Millennium to host
Live Auction - May 22, 2010 Chicago -
Daniel J. Hyman, president of Millennium Properties, is
pleased to announce that his company will be hosting a
live real estate auction on Saturday, May 22, 2010. The
auction will take place at the Standard Club (320 S.
Plymouth Court in Chicago) at 11:00am with registration
beginning at 10:00am.
Multiple property types are up for auction including 25
individual parking spaces in newly constructed condo
buildings in Chicago’s vibrant South Loop and River
North neighborhoods.
- Five parking spaces will
be sold in the Contemporaine Building, located at 201 W.
Grand Ave. Two of the parking spaces will be sold
absolute, regardless of price.
- At 1720 S. Michigan
Avenue, 15 parking spaces will be sold, 8 absolute.
- And at 1845 S. Michigan
Avenue, also known as the VUE20 building, 5 parking
spaces will be sold, 3 absolute.
“The auction will present resident condo owners and
outside investors the opportunity to buy parking spaces
at a fraction of their original prices. Condo owners
have an excellent chance to immediately add value to
their unit when acquiring an extra parking space, while
investors can easily rent out parking spaces in these
desirable Chicago neighborhoods,” says Greg Block,
executive vice president.
Along with the parking spaces at 1845 S. Michigan Ave.,
a 2,739 square foot commercial condo will be auctioned
with a very low minimum bid of $225,000 plus a 5%
buyer’s premium. The commercial space is located on the
first floor in the 20-story residential VUE 20 building,
an architectural gem located near the Chicago Loop,
lakefront and museum campus. “The density of residential
units within close proximity makes the commercial condo
very desirable, especially at $87 per square foot and
seller financing,” notes Hyman.
Winning bidders of the parking spaces and commercial
condo can finance up to 75% of the purchase price
through the seller or receive an 8% discount if paid in
cash.
Finally, the auction will include three bank-owned
apartment buildings located in the Canaryville/Bridgeport
area of Chicago. These stable income-producing two and
three-flats are subject to extremely low minimum bids
starting at only $110,000. "The minimum bids for the
apartment buildings are set at less than one third of
their previous asking prices and have strong cash flow
in place. I'm confident that we're going to have a lot
of happy bidders," Block says.
To register for auction details, e-mail Greg Block at
gblock@mpirealestate.com or call (312) 338-3002.
