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:
Showing posts with label Accelerated Marketing Partners. Show all posts
Showing posts with label Accelerated Marketing Partners. Show all posts
Thursday, April 2, 2009
Friday, February 13, 2009
Market Value
In light of today's uncertain economic climate and the troubling state of the real estate market, it is a challenging environment to sell residential condominium homes. I have teamed with Accelerated Marketing Partners to conduct an auction of 40 homes at Vetro. It is difficult to break the stalemate between buyers and developers with respect home prices. By having an auction, we are providing a transparent sales process that enables the buyer to determine the market value for the homes. We trust the market to conduct their due diligence and are willing to accept the price that they deliver on Auction day. We want Vetro to be a fully sold and stable building for our homeowners and see this auction as an opportunity to achieve that goal. The Chicago Tribune wrote about the Vetro auction today and our move to jump-start sales in Chicago.
http://www.chicagotribune.com/business/chi-thu-developer-auctions-feb12,0,3047266.story
Vetro Real Estate Auction Sat., March 7 at 1 p.m. W Chicago Hotel – City Center, located at 172 West Adams Street in downtown Chicago.
Sales center & model homes are open daily through March 6 at 611 S. Wells in the Printers Row district. Call 312.675.0601 or visit http://www.vetrochicago.com
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