Wednesday, April 30, 2008

County Auctions 3 Condos, One at 33% Off

One lucky buyer (sadly, not Ana, at left) bought a three-bedroom condo on Sheridan Road from Cook County for $278,000--a savings of $137,000 (33%) off the appraised value, and only $1,333 above the minimum bid.

Two other condos, one on West Pratt, the other on West Wrightwood, sold for 4% and 5% above their appraised values.

Those three Chicago condos were among 17 properties sold at auction by the Cook County Public Administrator's office, representing owners who died without a will.

More than 100 people attended the auction, but fewer than a half-dozen bid on many of the properties. Several houses sold for tens of thousands of dollars below the appraised value; some received no bids and will be re-auctioned later.

The condo units sold were:

• 2747 W. Pratt, 1W. This two-bedroom was appraised at $115,000; opening bid $76,667. Winning bid: $120,000, $5,000 (4%) above the appraised value.

607 W. Wrightwood, 310. One-bedroom appraised at $160,000; opening bid $106,667. Winning bid: $167,200, $7,200 (5%) above the appraised value.

6101 N. Sheridan, 36-A. Three-bedroom appraised at $415,000; opening bid $276,667. Winning bid: $278,000, $137,000 (33%) below the appraised value.

Below is a dimly lit photo, from my comfortable backrow seat:

For details on the next auction, which will likely be held at the County Building at 118 N. Clark in three or four months, call the real-estate department of the Public Administrator's office at (312) 603-0100 or visit There, you can sign up to receive notifications of future auctions.

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