The auction of 45 new condominiums at Vetro, 611 S Wells St, on Saturday brought in more than $12 million, according to Crain’s.
After an aggressive marketing campaign, the 45 units in the 232-unit building sold at an average price of $258 a square foot, or 73% of the average pre-auction asking price of $353 a foot, according to Accelerated Marketing Partners LLC, which conducted the auction, and Chicago-based residential marketing firm Garrison Partners Inc. The sales totaled more than $12.1 million.
The Vetro auction gave a jump-start to the 31-story tower at 601 S. Wabash St., completed in late 2007, where sales had been stalled like in the rest of the market.
Lenders on other slow-moving downtown condo projects also are considering forcing developers to hold auctions, said Garry Benson, president and CEO of Garrison, which has formed an alliance with Boston-based Accelerated for future Midwest sales efforts.
“The question will be, what is the real depth of the marketplace, and will the next auction produce the same results?” Mr. Benson said.
(Thanks for the reminder, Smitty.)
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I thought Vetro’s address was 611 South Wells Street?
The author also makes the claim that the prices at this auction will set a new ‘floor’ for prices of future sales in the building going forward. Which is a curious assumption and quite a stretch in my opinion.
If the author can’t even get the address of the building correct exactly how much research and fact checking did this author do?
Good question, Bob.
Vetro’s address is 611 S. Wells, as you note.
The building started out with the 601 address. The City’s Fire Department wouldn’t allow the use of that address since the main entrance isn’t at the corner of Wells and Harrison; hence the change to 611. Preconstruction ads used the 601 address until the FD made its ruling. Just a little background for you.
Echo,
The Crain’s article said Wabash.
Ooh…way off, huh?
No covering-up that mistake.