Mar
19

Chicago Condos in 1920s High-Rise up for Auction

March 19, 2010

A local developer has plans to auction off 30 condominiums in a vintage high-rise of Chicago Real Estate skyline before the April 30 deadline of the federal homebuyer’s tax credit.

Condominium units in this vintage 1920s building on the Gold Coast boast spectacular views.

RDM Development & Investment LLC has been undergoing a $35 million condo conversion project since 2006 at 1400 Lake Shore Drive, a 1920s building located on the Gold Coast. Of the 391 units, approximately 80 remain unsold.

Of those 80 units, 30 are scheduled for auction on April 25 at the Doubletree Hotel Chicago Magnificent Mile. The remaining 50 will continue to be listed for sale; 35 of them are currently being rented out.

Bidding for studios that once sold for up to $160,000 will start at $50,000, and one-bedroom units, formerly priced at $270,000, will start at $90,000.

The amenity-rich building has a new fitness center, on-site grocery store and newly designed rooftop sun-deck with gas grills. Condos boast new hardwood floors, European cabinetry and breathtaking views of the city and Lake Michigan.

According to Crain’s Chicago Business, RDM President Robert Mosky hopes holding the auction before the tax credit deadline will bring in buyers who would otherwise have a hard time securing financing.

Jameson Real Estate and Fine & Co. auctioneers will handle the auction.

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