June 29, 2009 - The next Chicago area condo auction is coming up in mid July. Sheldon Good & Company is auctioning 40 units at the Seven Bridges Condominium Residences in Woodridge and opening bids are set at nearly 70% off former list prices. Sheldon Good president Alan Kravets was quoted in a GlobeSt. article as saying that, “Seven Bridges is really quite nice, and it’s an a suburban area where people want to live. Thirteen will be sold at or above the minimum bid, but the goal is to sell them all.” The minimum bid on those 13 is $130,000 while the other 27, which had been priced in the low $500,000s, will have an opening bid of $170,000.

The auction is set for July 26th at 1 PM at the Hyatt, located on 3003 Corporate West Drive in Lisle. Get there early because registration begins at noon that day. Open houses are scheduled for July 11th, 12th, 18th, 19th and 25th from 1 pm to 4 pm.

The condos at this suburban Chicago real estate development have one to three bedrooms and come in seven floor plans and range in size from 1,200 to 1,760 square feet. Buyers of 22 of the condos will have the luxury of picking out their own finishes and 18 units are ready for move-in. The Seven Bridges condos come with an in-units laundry, stainless steel kitchen appliances and granite counter tops, 36 inch maple cabinetry, and soaker tub in the master bath.

The 12 story Seven Bridges Condominium Residences has a modern, curved design and a great location on 6420 Double Eagle Drive. Plenty of Main Street retail and the Seven Bridges Golf Club is close at hand. Right now the 140 units in the development are about 70% sold. Building amenities like a party room, sun deck with pool, his and her changing rooms, bike storage and 24 hour doorman are in place. Assessments, which are around $450 per month, cover parking, cable television, heat and water.

Kravets is hopeful that the auction will find buyers for all 40 units. “It depends on the depth of the market and how much there is competitive bidding,” he said in the article. “You don’t reduce the price in an auction environment; you set your own price.” That pretty much applies to all Chicago condo auctions.

Technorati Tags: Seven Bridges Condominiums, Chicago Condo Auctions, Chicago Real Estate

This entry was posted on Monday, June 29th, 2009 at 7:01 pm and is filed under Luxury Condos(t) , Suburbs(t) , News(t) . You can leave a response.