A few readers asked us about the outcome of an auction at Huron Street Lofts earlier this month. Well here’s your update: Opening bids for the one-bedroom River North lofts started around $50,000 or $60,000 (the developer was hoping to open at $125,000) and the bulk of the units sold for about $250,000, according to sale agent Rick Levin.
The lowest successful bid was in the $230s while the highest closing bid was around $265,000. The average listing price for these condos was about $269,000 so we’re guessing that some buyers are patting themselves on the back while the poor suckers who bought one of these condos recently at market prices are crying into their soy lattes.
The developer, Huron Street Associates, LLC, has no plans to auction the remaining 20 units so it will be interesting to see if the reduced prices achieved at auction cause future buyers to try to drive harder bargains – clearly this developer wants to move on.
Memo to Chicago developers: The auction drew a crowd of about 300, proving that, despite the dire market prognostications, if you price it right (or ask people to name their price) the buyers will come.