News

Vetro Auction, Downtown Chicago’s First-Ever High-Rise Condominium Real Estate Auction, is a Major Success


Accelerated Marketing Partners and Millie Rosenbloom, Baird & Warner Residential, Sell More Than $12 Million of Real Estate at Roszak/ADC’s Vetro Development, Exclusively Marketed by Baird & Warner

Chicago, IL (March 7th, 2009) – Accelerated Marketing Partners (AMP) and Baird & Warner Residential successfully auctioned more than $12 million of real estate in just under two hours at downtown Chicago’s first-ever high-rise condominium real estate auction March 7. The event attracted 450 attendees and sold 45 studio, one-bedroom, one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den, and penthouse luxury residences at Roszak/ADC’s Vetro development in the South Loop. Accelerated Marketing Partners, Roszak/ADC and Baird & Warner collaborated on the sale.

“Accelerated Marketing Partners helped us achieve our objectives. Buyers at the auction were empowered to determine market value for Vetro homes, and we were able to sell enough homes to now qualify for FHA financing,” said Thomas Roszak, principal of Roszak/ADC. “The auction successfully reinvigorated interest in Vetro, and we expect this activity to increase traffic and stimulate sales, not only for the remaining homes at this development, but also for projects in the surrounding area.”

Millie Rosenbloom, a broker associate with Baird & Warner, whose team will continue to spearhead the project’s sales and marketing efforts added, “This weekend’s sale was a watershed event for the downtown Chicago market. We wound up selling not only the 40 units originally put up for bid, but five others as well, and the auction helped set prices for our continued conventional sales program.”

Over the course of the campaign, more than 1,100 individuals visited Vetro and more than 3,000 unique visitors logged on to the Vetro Web site. The residences were auctioned at 1:00 p.m. at the W Chicago Hotel – City Center, located at 172 West Adams Street, in Chicago. Accelerated Marketing Partners conducted a practice session the night before the auction, where potential buyers learned how to bid and were taught the relationship between auctioneer and prospective buyer. All bidders were required to register at the auction information center, which opened Feb. 12, and to inspect homes and present deposits before bidding at the auction.

“Accelerated marketing events, such as this weekend’s Vetro sale, bring buyers and developers together in tough economic times, and prove that win-win scenarios do in fact exist in the current downturn,” said Jon Gollinger, co-founder and east coast CEO of Accelerated Marketing Partners. “The success of the Vetro auction proves that there are still buyers in this market; they are just waiting for the right opportunity to make a purchase. Baird & Warner is an exceptional team, and this relationship exemplified exactly how we like to operate with on-site sales and marketing teams. We look forward to continued work together.” Designed and developed by award-winning Chicago architect Thomas Roszak, Vetro, the Italian word for glass, is distinctive among Printers Row and South Loop developments. The 31-story high-rise with 232 residences balances light, space and function in its design. Roszak blends modern design and materials to create unique spaces that merge aesthetics with functionality at Vetro.

Located in the city’s historic Printers Row district, residents enter Vetro through a stunning modern lobby with a 24-hour doorman. The building combines the perfect balance of light, space and functionality using concrete, glass and steel, to create comfortable, timeless, unparalleled homes. Homeowners enjoy extensive amenities, including a fitness center with yoga and Pilates classes, a 7th floor sundeck and fountain terrace, private parking, and a community/media center. For more information, please call 312.675.0601 or visit www.vetrochicago.com.

Roszak/ADC
Roszak/ADC specializes in the architectural design, development and construction of residential and commercial properties. High quality, state-of-the-art materials and neighborhood preserving architecture are among our trademarks. Thomas Roszak is an architect with a degree from the Illinois Institute of Technology. Since 1988 he has been professionally involved in a number of high profile Chicagoland projects. His focus on "Quality and Service" permeate the company at virtually every level and remains nothing less than the "secret" behind Roszak/ADC's widely acknowledged reputation for customer satisfaction and loyalty. Focusing on the North Shore Suburbs and Chicago, Thomas Roszak and Roszak/ADC have overseen the development of condominium residences and office buildings totaling more than $900 million. His unique style and eye for detail make Roszak/ADC projects instantly recognizable. For more information, please visit www.roszakadc.com.

Baird & Warner
Founded in 1855, Baird & Warner is the largest independent real estate broker in Illinois and the oldest in the country. With more than $6 billion in annual sales, we have a strong commitment to Chicagoland and take pride in our five generations of local ownership. For more information, please visit www.bairdwarner.com.