OwnACondo.com’s first Chicago property auction held Sunday, November 8, turned out to be very successful, with several attractive Chicago area condos being sold to some happy buyers.
Plans are already under way for the next OwnACondo.com auction, scheduled for Saturday, January 30. It will most likely be at the same venue, the Chicago Marriott Oak Brook at 1401 W. 22nd St. The real estate brokerage is also looking forward to holding auctions in Miami, New York and other cities around the United States in the coming months.
Along with the many serious bidders at the November 8 Chicago condo auction, scores of spectators, including prospective future bidders, also turned out to observe the festivities and learn a little about how real estate auctions work. Auctioneer Vinnie Zaffarano warmed up the crowd with a practice auction, “selling” a German castle that went for a cool $9 million. A weekend at a Wisconsin beach house was also given away during the preliminary games. Afterward, both bidders and spectators said those practice rounds get them geared up for the real auction, which generated an air of excitement in the room, and went smoothly.
As a registrar at the auction, I was able to meet many of the 200 attendees as they signed in, and then I chatted with them afterward. The event lasted about 90 minutes. The young man who placed one of the first winning bids, getting a second-floor condo in Chicago Ridge for little more than $100,000, said he bought his first home at an auction and thought he might try his hand at it again. He said he enjoyed the process this time around, and couted himself lucky to come out ahead. “I though it was really well-run,” he said.
An Elgin woman also got a great deal on a home she said was in move-in condition. “I didn’t want to have to do any fixing up. I’ve done that before,” she said. She looked forward to closing the deal on the property within a week. The quick turnaround was something that the seller found attractive as well. He said that finding a buyer for his property at the auction worked out well because the process involves less time and cost than a traditional sale would.
The potential future bidders included a young married couple who liked what they saw on November 8, and are seriously considering coming to the next OwnACondo.com auction. They said they liked the fast pace of the auction process, and the possibility of buying a condo or townhome at a reasonable price.
Other observers included real estate industry representatives such as bankers and auctioneers, many of whom were complimentary about how the event was handled. Several of the officials also made helpful suggestions about how to make the next Chicago property auction even better.
Tags: auctions in Chicago, Buying a condo, Chicago property auction, Condo Auctions, Finance A Condo, Find a Condo, real estate in Chicago