South Loop Boom
Despite a widespread decline in new-construction growth, some areas of Chicago are experiencing a hardy housing boom.
Around the country there is concern about the slowdown in the housing market. In many regions, inventory levels are not going down quick enough to warrant the building of new homes. However, certain neighborhoods in Chicago are defying the odds. Right now, the South Loop is teeming with bulldozers, cranes and busy construction workers as developers put up multi-story condos creating hundreds of brand new units.
One such high-rise is located at 601 S. Wells. Construction on this 31-story luxury condo building began this spring. Once completed, the development will offer buyers units from only 500 sq. ft. to a spacious 2,000 sq. ft. Likewise, the price range for the units will vary greatly, starting in the mid-$100,000s and going up to $800,000.
Another 144-unit residential development at 1600S. Indiana was finished earlier this month. Lakeside Tower is 20-stories and offers 683-1630 sq. ft. units.
Condominiums aren’t the only thing going up in the South Loop. As the area develops, existing-home prices are on the rise as well. Some homes have more than doubled in value since 1990. Now, townhouses are listed in the $600,000s which has made it difficult for many lower and middle-income families to stay in the neighborhood.
Even so, the population in the South Loop has dramatically increased in the last decade. More than 7,000 people have moved into the vicinity in the past 10 years, making the South Loop one of Chicago’s fastest growing neighborhoods.
Get more info on the above-mentioned condominiums and other new South Loop developments by calling 312-268-8000 to speak with a Dream Town agent. Use Dreamtown.com’s top-rated real estate search engine to look for developments in the South Loop and other Chicago neighborhoods.