Thursday, April 2, 2009

Auction Sets Market Values, Drives Sales

In February, I teamed with Accelerated Marketing Partners (AMP) and announced a real estate auction for Vetro, which would be Chicago’s first-ever high-rise real estate auction. We, in partnership with AMP and Baird & Warner Residential, set out to sell 40 luxury residences at the March 7 auction for Vetro.

In an overwhelming response that determined market value for luxury homes in downtown Chicago, we sold 45 homes – five more than we anticipated – totaling more than $12 million of real estate sales in just under two hours. Moreover, we sold enough homes to qualify for FHA financing.

In less than one month since the auction, we have accepted 23 deals at these newly established price points.

See NBC's Marion Brooks exclusive coverage of the auction:


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