Comments on Sloopin - A South Loop Blog: "Auctioning Off the South Loop"

I would suspect that these units will go for two-t...

2009-11-06T09:59:11.252-06:00

I would suspect that these units will go for two-thirds to three-quarters of their original asking price. I think the Vetro units (of which they are still holding on to quite a few) went for around 70%. Some new townhouses down by Oakwood and Cottage went for as little as one-half of their original price. Some units behind McKinley Park went for around two-thirds, but your milage may vary.

the ONLY 1 unit that has a minimum bid for 99k is ...

2009-11-06T02:26:41.922-06:00

the ONLY 1 unit that has a minimum bid for 99k is a studio. note that all the price listed is "minimum bid" which means the final selling price will be at least 15%-20% more thatn the minimum bid price. Note also that the parking is still selling at 35k per spot.

Actually, 99k for a one bed / one bath in Michigan...

2009-11-05T22:24:46.980-06:00

Actually, 99k for a one bed / one bath in Michigan Ave. Tower II is MUCH more than 10-20 percent off list price. These same units, pre-construction, were starting @ 240k. This minimun bid of 99k is almost 70 percent lower.

Are the banks lending any money to "regular folks"...

2009-11-05T21:35:43.344-06:00

Are the banks lending any money to "regular folks" these days.

I paid my place off a few years ago and have no idea what the residential lending situation is like right now

Those units were priced way too high to begin with...

2009-11-05T21:18:59.321-06:00

Those units were priced way too high to begin with. When Vetro did its auction, the final prices were comparable to what units were going for at CMK's 235 van buren's "normal pricing". If you own around here, you shouldn't worry unless of course you have to sell in the near future. You'd probably have to stick around for 5 years just to break even (if you purchased in the past few years). Fortunately, everyone has this problem from folks in the suburbs to the whole country.

Taxes and flat-lined wages are the complaints I he...

2009-11-05T20:56:49.711-06:00

Taxes and flat-lined wages are the complaints I hear the most.

Also, the condo auctions have a minimum buy. These...

2009-11-05T19:02:06.174-06:00

Also, the condo auctions have a minimum buy. These are only going at a 10-20 percent discount off list price, which isn't much.

Especially with the rise in taxes and crime.

2009-11-05T19:00:26.520-06:00

Especially with the rise in taxes and crime.

Honestly, I hear more people wanting to move out o...

2009-11-05T18:34:27.014-06:00

Honestly, I hear more people wanting to move out of the city as opposed to in.

Agreed it's definitely not a good thing! Here is ...

2009-11-05T16:56:37.588-06:00

Agreed it's definitely not a good thing!

Here is my attempt at positive spin:

More people will move into the building and shop/eat in the neighborhood, which will support local businesses and maybe cause more businesses to come?

I know it's a stretch, but gotta try to be positive, right?

There's really no good way to spin this.

2009-11-05T16:54:23.538-06:00

There's really no good way to spin this.

Any research or case studies out there on just how...

2009-11-05T15:56:36.490-06:00

Any research or case studies out there on just how bad all these auctions actually are for the south loop? Not only does this destroy the property value of the owners who previously purchased in these buildings, but it also brings a completely different population into the neighborhood. 99 grand for a condo in the city is DIRT cheap. What is going to happen in a couple years when those who can afford that mortgage cannot afford the taxes? Are we going to have a huge influx of foreclosures in our neighborhood? Moreover, what about all the real estate speculators that are going to gobble up this inventory of condos, never live in them, and rent them out en masse to non-owners? Just like buildings with a lot of renters, neighborhoods with a lot of absentee owners tend to become down-trodden.

Motor Row Lofts and Sheldon Good commissioned our ...

2009-11-05T12:40:27.470-06:00

Motor Row Lofts and Sheldon Good commissioned our company to put together several sponsored posts and videos in advance of the Nov. 15 auction. We've been trickling these out on YoChicago.com throughout the past few weeks and will continue to up to the auction date. (We also hope to have someone in attendance at the auction.)

Anyone who wants more information about the auction process or the lofts themselves can watch our videos on a Motor Row Lofts channel on YouTube.