North Harbor Drive

Observations and insights into real estate happenings along N. Harbor Dr. in downtown Chicago

East Randolph Street, Chicago

One bedroom going auction at the 420 waterside, the Regetta

March 14th, 2011 · 1 Comment · Uncategorized

I just wrote a post about the one bedroom foreclosure at the 420 waterside and then found out that it is going auction soon. Normally the bank has a reserved price for the auction unit, so even the buyer is the highest bidder at the auction, he might not be able to get the unit just because if his price does not meet with the bank reserved price, the auction is not a successful one.

There was an auction last month, unit 312 at the 222 columbus, and it was sold for $162,750, although the start bidding price for the property was just $75,000, so that means even for auction unit, the price has to be pretty close to the market price of the units.

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