Chicago auction action: Huron Street Lofts

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Is that the smell of discounted lofts wafting in from River North? Developer Huron Street Associates has decided to auction the remaining 17 units at the 100-unit Huron Street Lofts on December 5. The dark brick building is a former warehouse that was converted into rental lofts in the mid-1980s. The developer was initially selling the lofts either upgraded or in “as is” condition, which meant buyers could get some serious deals if they didn’t mind the old Corian-and-whitegoods-look. The remaining units, we’re told, have been upgraded with all the mod cons.

We quite like the rustic charm of this development, with its yawning yellow-timber beams and exposed brick walls. It will be interesting to see whether the remaining 17 units are those hard-to-sell ones. You know, awkward layout, particularly crummy view, and so on. All the units have one bedroom and one bath and range from 685 to 975 square feet. An open house look-see is set for Dec 3 from 1 pm to 3pm. See sample floor plans for the development here.
The auction will be held at the East Bank Club, 500 N Kingsbury St, at 7:30pm on Tuesday, December 5.

Auctions are not uncommon during slightly slower market times, of course. It’s an easy way for the developer to make a speedy exit from the project instead of continuing to fork out for ongoing marketing and other costs, waiting for the project to sell. Anyone know of any other auctions in the works?

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