Sunday, March 2, 2008

Auction: 51 Parking Spaces

Except to update new-construction projects, we hadn't planned to use this blog to advertise specific properties or sales. But, in light of our recent post predicting more condo auctions in 2008, we thought we'd note an upcoming auction for 51 parking spaces in two condos: Millennium Centre at 33 W. Ontario and New York at 3660 N. Lake Shore.

In a postcard we received from Rick Levin & Associates, the auction house, the spaces are positioned as "Developer Closeouts." Of the 27 spaces at Millennium Centre, 10 will be sold "absolute, regardless of price." Suggested opening bids from $12,000 for spaces previously priced to $49,000. Of the 24 at New York, 10 will also be sold absolute. Suggested opening bids for those from $10,000 for spaces previously priced to $65,000.

Buying a space that once retailed for $65,000 for just $10,000, at auction, would be great fun, don't you agree? Part of our mission is to make it fun to buy a condo, so why not broaden that to include buying a parking space in a condo, at a bargain?

The auction is set for 6:30 p.m., Wednesday, April 2 at Crowne Plaza, 733 W. Madison. For details on on-site inspections and a bidder's information package, visit the Web site.

Would anyone care to offer tips on how (and whether) to buy a parking space at auction? Just click Comments below. We've never been to one. If you go, let us know how much fun you have.

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