Shark bites: What's driving 1400 Lake Shore Drive's auction?

1400 N Lake Shore Dr, ChicagoThe size and pace of price reductions among 1400 Lake Shore Drive‘s resales haven’t made things any easier for RDM Development, which still has about 80 units of its own sitting on the books. That’s probably why RDM decided to go the auction route with at least some of its units– it’s the only way to stand up to the competition within its own building.

Several units in 1400 Lake Shore Drive show up on CondoShark‘s Top 10 lists for price reductions and short sales in the Gold Coast neighborhood, including a few homes listed by CondoShark’s own Matt Garrison of Coldwell Banker. Those homes include:

Top price reductions:

Top short sales / foreclosures:

  • Unit #17-P: A one-bedroom / one-bath listed by Jose Reyes of A Plus Realty; was $249,900, now $145,900 (41.6% off)
  • Unit #21-G: A one-bedroom / one-bath listed by Reyes; was $275,900, now $175,900 (36.2% off)
  • Unit #11-B: A two-bedroom / two-bath listed by Cari Zwieg of Jameson Real Estate; was $429,900, now $319,000 (25.8% off) tracks price reductions on homes in seven Chicago neighborhoods and select North Shore suburbs.

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