Apr
26

‘Til The Midnight Hour: 565 W. Quincy to Accomodate Tax Credit Buyers up to the Last Minute

April 26, 2010

Home buyers trying to beat the April 30 contract deadline for the Federal Housing Tax Credits will get a little extra help at 565 W. Quincy, a new condominium development in Chicago’s West Loop, where the developer has announced plans for a Midnight Tax Dash.

565 West Quincy

Belgravia Group, Ltd., development manager for Quincy Condominium, LLC, says the two-day Midnight Tax Dash event will feature midnight sales center hours, pizza and plenty of Red Bull Energy Drink to help last-minute home buyers complete their purchases in order to be eligible for the Federal Housing Tax Credit. The tax credit provides up to $8,000 for first-time buyers and up to $6,500 for existing homeowners who enter into a sales contract by April 30 and close on their purchase by June 30.

565 W. Quincy has been the best-selling condominium development in downtown Chicago in 2010. More than 85 homes have been sold this year after prices were reduced by 15 to 30 percent. The new prices are saving buyers anywhere from $40,000 to $140,000.

The 241-unit development, located at the corner of Jefferson Street and Jackson Boulevard, 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 $223,900 to $362,900. One- and two-bedroom tower condominiums range from $155,900 to $355,900. Most floor plans include a free garage parking space.

Home buyers at 565 W. Quincy can take advantage of FHA financing offering as little as 3.5 percent down.

“Will there be someone who wakes up on April 30 and says, ‘I think I’ll go buy a condo today?’  You never know. But there are certainly buyers out there who are on the fence, who could use a little extra time or reassurance, and we will work with those buyers right up to the deadline,” said Alan D. Lev, president of Belgravia Group Ltd.

“In a building like 565 Quincy, with a great location, competitive pricing, and great features and amenities, the tax credit is a really nice bonus. The fact that we’ve seen 85 sales in three months tells us it isn’t just about the tax credit. It’s about homebuyers recognizing a great value. But if you can pull the trigger before April 30, then an extra $8,000 in your pocket is an even better value,” said Michael Golden, co-founder of Chicago brokerage firm @properties, which is co-marketing 565 W. Quincy with Belgravia Realty Group.

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., and from 10 a.m. to midnight on April 29 and 30. 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 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.

2 Comments

1

Have to say that’s a really good marketing idea. If you can pack the people in and provide services up to the deadline..do it!

2

[...] if you really wanted to get that federal tax credit on Chicago real estate, I suggest you check out 565 W. Quincy, a new condominium development in the West Loop that’s holding a Midnight Tax Dash bonanza [...]

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