Accelerated Marketing Partners Auction
Accelerated Marketing Partners is conducting a real estate auction in Chicago on November 15th, 2009. The real estate auction will be held at 172 West Adams St at The W- Chicago City Center in Chicago, Illinois.
Accelerated Marketing Partners will be auctioning off forty condos with minimum bids starting from $99,000. The condos range in square feet from 580 all the way to 2,120, the largest condo to be auctioned off.
The starting time for the real estate auction in Chicago will be 1PM with a registration check in time of 12 noon. You can preview the units by going to 1250 S. Michigan Ave., suite A, Chicago, Illinois between October 21 to November 14th 11AM until 6PM. Valet parking is available in front of the building.
Many of the units are marked down more than 50% of original asking and selling prices as starting minimum bids.
To bid on any condo in an auction that is under the category of "minimum bid", you have to bid at least the dollar amount that the developer has put the minimum bid at. For instance if a condo was put up for auction at $200,000 value with a minimum bid of $100,000, that means that the bidding would start at $100,000. If no one bids at least $100,000, then the property gets taken out of the real estate auction and goes on to the next condominium. If someone does in fact bid the $100,000, then regardless of what the condo ends up selling for, the seller has to take that bid.
Minimum bid auctions are nice because the condos normally will at least attract the minimum bid price so everything in the auction will most likely sell. Minimum bid prices are normally put at approx 50% of the value of the condo.
Accelerated Marketing Partners also handled the selling of condos in the Vetro condominium complex at 601 S. Wells, Chicago, Illinois earlier in 2009.
Real Estate auction have grown in popularity as reported by the National Auctioneers Association. They've estimated that more than 30% of all sales of real estate by the year 2012 will be from real estate auctions. Real estate auctions when done right normally produce market value for both buyers and sellers. It's good ol' fashion buyers paying what they want for the property and sellers getting the best they can get that day. Real estate auctions are definitely here to stay.