Will the Old Post Office Close Today?

September 30, 2009

Daily Real Estate Updates

sudler-sothebys-logo30 September 2009 ? Today?s big cliffhanger: Will the old Chicago Main Post Office actually close today or not? Inquiring real estate minds want to know. With an opening bid of a measly $300,000, everyone is waiting to see if wealthy would-be buyer Bill Davies (the high bidder who pledged $40 million for the property at an Aug. 27 auction) will actually close the deal today as required. Some sources who have dealt with him think he won’t close the deal, which means he would forfeit a $4 million deposit to the seller, (the U.S. Postal Service) but could attempt to negotiate a new sale at a lower price.

The closing is scheduled for this morning, and so far no one has been advised of any hitches. If Davies does not provide the remaining balance, the service will consider whether to auction the property again.

Davies, an anonymous bidder until now is a wealthy man whose attempts to redevelop his former hometown of Liverpool, England, collapsed. “The money is available to him. I don’t believe he will spend it,” one source said.

So for now, we wait. Will it close for $40 million?? If not, if the postal service can keep the $4 million deposit, it would keep the place heated for a couple of winters. Or perhaps lower the price of stamps for a few months, but I doubt that.

Email This Post To a Friend. Email This Post To a Friend.

About Nancy Gaspadarek

With over nine years in the Chicago real estate market, Nancy continues to enjoy the momentous and exciting process of helping her clients buy and sell homes. Nancy believes that the relationships & friendships that she has developed over the years are priceless. In 2007 she made the decision to partner with Catherine Brennan and the two are collectively known in the industry as The G and B Team. ?It was the best move I could have made?, Nancy says, ?Having a knowledgeable and reliable business partner to counter balance your strengths and have a shared passion to provide top notch service and expertise to all our clients is such a blessing.? Nancy graduated from Florida State University in Tallahassee, where she received a four year scholarship and was the captain of the woman's volleyball team for four years. Nancy has lived in downtown Chicago for over 14-years in a variety of neighborhoods. Her free time is usually spent playing tennis, golf & running/biking along the lakefront. She participated in the 1998 Chicago Marathon and has competed in a number of triathlons as well. She volunteers with The Friends of Blaine School in Lakeview, as well as Umoja Student Development and loves to travel as much as possible. You can contact Nancy at 773.259.9353 or gandbteam.com

View all posts by Nancy Gaspadarek

Comments are closed.