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Wednesday, October 7, 2009

20 Motor Row Condo's to be Auctioned

According to Crain's Chicago Business, 20 condos at the Motor Row Development (2303 S. Michigan) are going to be auctioned off on November 15th at the Hyatt Regency at McCormick Place. The timing of this is interesting as it comes on the heels of the Olympic announcement. Our guess is that the owners bought the property on the cheap and were betting on the Olympics to boost appeal of the area around Cermack. Obviously that didn't happen.

Although this area has potential in terms of investment and development, it's probably going to be a slow process (our guess is at least 5-10+ years). However, as we posted earlier this week, there is progress in a potential green line stop at Cermack and State/Wabash which would bolster the area around Cermack.

For those of you interested in the details of the auction:
Units in the three-building complex at 2303 S. Michigan Ave. are being offered with minimum bids set at roughly half the developer’s asking prices, according to a statement from Sheldon Good & Co., which will conduct the auction next month.

Eight of the 20 units will be sold if the minimum bid price is met, while the ownership will use its discretion on whether to sell the other 12 units, says the project’s developer Paul Zucker, president of Chicago-based Motor Row Development Corp. and the brokerage City Real Estate Inc.

(Hat Tip: ND)

4 comments:

  1. Andy SitesOctober 7, 2009 at 11:01 AM

    "Eight of the 20 units will be sold if the minimum bid price is met, while the ownership will use its discretion on whether to sell the other 12 units"


    Does this make sense to anyone else? Isn't that the point of a minimum bid price?

    ReplyDelete
  2. AnonymousOctober 7, 2009 at 12:47 PM

    1. Your guess is wrong - this project had nothing to do with Olympics.

    2. Owner has option to rent out as he has an additional 7 or 8 years on the Tax Freeze for historic property in his pocket. He is just legally protecting himself for advertising and people who try to claim something else.

    He did do and incredible job on the facade though. Just overpriced the product for the neighborhood status.

    ReplyDelete
  3. AnonymousOctober 7, 2009 at 2:25 PM

    The Auction was in the making prior to the Olympic loss. Just changes the 'marketing'. I am familiar with this building and area & can hands down say that you will get a great layout, space and eventual great neighborhood for the money. It's worth letting friends know about the open houses to check it out. Also, the 22 current owners are ALL WORKING, FRIENDLY PROFESSIONALS.

    ReplyDelete
  4. AnonymousOctober 9, 2009 at 1:46 PM

    Great Blog on Motor Row District:

    http://chicago-architecture-jyoti.blogspot.com/2009/09/lofts-in-motor-row-historic-district.html

    ReplyDelete

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