Ahoy! Auction sales head to the Gold Coast

1400 N Lake Shore Dr, ChicagoThe sun is out, the sky is blue, and the little birds are singing away. A couple of them tell us to expect news of a condo auction at 1400 Lake Shore Drive any day now. From what we hear, about 40 units will hit the block with no reserve.

RDM Development converted the 22-story, 391-unit Gold Coast tower a few years ago but hasn’t been able to reach sellout. Developer-owned units had been listed from the $140s for small studios up to the $590s for three-bedrooms as of 2008.

One agent who has a resale listing in the building hadn’t heard about the auction but wasn’t surprised by the news. “I’ve seen some crazy prices there recently — there’s no way the developer can compete with them right now,” he says.

An employee with RDM wouldn’t confirm the rumor, saying only that I’d be hearing an announcement of some sort later this week.

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