1400 S Michigan Avenue Tower II Auction Results

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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.
Gary Lucido

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2 Comments
Gary Lucido

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.

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