February 5, 2010 – The latest Chicago real estate auction to be announced is for 13 Chicago condos at Prairie Point. This 24 story development is located on 1600 South Prairie Avenue in the South Loop. According to an article in the Tribune and information from Inland Real Estate Auctions, 12 of the 13 Chicago condos up for bid are scattered through the 11th and 21st floors and are fully finished. The auction is set for March 14th and will take place at the Chicago Hilton on 720 South Michigan Avenue. Plan to get there at 1PM to register. Bidding will start at 2PM.

Developer Gammonley Group completed Prairie Point around 4 years ago. The units had been marketed for between $389,600 to $1.82 million. Opening suggested bids at the auction are starting at $189,000. The article goes on to say that financing will be provided by Wells Fargo for the remaining condos with investor financing programs and owner-occupants.

One of the condos is an unfinished 2,800 square foot penthouse with 900 square foot terrace located on the 24th floor. This unit is being auctioned with a reserve.

Condo finishes include hardwood floors, granite kitchen counter tops, fireplaces and a high-end appliance package. Building amenities include a 24 hour doorman, sundeck with jacuzzi, fitness center, business center,valet and nearby park with a dog walk.

Open house dates are February 20th from 12PM to 3PM, February 28th from 1PM to 4PM, March 3rd from 5:30PM to 8PM, March 7th from 1PM to 4PM, March 10th from 5:30PM to 8PM and March 13th from 12Pm to 3PM.

Pencil in the open house dates and check out these condos if you’re interested. And as always, check back here for more information about Chicago auctions and short sales.

[tags]Prairie Point, Chicago Auctions, Chicago Real Estate[/tags]

This entry was posted on Monday, February 8th, 2010 at 1:37 pm and is filed under Mortgage Information.