City Within a City: The Biography of Chicago’s Marina City
Condo auction draws bargain hunters
February 2, 1983
(Above) 31 Marina City condominium units are auctioned on February 2, 1983, in Hotel Continental’s grand ballroom.
“Bargain hunters jam the Hotel Continental’s grand ballroom during an auction of 31 Marina City condominiums,” read the caption for this image by Chicago Sun-Times photographer Dom Najolia. The auction took place on February 2, 1983. “Whether or not they found bargains is an open question – prices were relatively high, but a special financial package with low interest rates was offered.”
In early July 1983, it was announced that four investors, including 10th Ward Alderman Edward Vrdolyak, would sell 33 Marina City condominium units.
Vrdolyak had purchased 50 units from Charles R. Swibel in 1978, reportedly at “bargain basement” prices. It was a controversial deal at the time because it happened on the day before the Chicago City Council approved the condo conversion.
Most of the units to be auctioned on July 10, 1983, at the Ambassador West Hotel belonged to Vrdolyak. Market values in 1983 were estimated at $59,500 to $150,000 (or $187,900 to $473,700 in 2024 dollars) for studio, one-bedroom, and two-bedroom units.
Written by Steven Dahlman
Presented for nonprofit educational purposes
Presented for nonprofit educational purposes