Accelerated Marketing Services has posted a breakdown of the Michigan Avenue Tower II condos it’s auctioning on November 15. I had to punch in my name and e-mail address before I could find it, but you should be able to access the list directly through the tower’s Web site. In case you can’t (or don’t feel like giving out your e-mail address), I’ve compiled the information in a spreadsheet below.
The 40 studios and one- to three-bedrooms most recently were priced from $234 to $410 a square foot. The auction’s minimum bid amounts bring those prices down to around $170 to $186, resulting in overall reductions of 27 to 62 percent per unit.
The Tribune reported yesterday that Russland Capital Group will attempt to have the tower approved for FHA-backed mortgages prior to the auction. According to the auction guidelines, all buyers must close on their units by December 28.
Other fine-print rules of note: On auction day, buyers must present cashier’s checks, traveler’s checks, certified checks or money orders in the amount of $5,000 for each home they’ve been approved to purchase, and agents can only collect commissions if they are present at the time of their clients’ first visits to Michigan Avenue Tower II’s weekend open houses and fill out the proper Broker Visitor Forms.