More South Loop Condos Up for Auction

October 22, 2009

Daily Real Estate Updates

sudler-sothebys-logo22 October 2009 ? On November 15, two additional South Loop condo buildings will be offering units in public auctions. The developers of 2303 S. Michigan Avenue will offer 20 units of its 52-unit loft building, and 40 of the remaining 97 units at 1400 S. Michigan will be auctioned on the same day. These two sales come on the heels of March’s successful auction of 44 units in the Vetro project located just south of Congress on Wells. Sales at this auction averaged 27% below pre-auction pricing. Development has added over 2800 units to South Loop inventory in the last two years, resulting in flat and declining prices, extended marketing times, and disgruntled sellers. Developers who need to generate cash and reduce holding costs are forced to auction their units to lighten the burden of carrying huge amounts of inventory. Lucky buyers win, but current property owners in the area may see a negative impact on property values driven by typically low auction pricing.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today's chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy's educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals - both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through 'pit bull' negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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