At Auction, 45 Vetro Units Sell at 27% Discount

A weekend auction of 45 units in Vetro condo in the South Loop resulted in sales of 45 units in the 232-unit building. The average price was $258 per square foot, or 73% of the average pre-auction asking price of $353 a foot, according to an article by Thomas A. Corfman in Crain's.

The Vetro auction gave a jump-start to the 31-story tower at 611 S. Wells, completed in late 2007, where sales had been stalled as in the rest of the market.

Typically, auction prices on similar projects are in the mid-60% range of pre-auction prices. For Vetro, the minimum auction prices were 61% of the asking prices. About 60 units remain unsold, but were not offered at auction.

UPDATE (3/16/09): For details on post-auction prices, which reflect discounts ranging from 19 to 25%, see this post on YoChicago.com.