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1400 S. Michigan Ave. Condo Auction

November 4th, 2009 by Gary Lucido

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.

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