Sales update: Sealed-bid auctions for S&S Home Builders' condos and townhouses

Lincoln Center, 2472 W Foster Ave, Chicago Sacramento Square, 6320 N Sacramento Ave, Chicago

In an attempt to sell off the remaining homes at one Northwest Side development and jump-start sales at another, S&S Home Builders and Koenig & Strey GMAC Real Estate will hold a couple of sealed-bid auctions over the next five days, says broker associate Mary Herman.

Three two-bedroom / two-bath condos are left at S&S’s Lincoln Center (above left), the 36-unit elevator building at 2472 W Foster Ave in Budlong Woods, which I mentioned briefly at the end of yesterday’s Catalpa Square update. Barbara O’Connor, who recently moved over to Koenig & Strey, will take sealed bids for the three units through Friday, Nov. 14, Herman says.

The largest of the three, a 1,222 square-foot condo upgraded with crown molding and custom paint, has a minimum bid price of $290,000, Herman says. The other two units have 1,179 square feet each and standard finishes, and start at minimum bids of $270,000 and $280,000. Homes at Lincoln Center have sold at prices ranging from the $230s to the $400s since December 2006, according to Cook County sales records.

All three units have balconies and come with parking spaces and storage, Herman says.

S&S’ other development – Sacramento Square (above right), in the 6300 block of North Sacramento Avenue in West Ridge – has had a slow go lately. O’Connor’s office is taking sealed bids of $350,000 or higher on Sacramento Square’s three- and four-bedroom townhouses through Monday, Nov. 17, Herman says. The 2,400 square-foot homes started in the $380s as recently as July, when New Homes ran a sponsored article about the development, although Herman adds that the development’s street-facing units had been priced no lower than the $420s.

It sounds like O’Connor and Koenig & Strey may pursue sealed-bid sales at a few other developments over the next month or two, and we’ll let you know about them if we learn more. What do you think: Is it a good way to stir up interest and generate some sales?

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