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First it was the McKinley Park Lofts. Then, we got word that Jazz on the Boulevard was following suit. Now, 40 of the remaining homes in Vetro, Roszak / ADC’s 232-unit high-rise at 611 S Wells St, will hit the auction block next month, which is less than half of the roughly 100 homes that were still available in the development when Joe wrote about it last month.
We’ve announced a couple of different price adjustments in recent months at Vetro. Last month, the development was named in a Crain’s article under the headline “High-rise Headache,” which reported that although the deadline for the building’s construction was looming, developer Thomas Roszak had worked out an extension with the bank.
A post on Crib Chatter this morning broke the news, directing readers to Vetro’s Web site. Accelerated Marketing Partners will run the auction, which will be held at 1 p.m. at the W Hotel on March 7.
A complete table of the 40 homes is available on the site, showing that minimum bids for studios will start at $115,000, one-bedrooms will start at $150,000, and bidding for two-bedrooms will start at $270,000.
NewHomeNotebook:
• Rate and review Vetro
Related posts:
• Crain’s: Developers beg for loan extensions (Dec. 15)
• Deal of the day: Free parking spaces at Vetro (Dec. 16)
• Vetro listings show signs of price changes (Dec. 13)
Related posts:
{ 8 comments }
So are there only 40 units left to sell, or are they only auctioning off 40 units?
Simon:
According to the Crain’s story I cited, 57 percent Vetro’s 232 homes were sold about a month ago. That means that about 100 homes were still unsold last month. If you follow the link to the development Web site, only 40 homes will be sold at the auction next month.
I haven’t spoken with the developer or the auctioneer, but with some simple subtraction, it appears that about 60 homes are still for sale in the building that won’t be sold at the auction next month.
Does anyone have experience with auctions and have a rule of thumb for how much more than minimum opening bids you would expect these to sell for?
Stokes,
I have a lot of experience – though not recent experience – with auctions.
There’s no rule of thumb. It depends completely on the property and how actively it’s bid on. Some properties don’t attract any bids. Some go at the minimum bid.
It’s more common, however, for the auction psychology to kick in and for people to pay slightly below true market value, at market, or even above the true market value at an auction.
This auction is being held on relatively short notice, which should somewhat depress the number of bidders. If you’re truly interested in one of these units you can also approach the developer prior to the auction and try to strike a deal.
Thanks Joe. Just if anyone is interested…a realtor told me yesteray that you need to show up with a 5k certified check in hand and a personal check to make up the remaining 5% down for the auctioned price of the unit. Just FYI.
I read that the prices averaged $258 per square foot. Well above minimum bids. Any first hand reports? Were there any deals to be had?
Smitty,
You can find some first-hand reports in the comments to this thread at CribChatter. Scroll down until you find them.
Thanks!
Interesting reading – it would appear the smaller units fetched a higher price per sq foot than the larger units.
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