jameson in the news
April 27, 2010
Jameson Real Estate:
1400 N. Lake Shore Drive Condominium Auction
Draws Huge Crowd, $4.2 Million in Sales in Two Hours
Chicago, IL, (April 27, 2010) – It was standing room only on Sunday, April 25, as Jameson Real Estate (www.jameson.com) and Fine and Company (www.fineandcompany.com) successfully auctioned 26 condominiums for more than $4.2 million at 1400 N. Lake Shore Drive, a historic condominium building in the heart of Chicago’s Gold Coast developed by RDM Development.
“As this was the first time a residential brokerage firm managed a developer auction, people were eager to see the results,” said Chris Feurer, chief executive officer for Jameson Real Estate. “We couldn’t have been more pleased with the turnout. It was exciting to see there is such strong interest from the public in buying premium Chicago real estate at auction.
“Plus, we saw a much higher ratio of broker involvement with this auction than what is typical. We feel this is due to Jameson’s strong position in Chicago’s real estate brokerage community,” said Feurer. “Real estate brokers were instrumental in the registration of buyers for the auction, and ultimately were responsible for almost 40 percent of the sales on Sunday. We’re starting to see real estate brokers really embrace auctions as a method of buying and selling property.”
According to Feurer, more than 250 people filled the ballroom at the Doubletree Chicago Hotel to participate in the first building on Lake Shore Drive to auction condominiums by a developer in more than 20 years. He also said they received thousands of inquiries regarding the auction with an estimated 2,500 to 3,000 people touring 1400 N. Lake Shore Drive during the four weeks prior to the auction.
Michael A. Fine, principal of Fine and Company, LLC, said the main goals of the 1400 N. Lake Shore Drive auction program were to sell 15 condominiums, boost the building’s visibility and allow buyers to take advantage of the April 30 homebuyer tax credit deadline. According to Fine, all goals were exceeded.
“We are ecstatic about the market’s response to the auction,” said Fine. “While 1400 N. Lake Shore Drive has a highly desirable Gold Coast address, there’s a lot of product on the market, so it’s easy for a building to get lost in the crowd. The auction definitely put a spotlight on the building by demonstrating its great value and the pent-up demand for condominiums in Chicago. Buyers flew in from across the country as well as Canada to buy at this auction event.”
Fine noted that as many as half of the buyers will take advantage of the 2 percent quick-closing discount offered at the auction and close within the first 10 business days following the auction.
Out of the condominiums sold at auction, two-bedroom homes sold for as much as $314,600, one-bedroom homes sold for as much as $197,400 and studio condos sold for as much as $89,775. While 26 contracts were taken at the auction, 19 were sold via minimum bid and seven were sold with reserve, allowing the developer five days to accept the submitted price.
“This was a new experience for me, and it proved to be a win-win for everyone,” said Robert Mosky, chairman of RDM Development. “From my end, buyer interest in the auction exceeded my expectations. And of course Jameson and Fine and Company ran a great show. Everything went smoothly and we were able to sell a large number of homes in a short period of time.
“Buyers also got some fantastic deals at the auction,” Mosky continued. “With 70 percent of the building sold and closed prior to the auction, plus recently increased commitments from lenders to offer financing at 1400 N. Lake Shore Drive, buyers were able to bid in confidence that not only were they purchasing a residence in a desirable building, but that mortgages would be available.”
1400 N. Lake Shore Drive includes studio, one-, two- and three-bedroom residences. Homes are available either in their existing condition or with a turn-key renovation upgrade package that includes new kitchens, baths and much more. Building amenities include a day spa and salon, 24-hour front desk, gourmet grocer, dry cleaners, party room with kitchen, fitness center, roof top deck with grilling facilities and space for a future restaurant.
Interested buyers for the remaining inventory at 1400 N. Lake Shore Drive may visit www.1400LSDCONDOS.COM or call Jameson Real Estate at 312-751-0300.
About Jameson Real Estate
Jameson Real Estate is a full-service real estate organization which was founded by Harry and Charlie Huzenis more than 28 years ago and has sold over $16 billion in commercial and residential real estate. In 2008 and 2009, Jameson Real Estate received an Agents’ Choice Award for Favorite City Brokerage Firm from Chicago Agent magazine.
About Fine and Company
Headquartered in Chicago with offices in Dallas and Las Vegas, Fine and Company, LLC specializes in accelerated real estate marketing. With more than 23 years of real estate auction experience, Fine and Company, LLC ensures the highest level of service, transaction experience, and intellectual capital, creating an environment that sells all categories of property quickly, efficiently, and at a price that reflects true market value.
For more information on these condominium developments, please call Jameson Real Estate at 312-751-0300.