After the Tax Credit, Sales Roll On for Belgravia, @properties

May 23, 2010

The expiration of the Federal Housing Tax Credit hasn’t put a damper on sales at downtown Chicago’s best-selling condominium and townhome developments of 2010, 565 W. Quincy and Union Row respectively.

565 W. Quincy, Chicago's best-selling condo development of 2010

Belgravia Realty Group and @properties, which are co-marketing the two communities, report strong sales in the days immediately following the deadline for the credit, with new contracts on six condominiums at 565 W. Quincy and three townhomes at Union Row between May 1 and May 19.

“The tax credit helped resuscitate the U.S housing market, but a lot of people were holding their breath to see what would happen when it expired. What we’ve seen at 565 W. Quincy and Union Row is that, tax credit or no tax credit, people are still looking and still buying,” said Alan D. Lev, president of Belgravia Realty Group.

“The last couple of weeks have been a positive sign for the Chicago housing market,” added Michael Golden, co-founder of @properties. “Where there are good values and good product, there are buyers.”

At 565 W. Quincy more than 100 condominiums have now been sold since mid January. Lev said sales have been consistent on both sides of the deadline, attributing strong demand to location, amenities and price rather than the tax credit.

The 241-unit development 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 $258,900 to $351,900. One- and two-bedroom tower condominiums range from $153,900 to $348,900. Most floor plans include a free garage parking space.

Meanwhile at Union Row, a 35-unit townhome community on 16th Street east of Halsted, Belgravia and @properties are marketing the final two homes after an early May rush cut the remaining inventory by more than half. Union Row has attracted 14 buyers over the past three months after reducing prices by as much as $200,000.

Union Row Townhomes

The two remaining townhomes, originally priced at $699,900, are now priced at $499,900, and include four bedrooms, four to 4.5 baths, two-car garages and 2,901 square feet.

“On the Near North Side, you’re looking at $650,000 to $750,000 for a comparable townhome that’s 10 to 15 years old. Here, it’s brand new construction with a warranty and all of today’s luxury finishes,” said Lev.

The location just south of Roosevelt Road and east of University Village puts homeowners within a five-minute drive of the Loop and walking distance to the UIC campus, restaurants, grocery stores and other neighborhood amenities.

For information on 565 W. Quincy, visit or call 312-207-0007 or 312-491-0200. For information on Union Row Townhomes, visit www.UnionRowTownhomes or call 312-829-4600 or 312-491-0200.

About The Author

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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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