Here are some more observations I made yesterday while looking at the results of this weekend’s Motor Row Lofts auction.
(Note that all of these amounts do not take into account the 5.5-percent premium charged to buyers to reach a final purchase price.)
• The 19 units auctioned:
- Listed on average for $445,689, or $318 a square foot
- Started at an average minimum bid of $190,000, or $157 a square foot
- Sold on average for $247,167, or $178 a square foot
• On average, Motor Row Lofts’ units sold for 45 percent less than their original list prices but 30 percent more than their minimum bid prices.
• Two units did not reach their minimum bid amounts:
- Unit #501, a three-bedroom / two-bath corner duplex with 2,049 square feet, a second-floor den, a balcony, and a rooftop deck, came in $43,000 below its minimum bid price of $359,000
- Unit #504, a three-bedroom / two-bath duplex with 1,657 square feet and a rooftop deck, came in $10,000 below its minimum bid of $295,000.
• The biggest drop from list price to sale price was at unit #506, a three-bedroom / three-bath with 1,755 square feet, skyline views, 21-foot ceiling heights, a den, and a rooftop deck. The loft had been listed at $609,000 but sold for $313,000, representing a 49-percent reduction in price. (Watch a video tour of unit #506 with Joe Zekas and Motor Row Lofts developer Paul Zucker.)
• The smallest drop from list price to sale price was at unit #317, a one-bedroom / one-bath with 926 square feet and a balcony off the living room. The loft had been listed for $279,900 but sold for $187,000, representing a 33-percent reduction.
• The biggest increase from minimum bid to sale price was at unit #306, a 1,440 square-foot, two-bedroom corner unit with city views. It started at $210,000 and eventually sold for $286,000, representing a 36-percent increase in price.
• The smallest increase from minimum bid to sale price was at unit #503, a 1,359 square-foot, two-bedroom duplex with a rooftop deck. It started at $240,000 and eventually sold for $247,000, representing a 3-percent increase in price.
For even more analysis from one person in attendance, check out MarathonRunner’s lengthy review at CribChatter. Check back tomorrow for some similar observations from the Michigan Avenue Tower II auction.