An encouraging bit of news was featured today on ChicagoRealEstateDaily.com, and in case you missed it, it looks as if the South Loop condo market is really starting to gain some momentum. Last July, Related Midwest announced it had acquired nearly 500 South Loop condominiums with a plan to renovate and re-market these units as the market slowly starts to improve. Although the development strategy may have seemed risky at the time, it appears as if the move is now starting to really pay off.
According to Crain’s, more than 100 of those South Loop condos have been sold, and it’s only been just several months since the official re-launch. Asking prices for the newly revamped condos were set between the middle $200,000s all the way up to $2 million, and although many units still remain, this is without question a clear sign that Chicago’s condo market is once again strong—and apparently on fire.
Also just installed in Chicago’s South Loop were eighteen artistic glass street light tubes along Congress Parkway’s median, as well as 343 decorative light sculptures that bring this part of downtown to life. With reports claiming these ornate improvements cost tax payers $3.4 million, the lights aren’t coming without a bit of controversy, but it’s hard to argue the creativity and much-needed glamour they’re adding to the neighborhood. So between a thriving condo market and some serious infrastructure improvements, it seems Chicago’s South Loop is back on its way up—after the hit it took from the recent housing crash, we couldn’t be happier.
For more information on South Loop condos for sale or to schedule a private showing for a home or condo you’d like to see in downtown Chicago, contact Ted Guarnero today at (312) 566-8141!
Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales. Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !