Red-Hot Chicago Property in a Tough Market - The Kopley Group's The Lofts at 1800
Chicago, IL, January 19, 2011 --(PR.com)-- Nick Kopley – President and Owner of The Kopley Group based out of Chicago – has the distinction of being the developer of the most successful new condo project in Chicago's recent memory, The Lofts at 1800; this is rare in an economy with countless unsold condo units in see-through towers with price-tags that only ever seem to go in one direction – down.
His project is called The Lofts at 1800, a 91-unit rehab/new construction combination at 1800 W. Grace Street in the Lakeview neighborhood. Mr. Kopley must be doing something right because his units are, quite literally, selling as fast as they can be delivered, and at prices that are at or even above list price.
Asked why this development seems to be defying the market, Lynne Jackson, Senior Vice President and Marketing Director for The Kopley Group, said the answer is surprisingly simple: when the going gets tough, the tough get… creative!
The Lofts at 1800 reflect the attention to detail and creative design that are the hallmark of The Kopley Group. This combination seems to be a winning ticket for a project that has sold 65% of its units with first move-in beginning at the end of 2009, and which continues to generate buzz and excitement in a market that is otherwise notably devoid of both.
Contributing to the success of this development, Ms. Jackson points to several factors that set this project apart from the competition. These factors include the wide range of unit types, sizes and price-points; standard high-end finishes, including hardwood floors, marble and granite finishes in kitchens and baths, custom cabinetry and high-end appliances, that are all part of a unit’s base price; and a unique design-build approach to customer service where the developer works closely with each individual buyer to customize finishes to their exact tastes and specifications.
Before being transformed into The Lofts at 1800, this was a five-story Cap and Gown Factory. The Kopley Group added a new-construction sixth floor to the structure, and laid out 91 units in which no two were exactly alike (some of these units have since been combined which will result in a lower unit-count at completion). Some of the units are “industrial loft” style with concrete floors and exposed timber beams, while others offer a high degree of finish including rich woodwork and moldings. Some are large, two-story “townhouse” style, while others are compact, one-bedroom flats.
Prices range from a low of $263,500 and top out at just under $900,000. Although the property has only been on the market for a little over a year, the development is well on its way to being sold out.
Recently, the development had its first resale. The seller of that unit not only recouped his initial investment, he actually sold it at a premium to his original purchase price, made nine months earlier… total marketing time – five days. How many recent buyers of condo units in Chicago can make that claim?
Typical buyers at The Lofts at 1800 are pretty “high-end” themselves, according to Ms. Jackson. Although she would not name names, she said the property has attracted a who’s who of Chicago residents from business titans to media personalities. Best of all, traffic at the development remains high and sales continue at a brisk pace with six closings in just the last two months alone.
While the experience of Nick Kopley and The Kopley Group may not be typical for the entire market, it serves to demonstrate that a good product, appropriately priced, well-conceived and effectively marketed can be successful. In fact, it can hit the ball right out of the park.
For More Information Contact:
Steve Cain
RPBG Winter Newsletter
Contact Phone Number: 773 230-5017
###
His project is called The Lofts at 1800, a 91-unit rehab/new construction combination at 1800 W. Grace Street in the Lakeview neighborhood. Mr. Kopley must be doing something right because his units are, quite literally, selling as fast as they can be delivered, and at prices that are at or even above list price.
Asked why this development seems to be defying the market, Lynne Jackson, Senior Vice President and Marketing Director for The Kopley Group, said the answer is surprisingly simple: when the going gets tough, the tough get… creative!
The Lofts at 1800 reflect the attention to detail and creative design that are the hallmark of The Kopley Group. This combination seems to be a winning ticket for a project that has sold 65% of its units with first move-in beginning at the end of 2009, and which continues to generate buzz and excitement in a market that is otherwise notably devoid of both.
Contributing to the success of this development, Ms. Jackson points to several factors that set this project apart from the competition. These factors include the wide range of unit types, sizes and price-points; standard high-end finishes, including hardwood floors, marble and granite finishes in kitchens and baths, custom cabinetry and high-end appliances, that are all part of a unit’s base price; and a unique design-build approach to customer service where the developer works closely with each individual buyer to customize finishes to their exact tastes and specifications.
Before being transformed into The Lofts at 1800, this was a five-story Cap and Gown Factory. The Kopley Group added a new-construction sixth floor to the structure, and laid out 91 units in which no two were exactly alike (some of these units have since been combined which will result in a lower unit-count at completion). Some of the units are “industrial loft” style with concrete floors and exposed timber beams, while others offer a high degree of finish including rich woodwork and moldings. Some are large, two-story “townhouse” style, while others are compact, one-bedroom flats.
Prices range from a low of $263,500 and top out at just under $900,000. Although the property has only been on the market for a little over a year, the development is well on its way to being sold out.
Recently, the development had its first resale. The seller of that unit not only recouped his initial investment, he actually sold it at a premium to his original purchase price, made nine months earlier… total marketing time – five days. How many recent buyers of condo units in Chicago can make that claim?
Typical buyers at The Lofts at 1800 are pretty “high-end” themselves, according to Ms. Jackson. Although she would not name names, she said the property has attracted a who’s who of Chicago residents from business titans to media personalities. Best of all, traffic at the development remains high and sales continue at a brisk pace with six closings in just the last two months alone.
While the experience of Nick Kopley and The Kopley Group may not be typical for the entire market, it serves to demonstrate that a good product, appropriately priced, well-conceived and effectively marketed can be successful. In fact, it can hit the ball right out of the park.
For More Information Contact:
Steve Cain
RPBG Winter Newsletter
Contact Phone Number: 773 230-5017
###
Contact
Steven Cain
773-230-5017
www.kopleygroup.com
773-230-5017
www.kopleygroup.com
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