Mar
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Belgravia Teams With @properties on Closeout of Chicago Townhomes at Union Row

March 20, 2010

Major price reduction on Chicago townhomes creates “below market” buying opportunity from premier Chicago homebuilder

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 $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.

“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 Alan D. Lev, president and CEO of Belgravia Group, Ltd. “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 Thaddeus Wong, co-founder of @properties.

“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 Michael Golden, co-founder of @properties.

All of the remaining townhomes at Union Row feature main living spaces with open kitchens, 9’6” ceilings, hardwood floors and expansive windows. Kitchens include granite countertops, 42” 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 www.UnionRowTownhomes.com, or call 312-829-4600.

About The Author

Read All Stories By @Properties

Peter Olesker is the EVP, Developer Services and Corporate Communications at @properties. He has 12+ years of experience in marketing and communications for real estate ventures including residential and commercial brokerage; residential and commercial development; commercial and consumer real estate finance; architecture and construction.

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