Price chop means no profit for Vetro auction buyer

Vetro, 611 S Wells St, ChicagoIn early 2009 the auction at Vetro, 611 S Wells St, was much anticipated and then much commented on. The expectation was that it would and did set market-clearing prices for the then huge overhang of unsold new-construction condos in the South Loop market.

We haven’t followed the resales of Vetro units purchased at auction, but one did catch our eye today.

Unit 3105 at Vetro, a 1,924 square foot, 2-bedroom plus office / den, 2 ½ bath penthouse unit, sold at auction for $557,000. It came back on the market in early August at a list price of $625,000. The price was reduced to $599,000 in mid-September and reduced again yesterday to $585,000.

Taking round-trip transaction costs into account, a sale at the current list price would result in a loss for the auction purchaser.

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