, which sold for $204,000 at auction, which seems reasonably fair – lower price for a lower floor.
Unit 2707, 2 bedroom/ 2 bath and 1259 sq ft has been cut from $490,990 to $378,990. That compares with unit 2607, which sold for $336,000 at auction. So I would not say that unit 2707 is available at auction prices. This one is much higher.
Oh…and they might want to update their MLS listings. The bulk of their listings that are showing as active were sold at auction. I think that violates some kind of MLS rule.