You gotta feel bad for the homeowners in the building who already shelled out mucho dinero for their units before this auction. Guess it's a sign of the times.The developer of Michigan Avenue Tower II on Wednesday will announce plans to auction 40 of the remaining 97 units in the 257-unit building at 1400 S. Michigan Ave. on Nov. 15, in the hope of sparking new interest and more realistic prices in the South Loop.
The project is the second high-rise South Loop condo building to go to auction this year, illustrating the continued glut of housing available there. It's also the second auction of a South Loop property set for Nov. 15.Earlier this month, Sheldon Good & Co. announced plans to auction 20 units on the same day for Motor Row Lofts, a 52-unit loft redevelopment at 2303 S. Michigan Ave.
Wednesday, October 21, 2009
Another Condo Auction Coming to the South Loop
40 condos at Michigan Avenue Towers II (1400 S. Michigan Ave) will go on-sale on November 15th:
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20 comments:
Is it any surprise that it is always the same developers, partners, and development marketer/brokers who are having bankruptcy or building quality problems? Take a look who is behind the scenes here.
Is the building across the street having the same occupancy problems? (the place that has that pizza store). Kind a odd why they, Lexington, 1515, that building in prairie haven’t had an auction yet.
"pizza store"?
LOL!
1400 Museum Park (the building with HomeMade Pizza Company) only has 6 unsold units. According to the MLS, they are all NE corner 3 bedrooms on low floors. I looked at both these buildings when I bought earlier this year and there is a big difference in quality between the two. No surprise that one is almost sold out and the other is having an auction.
Also 1400 Michigan has 8 one-bedroom and 4 two-bedroom units on all but the top few floors. This is way too many one-bedrooms in my opinion.
1400 Museum Park has 10 units per floor, 2 three-bedrooms, 6 two-bedrooms and 2 one-bedrooms. All floors are the same. The design of this building just makes way more sense to me.
Yeah "Pizza Store"... heh. I'm not calling it a restaurant since you have to buy an uncooked pizza and bring it home and bake it... WTF.
We lived in the sister building to 1400 Michigan (1250 Michigan) and thought it was a great building. We never had any major issues-of course any building has at least minor issues.
The problem for 1400 Michigan was timing-the housing market tanked right when their first closings started. I would invest in one of the units at auction if I could afford it!
"Kind a odd why they, Lexington, 1515, that building in prairie haven’t had an auction yet."
It's just a matter of time before these other buildings fall....
...it's just a matter of time....
It's scarey that people don't realize how completely devastating these auctions, coupled with all the vacant storefronts and escalating crime just a few blocks south of the sloop, are for this neighborhood.
It's scarey [sic] that people don't realize how completely devastating these auctions, coupled with all the vacant storefronts and escalating crime just a few blocks south of the sloop, are for this neighborhood.
Not quite as scary as your spelling. Like Warren Buffett says, markets function like voting machines in the short term and like scales in the long term. You can either buy, sell, or abstain.
I guess we FINALLY know what Lance/FGFM's solution is to solving all the problems in this neighborhood: a spell check.
I guess we FINALLY know what Lance/FGFM's solution is to solving all the problems in this neighborhood: a spell check.
Seems that bigots like you don't believe in a free market. Do you think that real estate magically retains its value one way or the other even if it doesn't change hands? And I'm not this Lance guy, whoever he is.
FGFM: the reason everyone thinks you are also "Lance" is because you "both" attack anyone on this board that happens to hold a differing opinion to yours as a racist/biggot. I guess it's just wishful thinking that you are one in the same; i.e., I hope that you alone share this narrow and spiteful viewpoint.
"Seems that bigots like you don't believe in a free market. Do you think that real estate magically retains its value one way or the other even if it doesn't change hands?"
I guess you have not been watching the Obama administration to date then, banks, automakers, health-care, and more to come socialist operations avoiding the free market impact.
Paranoid much?
Paranoid about what? Are you saying these things are not happening. Chicago Democrats and the incentive to not work have come to Washington.
Take a look around the southern portion of the Sloop to see government subsidized living at its finest. Free food stamps, free rent, free education, free pass from the judge each time you commit a crime, etc. Sad thing is: this is becoming part of this culture. The younger geberations see no incentive to work or go to school and have no role models.
The younger geberations [sic] see no incentive to work or go to school and have no role models.
Or to spell. I went to Truman College, myself.
I agree with last anon. These people just keep breeding and perpetuating the ghetto stereotype. Why change when you're getting a free ride off of my hard-earned tax dollars? Maybe FGFM/Lance can donate some of his spelling bee winnings to start up an after school program?
People,
What an odd and disjointed discourse. The thread starts with an auction of unsold units and meanders to pointless hurling of racist invective. Hmm, I guess that's redundant as racism is always pointless. The point? Why don't the hurlers seek meaning instead of narrow definition? How dispiriting this negativity is. By the way, why do conservative critics so easily tar and feather Obama - where were you when Cheney and Bush were conducting illegal wars,piling up massive debt and alienating most of the free and not-so-free world? Just curious.
I'm not a fan of Bush/Cheney at all; however, you might want to go back and re-read the recent posts before you too start throwing out the "r"-word. Trust me, the only people making this about race are those who are calling those of us who voice concerns over crime and quality-of-life issues racist.
Again, people, just because someone wants to combat crime and see this neighborhood flourish does NOT make that person a racist!
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