The mainstreaming of condo auctions

We’ve seen a number of large-scale auctions at new developments over the past two years — Vetro, Michigan Avenue Tower II, Motor Row Lofts, Prairie Pointe, etc. All of those condos have one thing in common: They’re all in the South Loop. But now that we’re seeing big auctions spreading to Gold Coast high-rises and smaller auctions taking place all over the city and suburbs, it’s time to think of the auction process not as an infrequent or last-ditch effort, but as a common, mainstream way of buying a new home.

In this segment from my recent visit to 1400 Lake Shore Drive (where 30 condos will be auctioned this weekend), Jameson CEO Chris Feurer explains why auctions make sense for sellers and buyers, and why his brokerage is taking an active role in the auction process.

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