The response has been incredible. There is pent-up demand, and we're getting traction at these price points
Chicago (Vocus) February 19, 2010
Jodi and Ritchie Geoghan are the flip side of the housing downturn that has been agonizing for so many. After turning a nifty profit on a home they bought out of foreclosure just two years ago in Oceanside, Calif., the couple returned to Chicago looking to capitalize on a condo market that has fallen precipitously from its peak of 2005.
The Geoghans found their ideal opportunity to buy in mid January when the developer of 565 W. Quincy (http://www.565quincy.com), a 241-unit condominium development at the corner of Jefferson Street and Jackson Boulevard in downtown Chicago, announced price cuts of 15 to 30 percent. Sales and marketing at the development are a joint effort of Belgravia Realty Group and @properties.
“We lived in Uptown for five years before moving to California. When we came back to Chicago, we really didn’t think we’d be able to afford to live downtown. But when we saw what we could get for our money at 565 W. Quincy we were amazed. The moment we saw it, we had to have it,” said Jodi Geoghan.
The Geoghans are not alone. In the four weeks since new prices were announced at 565 W. Quincy, 50 homebuyers have written contracts on new condominiums, according to Alan D. Lev, president and CEO of Belgravia Group, Ltd., which is managing the development. According to Appraisal Research Counselors, 565 W. Quincy has accounted for 79 percent of new-construction sales in the West Loop and 40 percent of all new-construction sales in the downtown market since the first of the year.
“The response has been incredible. There is pent-up demand, and we’re getting traction at these price points,” said Lev. “There’s also a real sense of urgency among buyers looking to take advantage of the Federal Homebuyer Tax Credit and today’s 5-percent interest rates.”
“The buyers we’re seeing at 565 W. Quincy are very sophisticated. They know what’s available in the marketplace, and they know what constitutes a good value. Getting the quality of a Belgravia home at prices not seen in years is giving buyers a lot of confidence in their decision-making,” added Michael Golden, co-founder of @properties.
Located one block west of Union Station, between Adams Street and Jackson Boulevard, 565 W. Quincy features a new-construction 11-story tower built atop a seven-story concrete loft building. The two construction styles give buyers a choice of more than 28 floor plans offering one to two bedrooms and one to two baths. New prices, which have been reduced by as much as $100,000, range from $156,900 to $357,900. Most homes include a free garage parking space.
The building is FHA-approved, allowing qualified homebuyers to purchase with as little as 3.5 percent down. Both loft and new-construction floor plans are available for immediate delivery, allowing homeowners to meet the April 30 contract deadline and June 30 closing deadline for the Federal Housing Tax Credit. Qualified first-time homebuyers will receive up to $8,000 and qualified existing homeowners will receive up to $6,500 from the federal government.
Buyers at 565 W. Quincy have access to a number of unique amenities, including The Q Room, an 11,000-square-foot recreation area with two bowling lanes, an indoor putting green, a movie theater, billiards, ping-pong and foosball tables, a lounge area, and a fitness center with cardio equipment and weights.
“The Q Room was a huge selling point for us,” said Geoghan. “Nothing else we saw even came close. It’s like having a huge living room outside our home where we can entertain friends. It’s an extension of our living space.”
Other amenities include a sundeck with catering kitchen, 24-hour doorman, heated parking garage and bike storage.
Interior finishes at 565 W. Quincy include wood floors in living areas, 42-inch cabinets, granite countertops and stainless steel appliances in kitchens, and marble tile in master baths. Ceiling heights are approximately 11 feet in the lofts and 9 feet in the tower condos. Every home comes with a private balcony or terrace, and many homes also include a separate on-floor bonus room that can be utilized for additional storage or other creative uses.
565 W. Quincy offers a convenient downtown location within walking distance of the Loop, Greek Town, Union Station, Ogilvie Transportation Center and the CTA Blue Line ‘L’. The development is also near Interstate 90/94, the United Center, and nightlife and restaurants on Randolph Street and Fulton Market.
The sales center and decorated models are located on site at 565 W. Quincy and open daily from 10 a.m. to 6 p.m. For sales information, visit http://www.565quincy.com or call 312-207-0007. Follow 565 Quincy on Facebook at http://www.facebook.com/565Quincy.
About Belgravia Group, Ltd.
Founded more than 60 years ago, Belgravia Group, Ltd. is a vertically integrated real estate development company serving Chicago with award-winning developments. Belgravia Group, Ltd. develops condominiums, lofts, and townhomes in the Chicago urban market. In addition to 565 Quincy, current developments include 600 N. Lake Shore Drive (with Sandz Development Co.) and Union Row Townhomes. For more information, visit http://www.belgraviagroup.com.
Established in 2000, @properties is the #1 real estate brokerage firm in Chicago with more than 800 licensed agents. In addition to development sales and marketing, @properties operates full-service residential and commercial brokerage divisions; @properties Relocation; @properties Property Management for residential and commercial real estate; and @properties ISG, specializing in brokerage and asset management of distressed and REO properties. The company has seven Chicago-area offices: Bucktown, Lakeview, Lincoln Park, River North, Streeterville, Evanston and Winnetka. For more information, visit http://www.atproperties.com.
Editors: For more information, high-resolution photography or to arrange an interview, contact Peter Olesker, @properties, (312) 334-8360, polesker (at) atproperties.com.