Business

Condo developers turn to auctions in bid to sell
Tom Roszak is auctioning 40 unsold units at his South Loop Vetro project. (Tribune/Phil Velasquez)

Condo developers turn to auctions in bid to sell

Roszak/ADC will auction 40 of 100 unsold units in the 233-unit building on March 7. It's a money-losing move, but not one of total desperation. In addition to jump-starting sales, the goal of the auction is to determine how much the condos would be worth if sold conventionally. It's not the first auction by a local developer willing to take some lumps and move on, and it's unlikely to be the last.

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