October 22, 2009 - November 15th is going to be a busy day for anyone interested in Chicago condos up for auction. Not one but two Chicago real estate auctions are now scheduled for that day. The first to be announced was the 20 unit Motor Row Lofts auction by Sheldon Good & Company. Now Accelerated Marketing Services has announced that they will be auctioning 40 unsold units from Michigan Avenue Tower II, located on 1400 South Michigan Avenue. The auction will be held at The W Chicago-Center on 172 West Adams Street. Check in is at noon and the bidding will start at 1PM. You must bring photo I.D., a $5,000 Cashier’s Check and a personal check able to cover up to 5% of the winning bid price for each condo you plan to bid on. Buyers also must be able to close by December 28th.

Russland Capital Group is the developer for this high-rise, and according to a Tribune article, 97 of the total 257 units in the building are still for sale. Of the 40 that will be going up for auction on November 15th, minimum bids will be about 25% to 60% below the previous asking price on the condos with some starting at $99,000. The condos range in size layout from studios to three bedrooms. The developer is also trying to get the building FHA approved before the auction takes place.

Accelerated Marketing Services is the same company that handled the Vetro auction this past March. According to the article, only about 10 condos are left for sale now in that tower. Jon Gollinger of Accelerated was quoted as saying that, “Today, all purchases are elective purchases. The consumer rules, it’s as simple as that.”

Check back tomorrow to see a unit-by-unit breakdown of the minimum bid prices listed by the developer on our Chicago condo auctions page.

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