March 15, 2010 – The Prairie Pointe auction for 13 Chicago condos was held yesterday and quite a bit of information has surfaced about how the event and bidding went. Unlike several other Chicago real estate auctions that have taken place over the past few
months, this one wasn’t as big a hit with buyers or investors. That is said because not all of the units sold, nor did they sell at much above the minimum bid prices that were asked. In fact, some even sold at the minimum bid or below. The below minimum bid will have to be approved by the developer though. Combined, the winning bids totaled just about $31,000 above the minimum bids that were set.

All together, ten of the thirteen condos that were up for auction at Prairie Pointe sold Sunday. The units that did not sell included a 994 square foot, one bedroom, 1.5 bath that was originally priced at $398,205 and had a minimum bid of $189,000. The second unit that didn’t sell was a 1,111 square foot one bedroom, 1.5 bath condo that had been listed for $389,611 and had a minimum bid price of $211,000. The top floor, 2,800 square foot unfinished penthouse unit with three bedrooms and three baths plus a huge terrace also didn’t sell. It had a reserve price of $895,000 and had been previously marketed for $1.82 million.

A few other auction facts released include that every buyer decided to purchase an indoor parking spot for $30,000. The old list prices for the condos that did sell would have totaled about $4.5 million, while the auction sale prices on those same units totaled around $2.39 million. That’s around $200 per square foot. But if you include the sale of the parking spaces and the 3% buyer’s premium, developer Gammonley Group and Inland Real Estate Auctions sold about $2.77 million yesterday.

Tomorrow we’ll have more details about exactly how much the ten Prairie Pointe condos sold for at auction. And as always, check back with us regularly for all the latest information on Chicago condos.

[tags]Prairie Pointe, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Monday, March 15th, 2010 at 12:38 pm and is filed under Mortgage Information.