Sales update: Post-auction prices arrive at Michigan Avenue Tower II

Michigan Avenue Tower II, 1400 S Michigan Ave, ChicagoIt’s the Friday after the Michigan Avenue Tower II auction, which means it’s time for the development’s sales team to roll out a new pricing schedule for its unsold units at the high-rise, located at 1400 S Michigan Ave in the South Loop.

Right on cue, I received an e-blast from Accelerated Marketing Partners and Weichert, Realtors – Frankel & Giles promoting “auction pricing without the auction,” with new sample listings showing cuts of 23 to 28 percent off recent asking prices.

Frankel & Giles won’t give out a full price list by unit and tier, but agent Rhonda Hoff says most of the remaining one- to three-bedrooms range from the $180s to the $550s. A couple of penthouses are also available at $1.8 million and $1.9 million.

The three samples in today’s e-blast are:

  • Unit #1312, a 692 square-foot one-bedroom / one-bath priced in the $180s, down from the $250s. Homes in this tier all sold at auction in the $180s.
  • Unit #1508, a 751 square-foot one-bedroom / one-bath with den priced in the $190s, down from the $260s. Units in this tier all sold at auction from the $190s to $220s.
  • Unit #2701, a 1,259 square-foot two-bedroom / two-bath priced in the $370s, down from the $490s. Units in this tier all sold at auction in the $320s and $330s.

Last weekend’s auction did away with roughly half of the developer’s inventory, meaning that 40-something homes were still available coming into this week. However, Hoff says Frankel & Giles is only marketing about 15 units for now.

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