Monday, February 23, 2009

Auction Action!

I think that is what the PBS station used to say here when they did fund raising auctions every year back in the day. And I think you will see more of that in real estate, too.

Deal Junkie reports that you may see a few prominent auctions in the next few weeks (including the John Hancock Tower in Boston that was the subject of this post recently). The post also cites a New York Times story stating that an auction trade association has reported a sharp increase in activity.

Auctions in Chicago are not infrequent, due in no small part to the activities of Sheldon Good & Co., a national real estate company headquartered here. I am sure Shelley is doing well, notwithstanding the sad loss of Steven Good early this year.

But remember one thing: not all auctions are public. Take the EOP deal. That was essentially a private auction for the whole portfolio, followed by additional private auctions for some of the pieces. This is a great opportunity to maximize value when the time is ripe. Could that happen again? Sure. I could even see it with GGP, bankruptcy or not.

1 comments:

britney said...

Auctions in Chicago are frequent is it so!!!
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Britney
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