Crain's: Vetro auction brings in $12 million

The auction of 45 new condominiums at Vetro, 611 S Wells St, on Saturday brought in more than $12 million, according to Crain’s.

After an aggressive marketing campaign, the 45 units in the 232-unit building sold at an average price of $258 a square foot, or 73% of the average pre-auction asking price of $353 a foot, according to Accelerated Marketing Partners LLC, which conducted the auction, and Chicago-based residential marketing firm Garrison Partners Inc. The sales totaled more than $12.1 million.

The Vetro auction gave a jump-start to the 31-story tower at 601 S. Wabash St., completed in late 2007, where sales had been stalled like in the rest of the market.

Lenders on other slow-moving downtown condo projects also are considering forcing developers to hold auctions, said Garry Benson, president and CEO of Garrison, which has formed an alliance with Boston-based Accelerated for future Midwest sales efforts.

“The question will be, what is the real depth of the marketplace, and will the next auction produce the same results?” Mr. Benson said.

(Thanks for the reminder, Smitty.)

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