X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WOODRIDGE, IL-Sheldon Good & Co. will offer for sale at an auction July 26 40 homes in Seven Bridges Condominium Residences at an auction July 26. Originally priced as high as $510,000, the new construction one-, two- and three-bedroom units available are being offered for nearly 70% off the original price, and 13 of the 40 will be sold subject to minimum bids starting at $130,000. Developed in recent years, the 12-story complex at 6420 Double Eagle Dr. is already 70% sold and overlooks the Seven Bridges Golf Club and is situated beside the large Main Street at Seven Bridges development of retail and restaurants.

“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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.