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. 
