565 West Quincy
Oct 22nd, 2014


@properties was brought in to partner with the developer's in-house sales team on what would be downtown Chicago’s most successful condo sales program of 2010.

Location: 565 W. Quincy Street, West Loop
Developer: Quincy Condominium, LLC, managed by Belgravia Group, Ltd.
Total # of Units: 241
Price Range: $155,000 to $375,000
Current status: Sold Out

Challenge

Sales at 565 West Quincy languished throughout 2008 and 2009 as the housing crisis worsened. While the project itself had strong sponsorship and desirable floor plans, finishes and amenities, the developer’s in-house sales team lacked the infrastructure to efficiently market the project as well as the network to reach cooperating brokers. With the expiration of the First Time Homebuyer Tax Credit looming, @properties was hired in early 2010 to work alongside the developer’s sales team in a joint marketing effort.

Solution

  • Brought in sales team of commission-only agents with broad experience and contacts in the West Loop market. The team had successfully engineered the sellout of a similar project only months earlier
  • Conducted a phased rollout of the project to @properties' internal marketplace of 950 (at the time) agents, outside brokers and @properties' extensive client/prospect database
  • Supplemented developer’s advertising campaign with our own campaign leveraging pre-bought media positions in local outlets and on real estate search portals
  • Conducted e-mail marketing campaign to @properties’ proprietary list of nearly 500,000 e-mail addresses (the list has since grown to almost 900,000 addresses)
  • Carried out a PR campaign resulting in widespread media coverage
  • Conducted one-to-one marketing with top-producing brokers in the West Loop market and surrounding markets

Results

  • Sold 110 units in 2010
  • Project accounted for more than 70% of all West Loop development sales in 2010
  • At an average pace of 8 units per month, the project was sold out by mid-2011

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