Known as the primary loft district of Chicago, West Loop real estate is situated the north central area of the Near West Side, west of downtown Chicago’s central business district (“The Loop”). West Loop properties are bounded by the Chicago River to the East, Ashland to the West, Grand to the North, and Interstate 290 to the South.
Drawing a significant number of young professionals, West Loop Chicago real estate consists of many traditional brick buildings that have been converted to lofts, featuring exposed brick and timber ceilings. West Loop properties are becoming increasingly popular thanks to the area’s proximity to The Loop (the financial district of Chicago). An ideal location means a quick commute to work with plenty of accessibility to The Loop and to busses, taxis and other transportation. The area is often compared to New York City’s trendy Soho neighborhood and meatpacking district, largely due to the emergence of lofts and galleries alongside the old meat packing plants of Chicago.
The West Loop Chicago real estate market has grown substantially with the series of major new high-rise office and residential towers. East of the Kennedy Expressway is West Loop Gate, home to a mix of high rises, lofts and townhomes. West of the Expressway you’ll primarily find lofts and low-rise condos. The high-rise office and residential complexes in the area offer a pleasing array of conveniences for those looking into West Loop properties – from shopping to private health clubs and everything in-between. A successful strategy in the development of West Loop properties and other Chicago properties has been for developers to work with what already exists in the city, and integrate new with old. The result is a charming and diverse aesthetic, with something for everyone. The median selling price for one-bedroom condos and townhomes in West Loop is around $270,000, with two-bedroom units selling with a median price of $350,000, and three-bedroom or more units at $580,000.
West Loop’s Halsted Street is located along the Eastern border of the West Loop and is known primarily as Chicago’s “Greektown.” Owners of West Loop properties enjoy Greektown’s impressive concentration of dance clubs and bars, many of which are located on Lake Street.
If you are interested in the West Loop, you are advised to act quickly. Prices are steadily rising in the area, and land for development is becoming limited. For more valuable information on West Loop, Chicago real estate and highly coveted West Loop properties, call expert Realtor Mike Long of Long Realty at 773-851-3654 to make an appointment today.
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