Prairie Pointe: Observations on an auction

I just got home from the Hilton Chicago, site of this afternoon’s auction of 13 Prairie Pointe condos. I’ll have a full spreadsheet of data to share tomorrow, but here are some of my early observations:

– Nine of the 13 homes sold at auction, and a tenth sold on a first-come, first-served basis at the end of the auction at the price of a similar auctioned unit.

– Not figuring in the additional $30,000 spent on parking spaces (every buyer opted to purchase one space) or the 3-percent buyer premium tacked onto every sale, the Gammonley Group brought in $2,390,500 for homes originally priced at a combined $4.5 million.

– Two homes sold for minimum bid. The biggest difference between minimum bid and sale price was for a 997 square-foot one-bedroom / two-bath that sold for $199,500, or 6 percent more than its $189,000 minimum bid amount.

– The $2,390,500 spent on the 10 sold homes was just $31,000 above the units’ combined minimum bid amounts.

– The average price per square foot for the 10 sold units was $203.

– Among the three homes that did not sell was the building’s 2,800 square-foot penthouse, which had an opening bid set at $895,000 and was to be sold at reserve. The auctioneer announced later in the afternoon that a contract was being drawn up for the penthouse, but that contract had not been signed by the time I left the Hilton.

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