Quote of the day: An auction spells desperation

“An auction spells desperation in capital letters. It marks the property in a way that sends the wrong message.”

– Michael Signet, director of sales at Bond New York, on the increase of property auctions across the United States as the housing market has tightened and people are having difficultly selling their homes even at decreased prices. Chicago has not been shielded from this phenomenon; just this week Rick Levin & Associates announced a “mega auction” of hundreds of condos, single-family homes, and townhomes in Chicago, Grayslake, Libertyville, Lombard, Mount Prospect, Schiller Park, Lincolnshire and Belmont Cragin. A handful of area condo developments – McKinley Park Lofts, Jazz on the Boulevard in North Kenwood and Vetro in the South Loop – have also gone the auction route.

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