The most interesting quote was in regards to people who bought before the auction was announced:
Thomas FitzGibbon, executive vice president at MB Financial Bank, said it was safe to assume the units offered Nov. 15 would be sold for less than what the developers originally hoped for.Although we've had people tell us these auctions had nothing to do with the Olympics not coming to Chicago, we still think this was a driving factor. If an auction was inevitable, they should have done it prior to the Olympic decision as demand/speculation probably would have been greater (in our opinion).
That could help push home values down, he said, tough for those who bought “at the top of the market in a development that has suffered in sales.”
“Does that mean you overpaid? I don’t know. You may have paid the right price when you bought it,” he said.
For some of the older posts we did on this subject here are a couple links:
