Last fall, the developers of Michigan Avenue Tower II at 1400 S Michigan Ave put 40 condos up for auction at minimum bid prices of $99,000 to $375,000. On auction day, November 15, buyers won 43 units at prices well above those minimums — anywhere from $160,000 for a 580 square-foot studio to $601,000 for a 2,120 square-foot three-bedroom. In total, buyers put down more than $11.2 million in bids in a single afternoon.
One week later, Weichert, Realtors – Frankel & Giles rolled out new prices for the building’s unsold units. Although we didn’t get a full accounting of the price cuts, we learned that most of the remaining one- to three-bedrooms were discounted 23 to 28 percent from their pre-auction prices, putting them at a new range from $180s to the $550s. Two penthouses were also listed at $1.8 million and $1.9 million.
Yesterday afternoon I pulled up the latest info on Michigan Avenue Tower II to count how many units actually closed after the auction and to see how prices had changed since late November.
- Since the auction date, Cook County has recorded 77 sales at Michigan Avenue Tower II ranging from the $170s to $600s. Presumably some of these sales were units purchased at auction.
- Today, Frankel & Giles is marketing four one-bedrooms priced from the $210s to $240s, one two-bedroom priced in the $490s, and two four-bedroom penthouses, most likely the same ones mentioned above, now priced at $1.69 million apiece. Some listings mention garage parking priced at $37,500 per space.
- Three one-bedroom resales are listed from the $220s to $280s, and one two-bedroom is listed in the $430s.
- Rentals listed on the MLS include a one-bedroom priced at $1,700 a month and three two-bedrooms priced from $2,300 to $2,400.