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Here are some offhand observations I made as I revisited the results of Michigan Avenue Tower II’s auction yesterday afternoon.
• The 43 units auctioned:
- Listed on average for $335,483, or $375 a square foot
- Started at an average minimum bid of $171,140, or $179 a square foot
- Sold on average for $260,698, or $276 a square foot
• On average, Michigan Avenue Tower II’s units sold for 22 percent less than their latest list prices but 52 percent more than their minimum bid prices.
• The biggest drop from list price to sale price by percentage and dollar amount was for unit #2605, a two-bedroom / two-bath with 1,259 square feet. The unit had been listed at $520,000 but sold for $296,000, representing a 43-percent reduction.
• Unit #500, a 580-square foot studio, sold for $160,000, or 18 percent more than its $135,900 list price.
• The biggest increase from minimum bid to sale price by dollar amount was unit #1203, a 2,120 square-foot three-bedroom that started at $375,000 and eventually sold for $601,000. The biggest increase percentage-wise was for unit #2510, a 1,027 square-foot two-bedroom that rose 74 percent from its minimum bid of $175,000 to a final price of $305,000.
• The home smallest increase from minimum bid to sale price was unit #1211, a 692 square-foot one-bedroom that started at $120,000 and eventually sold for $180,000. The smallest increase percentage-wise was for unit #2602, a 1,540 square-foot two-bedroom that rose just 22 percent from its minimum bid of $375,000 to a final price of $457,000.
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