Last January, while many developers were taking a wait and see approach to the spring condo market in downtown Chicago, brokerage firms Belgravia Realty Group LLC and @properties instituted an aggressive sales and marketing program to sell the remaining homes at 565 West Quincy in the West Loop.
Nine months and 120 sales later, 565 West Quincy is far and away Chicago’s best selling condominium development of 2010. Today, less than 40 of the 241 units remain, and Belgravia and @properties anticipate selling out the building by spring 2011.
565 West Quincy features a new-construction 11-story tower built atop a seven-story concrete loft building. One-bedroom, one-bedroom-plus-den and two-bedroom lofts are priced from $269,900 to $343,900. One- and two-bedroom tower condominiums range from $157,900 to $349,900. Most homes include a free garage parking space and are available for immediate delivery.
The building also has a unique 11,000-square-foot amenity area known as The Q Room, which offers two bowling lanes, a movie screening room, putting green, pool tables and a fitness center. There is also an 8th-floor sundeck with a full catering kitchen.
“One of the best things we have going for us today is a full building. A full building validates the pricing, the location, the entire program,” says Alan D. Lev, president of Belgravia Group, the development manager for Quincy Condominium LLC. “If someone asks me why they should buy a home here, I can point to more than 200 homeowners and say, ‘just ask them.’”
Michael Golden, co-founder of @properties said homebuyers who purchase this fall will be able to take immediate delivery on a wide selection of plans while locking in the lowest interest rates in decades. “As low as rates are right now, the developer has locked in below-market rates on a limited number of units,” said Golden.
Homebuyers will also benefit from the availability of FHA financing with down payment options as low as 3.5 percent.
One of the remaining tower floor plans is the 15 tier. This one bedroom, 1.5-bath home has 817 square feet and a south-facing balcony that overlooks 565 W. Quincy’s landscaped sundeck. The home is priced from $266,900 including an indoor parking space. Notable features include a kitchen island, a walk-in closet in the master bedroom, and a master bath with dual-bowl vanity and separate shower and tub.
Another tower plan offering a great value is the 08 tier, which includes two bedrooms, two full baths and 1,104 square feet. This plan is priced from $341,900 including one indoor parking space. The 08 features a split floor plan with bedrooms on opposite sides of the main living area. The master bedroom has two walk-in closets, and the plan offers an oversized 13-foot-wide balcony.
A number of loft floor plans also are available including the 929-square-foot 12 tier. This home has one bedroom plus a den, 1.5 baths and a covered terrace measuring 19’4” by 5’. The 14’3” by 8’4” den lends itself to a number of functions from a home office to a media room. The 12 tier is priced from $277,900 including one garage parking space.
Homeowners at 565 W. Quincy enjoy a high level of standard finishes with features including wood floors in living areas; kitchens with GE stainless steel appliances, granite countertops and 42” wall cabinets; and master baths with raised-height vanities, marble tile and Kohler fixtures. Ceiling heights range from approximately 9’ in the tower to approximately 11’ in the loft building.
The sales center and decorated model homes for 565 West Quincy are open daily from 10 a.m. to 6 p.m. For information, visit www.565Quincy.com or call 312-207-0007 or 312-491-0200.
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 W. Quincy, the company is also co-developing 600 Lake Shore Drive. For more information, visit www.belgraviagroup.com.