January 8, 2009 – Last month we told you about upcoming auctions for Chicago condos and town homes at two prominent Chicago real estate developments. One was for 34 condos at McKinley Park Lofts on December 9th and the other was for 12 condos and 10 town homes at Jazz on the Boulevard on December 10th. Rick Levin handled both events. Now that the two auctions are over, Crain’s recently published some final sales numbers for the units.

Habitat Co. was the developer for McKinley Park Lofts, located on 2323 W Pershing Road, and all 34 condos sold at the auction. The original asking price on the condos when the project was still being marketed was as much as $374,900. At auction, those same units were sold for amounts ranging between $150,000 to $250,000. There were obviously some buyers who got a pretty good deal, and at least the developer can close the book on sales for the 163 unit building.

The units at Jazz weren’t a total sell-out, but it was close. Developer Thrush Companies sold 10 of the 12 condos and all 10 of the town homes. Jazz, located on 41 Street and Drexel Boulevard has a total of 137 units. The condos had originally been priced up to $363,000 and the town homes were listed for as much as $625,000. Top bids at the auction brought $150,000 to $200,000 for the condo units and $250,000 to $300,000 for the town homes. Again, that’s a pretty significant savings.

William Wolk, president of Thrush Cos., was quoted in the article as saying that, “It’s better to close out and move on. The carrying costs will eat you alive.” More developers may echo his philosophy and utilize Chicago Condo Auctions to make sales.

[tags]Chicago Condo Auctions, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Thursday, January 8th, 2009 at 4:38 pm and is filed under Mortgage Information.