Following the Vetro auction last winter, several market observers expected condos at big developments to hit the block left and right, especially in the South Loop. It’s taken a while, but we’re starting to see it. First came news that 20 homes at the Motor Row Lofts would go up for auction on November 15. Now we’re getting word that 40 condos at Russland Capital Group’s 28-story, 257-unit Michigan Avenue Tower II, 1400 S Michigan Ave, will be auctioned on the very same day.
Minimum bids for homes in the Pappageorge / Haymes-designed tower will be as low as 62 percent below the latest asking prices, according to a media release from auctioneer Accelerated Marketing Partners. Units range from a 580 square-foot studio with a minimum bid of $99,000, down from a recent price in the $130s, to a 2,1,20 square-foot three-bedroom / three-bath home with a minimum bid of $375,000, down from the $680s.
The homes feature hardwood floors in the entry, kitchen, living and dining areas; kitchens with granite countertops, 42-inch cabinets and stainless-steel appliances; master baths with ceramic tile flooring and tub surrounds, marble vanity countertops, soaking tubs, and Grohe chrome faucets. On-site amenities include a 24-hour door staff, a fitness center, an outdoor pool and sundeck, a clubhouse with full kitchen, and a heated garage.
The auction will take place at 1 p.m. November 15 at the W Chicago City Center, 172 W Adams St in the Loop. Advance registration is required. Prospective buyers can visit an auction information center at the tower from noon to 7 p.m. Monday through Friday and 11 a.m. to 6 p.m. Saturday and Sunday from 11:00 a.m. to 6:00 p.m.
This summer I sat down with developers Jacob Bletnitsky and Alex Vaisman at the Michigan Avenue Tower II sales center to talk about the high-rise and other Russland projects. Watch excerpts from that interview through the YoChicago YouTube channel.