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Jameson Real Estate Successfully Auctions 26 Condos on Lake Shore Drive
By The Ocean Agency on behalf of Jameson Real Estate
Dated: May 10, 2010
Jameson Real Estate and Fine and Company partnered to auction 26 condos for $4.2 million at 1400 N.
Lake Shore Drive in just two hours.
At the end of April, a crowded auction brought in $4.2 million worth of sales at 1400 N. Lake Shore Drive,
a condo building in the heart of Chicago's Gold Coast neighborhood. Jameson Real Estate and Fine and
Company partnered to put on the auction at the Doubletree Chicago Hotel, selling 26 condominiums in the
building developed by RDM Development. The building was the first residential development on Lake
Shore Drive to sell homes by auction in 20 years, making it a truly historic buying opportunity.
The goals of the auction, according to Michael A. Fine of Fine and Company, were to sell 15 condos, boost
the building’s visibility and allow buyers to take advantage of the April 30 homebuyer tax credit deadline.
Fine said the event’s results exceeded all goals and expectations.
"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."
Chris Feurer of Jameson was also excited to see the growing interest in Chicago real estate at the
standing-room-only event. "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."
Jameson Real Estate contributed to the success of the event by working with brokers in the Chicago market
to generate interest in the building. Feurer explained, "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.”
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. With 70% of the building already sold before the auction
and the building's impressive amenities, buyers were confident making an investment in the desirable
condominium development. Buyers were also able to purchase homes in their existing condition or with a
turn-key renovation upgrade package that includes new kitchens, baths and much more.
1400 N. Lake Shore Drive includes studio, one-, two- and three-bedroom residences. 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
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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. Visit http://www.jameson.com/ for more information.
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.
Category Real Estate
Tags Real Estate, Chicago, condominiums, lake shore drive
Email Click to contact author
City/Town Chicago
State/Province Illinois
Zip 60601
Country United States
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