Michigan Avenue Tower II auction rakes in $11.2 million with 43 sales

(Update – 11/16/2009: According to developer Jacob Bletnitsky, the final tally for sales was 46 units.)

This afternoon I attended the Michigan Avenue Tower II auction at the W Chicago – City Center in the Loop. Buyers packed one of the hotel’s event rooms at 1 p.m. to vie for 43 condos at the tower, located at 1400 S Michigan Ave. Being an observer, I had to stay in the lobby and watch the proceedings from a video feed, but that gave me a chance to talk to some of the agents who stopped by out of curiosity.

I got the sense that these homes sold for more than many had expected — “The developers have to be thrilled with this,” I heard one agent say. The units sold for an average of $276 per square foot, down 26 percent from an original average of $375 per square foot. In all, sales surpassed $11.2 million.

Below is a breakdown of every sale, put together from my notes. View, download or print the spreadsheet through Google Docs.

Related posts:

1. Sales update: Post-auction prices arrive at Michigan Avenue Tower II
2. Crunching numbers on the Michigan Avenue Tower II auction
3. Unit details and minimum bids for Michigan Avenue Tower II’s condo auction
4. Sales update: At least 27 developer units, eight resales left at Michigan Avenue Tower II
5. Sales update: 37 unsold homes at Metropolitan Tower on Michigan Avenue

Tagged as: 60605, Auctions, Downtown Loop, Michigan Avenue Tower II, South Loop