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A Chicago condo project became a perfect seller with one change—a smaller price tag.

Right Product, Right Price

A Chicago condo project became a perfect seller with one change—a smaller price tag.

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    Courtesy of Belgravia Group

    What do you do with a 10,000 square foot basement? Belgravia Group turned it into an uber rec room called the Q Room.

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    Courtesy of Belgravia Group

    Foosball and pool tables became one gathering spot for 565 Quincy’s residents.

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    Courtesy of Belgravia Group

    The condos in the new 11 floors built atop the original seven floors at 565 Quincy are sleek glass boxes in the sky.

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    Courtesy of Belgravia Group

    The lower, original floors were turned into loft spaces.

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    Courtesy of Belgravia Group

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    Courtesy of Belgravia Group

    565 Quincy may be the only condominium in town with a bowling alley in the basement.

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    Courtesy of Belgravia Group

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    Courtesy of Belgravia Group

    The project is an example of adaptive reuse with 11 stories of contemporary units built atop a seven story base built in the early 20th century.

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    Courtesy of Belgravia Group

    A movie room is part of the Q Room.

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    Courtesy of Belgravia Group

    The building’s basement Q Room was a big selling secret.

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    Courtesy of Belgravia Group

    Condos have a view of Chicago’s skyline from the Loop.

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    Courtesy of Belgravia Group

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    Courtesy of Belgravia Group

Before the housing crash, 565 Quincy was destined to be a success.

The condominium project on Chicago’s West Loop, created from an early 20th-century garment district warehouse topped with a steel and glass tower, had all the elements a young hip urban buyer might want.

There were lofts on the bottom seven floors, sleek glass boxes in the new top 11 floors. Parking was included, and the 10,000-square-foot basement area housed an über rec area called the Q Room equipped with a two-lane private bowling alley, a movie theater, a putting green, a fitness center, ping pong, foosball, billiard tables, and a lounge.

In fact, Belgravia Group, the developer, had 125 units under contract while the building was under reconstruction from 2006 through 2008. But by closing time in 2009, half the buyers had fallen off the list. In 2010 Belgravia lowered 565 Quincy’s prices, from the low $200,000s moving up through the $500,000s, to starting in the $150,000s through the $380,000s. And it launched an edgy marketing campaign with slogans that included: “Missing this would suck” and “Our prices still don’t suck.” It worked. Last year Belgravia sold 131 units in 565 Quincy, making it the fastest-selling condo in the city. In April there were only 13 left in the project. “[The sales success] was really price-point driven,” says Kaufman. “Once we [lowered the prices], they just flew off the shelf. The people came …. We had the right location, the right amenities, the right layout.”

Learn more about markets featured in this article: Chicago, IL.