Major price reductions, the Federal Homebuyer Tax Credit, sub-5-percent interest rates and the availability of FHA financing have created incredible buzz and momentum
Chicago, IL (Vocus) March 19, 2010
Building on a successful alliance that has resulted in more than 65 condominium sales in the past two months at 565 W. Quincy, Belgravia Realty Group and @properties announced they are teaming up again to sell the remaining Chicago townhomes at Union Row on the city’s Near South Side.
Union Row is located on West 16th Street just south of Roosevelt Road, between Halsted and Canal. It is adjacent to University Village and the Pilsen neighborhood. The development features a total of 35 residences, only five of which remain. The four-story Chicago townhomes offer 3 to 4 bedrooms, 3 to 4.5 baths, 2,460 to 2,901 square feet, and attached, heated two-car garages. Prices recently were reduced by as much as $200,000 and are now at $374,900 for a 3-bedroom, 2.5-bath home; $429,900 for a 3-bedroom, 3-bath home; and $499,900 for a 4-bedroom, 4-bath home.
Union Row is developed by 16th & Union, LLC, which is managed by Belgravia Group, Ltd., one of Chicago’s most experienced and respected homebuilders. @properties is the #1real estate brokerage firm in Chicago as well as the city’s #1 seller of new-construction and condominium-conversion developments. The marketing alliance was announced by Belgravia president and CEO Alan D. Lev and @properties’ co-founders Michael Golden and Thaddeus Wong. The two companies recently joined forces on another Belgravia-managed development, 565 W. Quincy in the West Loop, where buyers have snapped up almost 70 condominiums in the past eight weeks.
“Major price reductions, the Federal Homebuyer Tax Credit, sub-5-percent interest rates and the availability of FHA financing have created incredible buzz and momentum,” said Lev. “We saw it at 565 W. Quincy, and we’re seeing it at Union Row. The sense of urgency is real because the value is real. Since we dropped the prices, 12 homes have gone under contract.”
“The fact that you can buy a new townhome for between $400,000 and $500,000, just five minutes from the Loop and built by one of Chicago’s premier homebuilders is unbelievable,” said Wong.
“We expect Union Row to sell out prior to the April 30 tax credit deadline as opportunistic buyers take advantage of below-market prices,” added Golden.
All of the remaining townhomes at Union Row feature main living spaces with open kitchens, 9 foot 6 inch ceilings, hardwood floors and expansive windows. Kitchens include granite countertops, 42 inch cabinets and GE stainless steel appliances. Master baths come with raised-height vanities, marble countertops, and separate showers and tubs. Each home also features outdoor living space on three levels: a first-floor patio, a balcony off the kitchen with a gas line for grilling, and a deck with concrete pavers off the fourth floor.
Union Row is conveniently located near several popular attractions. Two blocks west is Halsted Street, the gateway to the large University Village master-planned community, which includes hundreds of new homes, shopping and restaurants. To the north is Roosevelt Road, where several major retail outlets have been added in recent years including Whole Foods, Best Buy, Home Depot, L.A. Fitness and ShowPlace Icon Theatre. To the south is Pilsen’s main retail thoroughfare, 18th Street, which features a number of restaurants and art galleries. Union Row is also just five minutes from the Loop, lakefront and U.S. Cellular Field.
The sales center and decorated model are located at 622 W. 16th Street, and are open from 10 a.m. to 6 p.m. daily. For directions, floor plans and information on the Chicago townhomes at Union Row, visit http://www.UnionRowTownhomes.com , or call 312-829-4600.
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 Union Row, current developments include 565 W. Quincy, 600 Lake Shore Drive and Hartland Park II. 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