So you’ve just pulled in $4.5 million at your condo auction — now what? In most of the cases we’ve seen this year, developers quickly roll out a new set of price points based on (but not identical to) the auction’s results. For Motor Row Lofts, the follow-up is coming in the form of a one-day close-out sale.
Auctioneer Sheldon Good & Company will conduct the three-hour event at the development, located at 2303 S Michigan Ave in the South Loop, starting at noon on Saturday, December 5. Representatives from the company will be on hand to accept contracts on nine available lofts.
The homes include one one-bedroom / one-bath with 1,057 square feet, five two-bedroom / two-baths with 1,198 to 1,679 square feet, and three three-bedroom / two-baths with 1,649 to 2,049 square feet.
Each buyer must bring a certified or cashier’s check in the amount of $5,000 payable to River West National Title and Escrow LLC in order to make an offer on a home.
The 20 homes auctioned on November 15 went for just under $180 a square foot, not counting the 5.5-percent premium attached to every sale.