Told ya so.
Jameson Real Estate and Fine & Co will auction 30 condos at RDM Development‘s 1400 Lake Shore Drive on April 25, allowing buyers to get in on a Gold Coast home before the April 30 federal tax credit deadline.
Of the 30 studios and one-, two-, and three-bedrooms to be auctioned, 15 will be sold subject to minimum bids ranging from $50,000 to $200,000. The other 15 will be sold at reserve, which is different from what we heard earlier in the week.
The homes can be purchased “as is” or with upgraded kitchens and baths. Investors who don’t plan to live in their homes can opt for units with tenants already in place. The renovated tower includes a day spa and salon, 24-hour door staff, grocer, dry cleaning, party room with kitchen, fitness center, rooftop deck with grills, and open retail space.
Jameson and Fine will conduct the auction at the Doubletree Hotel Chicago, 300 E Ohio St, on Sunday, April 25. Registration begins at 11 a.m., with the auction following at noon. Homes will be open for viewing from noon to 3 p.m. March 27 and 28 and April 10, 11, 17, 18 and 24.
Not only is this the first auction of Lake Shore Drive condos in 20 years, but it marks Jameson’s first endeavor into the auction process. The brokerage took over the marketing of most of 1400 Lake Shore Drive’s units last year.