News

AMP Will Auction 40 Studio through Three-Bedroom Homes, with Minimum Bids Starting from $99,000 and Some Bids Up to 62 Percent Below Last Asking Prices

Chicago, IL (Oct. 21st, 2009) – Accelerated Marketing Partners (AMP) has announced that it will conduct a real estate auction for 40 residences at Michigan Avenue Tower II, a preeminent new condominium in Chicago’s South Loop. The auction will take place at 1:00 p.m. on Sun., Nov. 15 at the W Chicago City Center, located at 172 West Adams St. in downtown Chicago.

Minimum bids for the 40 residences will start from $99,000, and some minimums are up to 62 percent below last asking prices. To view model homes or to set up an appointment, prospective homebuyers can visit the Michigan Avenue Tower II Auction Information Center, open Monday through Friday from 12:00 p.m. to 7:00 p.m. and Saturday and Sunday from 11:00 a.m. to 6:00 p.m. The Auction Information Center is located at 1400 South Michigan Ave., Unit 2506. Complimentary valet parking is available for open house visitors, and advance registration for the auction is required.

“The Michigan Avenue Tower II auction will be a watershed event for the greater Chicago area,” said Jon Gollinger, co-founder and east coast chief executive officer of Accelerated Marketing Partners, the real estate marketing company that conducted the groundbreaking Vetro auction, which was Chicago’s first-ever new development auction. “As was the case for Vetro, this auction will provide a unique opportunity for homebuyers to come off the sidelines and determine market value for new construction in prime Chicago locations.”

The 580-square-foot studio available at auction has a minimum bid of $99,000 and the last asking price was $135,900.

There are 14 one-bedroom homes available at auction, with minimum bids up to 58 percent below last asking prices. Residences range in size from 692 to 783 square feet, and minimum bids range from $120,000 to $135,000, while last asking prices were as high as $320,900.

There are nine one-bedroom-plus-den residences, ranging in size from 751 to 825 square feet, with minimum bids ranging from $135,000 to $150,000. These homes had last asking prices up to $316,000, which is up to 56 percent below last asking prices.

The 15 two-bedroom, two-bath residences range in size from 1,027 to 1,260 square feet, with minimum bids up to 62 percent below last asking prices. The minimum bids range from $175,000 to $235,000, and these homes had last asking prices up to $559,000.

There is one 2,120-square-foot three-bedroom, three-bath residence available at auction for a minimum bid of $375,000. This home had a last asking price of $682,000.

Located in Chicago’s bustling South Loop, Michigan Avenue Tower II is a 28-story, 257-home new development w ith stunning lakefront and city skyline views. Residents enjoy a multitude of amenities, including a 24-hour doorman, state-of-the-art fitness center, secured elevators, an outdoor pool with sundeck, clubhouse with full kitchen, and secure and heated indoor parking lot.

Residences feature high ceilings and beautiful hardwood floors in the entry, kitchen, living and dining areas; as well as solid core wood doors. Kitchens feature granite countertops, 42-inch cabinets and stainless steel appliances. Luxurious baths offer ceramic tile flooring and tub surround, cultured marble vanity countertops, pedestal sinks in the second baths, luxurious soaking tubs in master baths, vanity and overhead lighting, and Grohe chrome faucets.

For more information, please call 312-583-9520 or visit www.1400michigan.com.