"The development actually had very successful sales until the market stopped," Alan Kravets, president of Sheldon Good, tells GlobeSt.com. "In the down market, a traditional broker only has one tool if a listing isn't selling - to reduce the price. The conventional broker reduces the price continually, but systematic price reductions don't get a buyer and don't necessarily find a market for developers that have numerous units to sell in a down market."

The increase in such problems for developers has led to the recent surge in popularity in auctions, which Kravets says avoids the expense and length of a conventional marketing process. "You don't reduce the price in an auction environment; you set your own price," Kravets says. "The auction process provides a mechanism to find the fair market value of the property."

Open house showings begin this weekend for the units, which offer seven different floor plans and range in size from 1,200 to 1,760 square feet. Interior finishes include granite countertops, stainless steel appliances, in-unit laundry and a soaking tub in the master bath. Eighteen of the 40 units to be auctioned are ready for immediate occupancy, while buyers of the remaining 22 units can select their interior finishes.

Seven Bridges stands out as one of the best values in the western suburbs, Kravets says, for the building amenities, such as 24-hour doorman, on-site management, outdoor pool and party room. Monthly assessments are around $450, and include heat, water, parking, common insurance, doorman, TV/cable, and exterior maintenance, including lawn care, snow removal and maintaining the pool.

Kravets says the success of any auction in dependent on several factors, but that he expects Seven Bridges' units to sell well. "It depends on the depth of the market and how much there is competitive bidding," Kravets says. "Seven Bridges is really quite nice, and it's an a suburban area where people want to live. Thirteen will be sold at or above the minimum bid, but the goal is to sell them all."