After hearing of a short sale that elicited 33 bids – 22 of them cash offers – within a week, I reached out to Vik Wadhwa of Urban Living to learn whether this was a common occurrence. Vik’s response to my email:
Clients searching for properties in downtown neighborhoods – especially in River North, Gold Coast and Streeterville – need to be made aware that the competition for distressed properties has increased significantly. Properties have often been selling for more than the list price.
Clients can no longer make the “low ball” offers that they could 2 years ago and hope to negotiate a significant discount.
I have represented clients who have bid on distressed properties at 33 W Ontario, 535 N Michigan and 100 E Walton in the last 30 days and all of those have turned into multiple bidder situations.
You can see more of YoChicago’s aerial photography at Flickr.