West Loop Gate in Chicago: Characteristics and Current Deals
West Loop Gate, known popularly as the West Loop, is a neighborhood within Chicago’s greater Near West Side community. West Loop has quite a distinct vibe. Once a manufacturing corridor, West Loop Gate is populated with a number of warehouses and factories that imbue the area with an industrial edge. This edge is what makes West Loop Gate the perfect neighborhood for urban professionals and artists alike that shun the more cookie-cutter, “vanilla” neighborhoods like Wrigleyville and Lincoln Park and seek, instead, a neighborhood with a flare.As far as West Loop real estate goes, the area consists primarily of loft conversions. While some warehouses are still in use, the majority have been converted to trendy lofts that offer an abundance of living space and distinct characteristics. These condominium lofts have been dubbed “loftominiums” and make perfect homes for those who crave open spaces, high ceilings, a sense of rawness and a slice of history all contained under one roof.
In addition to the abundance of lofts and unique living spaces housed within West Loop Gate, there are also plenty of venues where residents can socialize. Indeed, West Loop Gate is filled with popular restaurants and nightclubs, as well as art galleries and, more recently, boutiques. West Randolph Street is lined with some of the most sought-out restaurants in all of Chicago. The variety of dining choices ranges from upscale French to Middle Eastern and from taquerias to sushi and tapas. The streets that surround West Randolph, including Fulton St., are overflowing with some of Chicago’s hottest lounges and nightclubs. There is plenty of action to be found in West Loop Gate’s nightlife while, at the same time, with the Loop just minutes east, morning work commutes couldn’t be simpler.
As desirable as West Loop Gate is so, too, are some of the deals to be had. An example of one fantastic deal is an authentic timber loft for sale at 226 N. Clinton. This spacious loft with 15 ft. ceilings, exposed brick and diagonal wood floors has all the trappings of authentic loft spaces yet its listing price has recently been reduced by $40,000 and currently stands at $219,900 (parking included). A number of other brick and timber lofts are currently on the market for substantially less than they were initally listed. So, if a loft is what you’re after, right now really couldn’t be a better time to buy in terms of the deals that abound.
A West Loop Gate penthouse located at 933 W. Van Buren has also seen substantial price reductions and is currently in foreclosure. Perhaps most significantly, this stunning 3 bedroom, 3 bath, priced at $379,900, is currently listed for over $200,000 less than its 2003 selling price. Another unique opportunity is found at 14 N. Peoria where a three story loft is for sale that was formerly an elevator shaft. Yes, you can live in an elevator shaft. The fist floor is a spacious living room, the second a spacious kitchen and the third, a spacious bedroom. This tri-level brick loft is found in the Hale Lofts, comes with two private outdoor spaces and, best of all, is listed for less than its 2003 selling price at $274,500.Above are but a few examples of the unique properties which populate West Loop Gate and the deals that are currently saturating the area. In addition to getting a tremendous deal, homebuyers are also buying into a tremendous neighborhood. Filled with unique living spaces, trendy restaurants, hip boutiques, hot clubs and an edge stemming from its distinct past and singular structures, West Loop Gate appeals to ultra-urban tastes and personalities.
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 !