Today I attended the condo auction for 1400 S Michigan Avenue – Tower II held at the W Hotel on Adams St. in Chicago – along with about 300 -500 other people. 43 condos were auctioned off in about 1 1/2 hours at an discount off of the last list price of about 26%. Here are the results sorted by exposure and unit number (you may want to check out the floorplans at the link above):
| Unit # | Unit Type |
Sq. Ft. |
Exposure | Last Asking Price |
Auction Price |
Discount | Auction Price /SF | Assessments |
| 500 | Studio / 1BA | 580 | East | $135,900 | $160,000 | -18% | $276 | $239 |
| 1107 | 1BD + /1BA | 751 | North | $264,900 | $198,000 | 25% | $264 | $293 |
| 1507 | 1BD + /1BA | 751 | North | $266,000 | $202,000 | 24% | $269 | $306 |
| 2107 | 1BD + /1BA | 751 | North | ??? | $218,000 | ??? | $290 | ??? |
| 2205 | 1BD + /1BA | 825 | North | $305,000 | $243,000 | 20% | $295 | $359 |
| 2505 | 1BD + /1BA | 825 | North | $316,000 | $251,000 | 21% | $304 | $375 |
| 2507 | 1BD + /1BA | 751 | North | $306,900 | $222,000 | 28% | $296 | $371 |
| 2605 | 2BD /2BA | 1,144 | North | $520,000 | $296,000 | 43% | $259 | $488 |
| 2705 | 2BD /2BA | 1,144 | North | $525,000 | $317,000 | 40% | $277 | $491 |
| 703 | 2BD /2BA | 1,260 | Northeast | $429,900 | $302,000 | 30% | $240 | $444 |
| 1203 | 3BD /3BA | 2,120 | Northeast | $682,000 | $601,000 | 12% | $283 | $764 |
| 2603 | 3BD /2BA | 1,540 | Northeast | ??? | $506,000 | ??? | $329 | ??? |
| 809 | 2BD /2BA | 1,027 | Northwest | $345,900 | $274,000 | 21% | $267 | $381 |
| 1409 | 2BD /2BA | 1,027 | Northwest | $363,900 | $279,000 | 23% | $272 | $400 |
| 1509 | 2BD /2BA | 1,027 | Northwest | $366,900 | $281,000 | 23% | $274 | $403 |
| 2009 | 2BD /2BA | 1,027 | Northwest | $381,900 | $286,000 | 25% | $278 | $419 |
| 2309 | 2BD /2BA | 1,027 | Northwest | $390,900 | $285,000 | 27% | $278 | $446 |
| 2509 | 2BD /2BA | 1,027 | Northwest | $395,900 | $297,000 | 25% | $289 | $460 |
| 2607 | 2BD /2BA | 1,259 | Northwest | $559,000 | $336,000 | 40% | $267 | $524 |
| 1906 | 1BD /1BA | 783 | South | $302,900 | $218,000 | 28% | $278 | $318 |
| 2006 | 1BD /1BA | 783 | South | $305,900 | $221,000 | 28% | $282 | $321 |
| 2008 | 1BD + /1BA | 751 | South | $276,000 | $204,000 | 26% | $272 | $314 |
| 2106 | 1BD /1BA | 783 | South | $308,900 | $219,000 | 29% | $280 | $351 |
| 2108 | 1BD + /1BA | 751 | South | $279,900 | $211,000 | 25% | $281 | $350 |
| 2208 | 1BD + /1BA | 751 | South | $282,900 | $208,000 | 26% | $277 | $353 |
| 2306 | 1BD /1BA | 783 | South | $314,900 | $220,000 | 30% | $281 | $357 |
| 2308 | 1BD + /1BA | 751 | South | $285,900 | $212,000 | 26% | $282 | $356 |
| 2506 | 1BD /1BA | 783 | South | $320,900 | $220,000 | 31% | $281 | $371 |
| 2802 | 2BD /2BA | 1,115 | South | $439,900 | $317,000 | 28% | $284 | $510 |
| 1104 | 2BD /2BA | 1,260 | Southeast | $435,900 | $326,000 | 25% | $259 | $405 |
| 2602 | 3BD /3BA | 1,540 | Southeast | $650,990 | $457,000 | 30% | $297 | ??? |
| 2510 | 2BD /2BA | 1,027 | Southwest | $391,900 | $305,000 | 22% | $297 | $449 |
| 2606 | 2BD /2BA | 1,259 | Southwest | $559,000 | $338,000 | 40% | $268 | $521 |
| 2706 | 2BD /2BA | 1,259 | Southwest | $446,900 | $327,000 | 27% | $260 | $532 |
| 1211 | 1BD /1BA | 692 | West | $239,000 | $180,000 | 25% | $260 | $277 |
| 1812 | 1BD /1BA | 692 | West | $238,900 | $182,000 | 24% | $263 | $294 |
| 1911 | 1BD /1BA | 692 | West | $238,900 | $182,000 | 24% | $263 | $300 |
| 1912 | 1BD /1BA | 692 | West | $240,900 | $186,000 | 23% | $269 | $298 |
| 2011 | 1BD /1BA | 692 | West | $241,900 | $185,000 | 24% | $267 | $303 |
| 2212 | 1BD /1BA | 692 | West | $243,900 | $188,000 | 23% | $272 | $310 |
| 2311 | 1BD /1BA | 692 | West | $246,900 | $183,000 | 26% | $264 | $317 |
| 2312 | 1BD /1BA | 692 | West | $246,900 | $188,000 | 24% | $272 | $314 |
| 2512 | 1BD /1BA | 692 | West | $252,900 | $182,000 | 28% | $263 | $317 |
There are several interesting observations from this auction:
- You will notice that unit 500, which is a studio, actually went for more than the last list price. Regardless of what you think it was worth, we can only conclude that when this unit was on the market people were not aware of its availability. Otherwise the bidders could have bought it then for a lot less.
- I don’t show the auction sequence here but they auctioned off the higher floors first. In several instances the lower floors then went at a higher price – e.g. units 2512 and 2312. I’m thinking that either people incorrectly assumed that the higher bidders would be taken out in the earlier round or they developed remorse that they didn’t get the higher floor.
- It looks like the developer was trying to get about a $3K premium per floor. However, the auction only assigned a premium like that about half the time.
- Unit 2602 seemed overpriced relative to 1203 and in fact the auction gave it a bigger discount.
- I was surprised that the south and west views went for as high prices as they did vs. the north and east views.
- When they say get there an hour ahead of time you should if you want to get free food and good seats.
Here it is 3 days after the auction and the MLS is still showing several of these units for sale. That’s a no-no. However, there are still a number of 1 bedroom/ 1 bath and 2 bedroom/ 2 bath units legitimately listed – at very high prices I might add.