The developer of Michigan Avenue Tower II on Wednesday will announce plans to auction 40 of the remaining 97 units in the 257-unit building at 1400 S. Michigan Ave. on Nov. 15, in the hope of sparking new interest and more realistic prices in the South Loop.You gotta feel bad for the homeowners in the building who already shelled out mucho dinero for their units before this auction. Guess it's a sign of the times.
The project is the second high-rise South Loop condo building to go to auction this year, illustrating the continued glut of housing available there. It's also the second auction of a South Loop property set for Nov. 15.Earlier this month, Sheldon Good & Co. announced plans to auction 20 units on the same day for Motor Row Lofts, a 52-unit loft redevelopment at 2303 S. Michigan Ave.
Wednesday, October 21, 2009
Another Condo Auction Coming to the South Loop
40 condos at Michigan Avenue Towers II (1400 S. Michigan Ave) will go on-sale on November 15th: