ChicagoDowntown / Loop

Some profit, some lose at 565 Quincy

by Joe Zekas on 6/10/14

When 565 Quincy slashed prices early in 2010 it was one of the last projects to join the price cutting that was prevalent in the condo market at the time.

Last September we noted that three units purchased after the price cuts were on the market and looking to sell at a profit. Two of the three succeeded, and the third was withdrawn from the market.

Unit 1214 was purchased for $211,000 in March of 2010 and closed in March of this year for $244,000. Unit 1712 was purchased in May of 2011 for $161,900 and sold last November for $173,000. Unit 1615 was purchased for $266,900 in April of 2011, was listed for $323,000 a year ago and was withdrawn from the market after several price changes.

Unit 509, a 2-bedroom, 2-bath was purchased in May of 2009, before the price cuts, for $391,500. It’s just been listed for sale at $324,900.

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{ 2 comments… read them below or add one }

Sparky June 11, 2014 at 2:48 PM

As a resident of another Belgravia development, it will be interesting to see if the same applies (that units bought at price cut values sell for a profit).

Reply

JX July 15, 2014 at 10:52 AM

I can hardly see much profits, if not loss. Considering the agent 6% fee, transact tax, 1 year property tax, moving in and moving out expenses, any upgrades and etc.

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