Any Chicagoan can tell you that the city is a patchwork quilt of communities, comprised of 77 officially designated neighborhoods, each containing their own individual sub-communities, each unique in their own way.

Wicker Park, however, is more than just a patch in a quilt. A subdivision of the larger West Town area—which also includes Bucktown, Ukrainian Village, East Humboldt Park, Noble Square and Smith Park—Wicker Park is quite possibly one of the most sought-after locations in the entire Windy City.

It’s not difficult to see why the area has garnered so much attention in recent years: with the bustling Six Corners—the intersection of North, Damen and Milwaukee Avenues—as its epicenter, Wicker Park boasts an infinite wealth of high-end restaurants, jam-packed nightclubs and bars, and streets lined with both privately-owned boutiques and major shopping labels. Wicker Park is more than just an intersection of avenues; it is a collision of the upscale and the laid-back, offering equal parts glamour and comfort.

This kind of duality is echoed in one of the neighborhood’s newest condominium buildings, too: The newly remodeled Wicker West 1555. Purchased last year by Mosaic Development LLC, a Chicago-based real estate investment company, the building received a much-needed facelift, and is now looking for buyers.

The building’s playful, avant-garde façade shelters nine condos, each with its own distinct floor plan to suit the diversity of its residents. Each unit boasts stone countertops in the kitchen and gas fireplaces in the living rooms, as well as bamboo or wide-plank oak flooring and porcelain or marble tiling in the bathroom. Luxury amenities like an in-unit washer and dryer and a whirlpool bathtub come standard in all units, but the real appeal of Wicker West 1555 is that each unit possesses its own divergent personality, designed to meet the specific needs of the owner. Sizes and prices range (although all of the units are reasonably priced), and each unit can be customized depending on what their owner desires.

For the Chicagoan looking for a single-family home feel without the single-family home price, Wicker West 1555 is an ideal choice. Smack in the middle of Wicker Park, this building offers proximity to the action as well as the opportunity to craft one’s very own ideal living space.

Anyone sorting through the dwindling inventory of condos in Chicago should contact their local agent about seeing this property. The time to act is now—and fast, before the remaining units in Wicker West 1555 disappear as quickly as they appeared.

Recent trends reports suggest that the Chicago condo market is turning around, allowing sellers to gain traction in what had been (until recently) a market heavily skewed towards buyers.

Record-low inventory levels—spurred mostly by a rapidly decreasing number of distressed properties—have begun to push median condo prices gradually upward, greatly benefitting the few condo owners with their properties for sale. Buyers will continue to reap the benefits of a market in recovery, but the future is sure to bring good things to those intrepid enough to place their Chicago condo on the market.

According to the National Association of Realtors’ (NAR) most recent Existing Home Sales Report, total housing inventory across the country dropped a whopping 4.9% to 1.74 million existing homes available for sale at the end of January, representing a 4.2-month supply at the current sales pace—the lowest since April 2005.

In addition, listed inventory is down 25.3 percent from last year, and raw, unsold inventory has not been this low since December 1999.

In Chicago alone, the inventory of listed three-bedroom condos shrunk some 31.9% in the fourth quarter of 2012, while the number of units sold rose by 38%. Most exciting for condo sellers is the news that the median price of these condos went up an impressive 17%, while the average days on market decreased by 11%.

Following the rules of supply and demand, those selling their Chicago condos are sure to benefit from the events of the past couple of months. Less inventory means less competition for sellers, which also means that buyers will inevitably have less room to negotiate a deal. If the numbers continue on their current trajectory, sellers will increasingly find themselves in the seat of power during a condo sale.

On the other hand, buyers are far from powerless nowadays. After all, the 17% increase in median condo prices sounds a lot less impressive when you consider that the brunt of that improvement came from distressed home sales. Remove those sales from the equation and the median price of normal sales only went up by 1.4%. For now, the equilibrium is still tilted in favor of buyers, even as sellers find more and more reason to put their condos on the market.

As this occurs, the inventory will again increase to normal levels, creating more competition between sellers. For this reason, condo owners hesitant to list their properties for sale should consider acting now, before the market becomes saturated with listings. As it stands, there is ample opportunity for both condo sellers and buyers to profit in the current market—it’s all just a matter of playing the game right.

Since early January, the Windy City has been many times blanketed in layers of snow, with inhospitable temperatures forcing residents to hole up indoors where it’s warm and dry. But even as we grow to appreciate the coziness of our living space all the more during the snowy season, some of us can’t help but fantasize about what we could do to make our living rooms and kitchens better looking.

Lucky for us, spring is never too far away. In a few months, the ice will thaw, the temperature will rise, and the conditions will be ideal for us to start renovating our Chicago condos.

If you’re planning a spring renovation for your unit, or designing a new condo to be built in the spring, keep this one thought in mind: avoid the mundane and embrace the unexpected.

Chicago is a city famed for its avant-garde, modernist architecture, so take a note from the “Greats” and think outside the box. Remember that the essence of beauty is a pattern containing fluctuations—incorporate an element of surprise into your design.

Adding an unexpected form, recess or feature, for example, is a great way to break up a mundane space. A hallway niche or arched recess is an elegant and cost-effective way of deviating from the expected.

Another way of shaking up your condo design is to vary the floor levels, including raised or sunken areas in your two-dimensional floor plan. Constructing an overlook from higher to lower levels—especially in an unexpected place like a bedroom—is a great, unconventional way of playing with space.

Ceiling heights can be varied as well, giving your condo a more dynamic look. Take a page from the book of renowned architect Frank Lloyd Wright and experiment with the way ceiling levels can transform the overall feel of a space. A low-ceilinged passage that opens into a lofty, high-ceilinged space is a nice, unexpected surprise for visitors.

These are just a few ways of introducing some edge into a conventional floor plan. Chicago condo owners who are serious about renovating or redesigning their space should plan on attending one of Chicago’s premier home remodeling events: the Chicagoland Home Remodeling and Design Expo 2013, from May 18-19th. This event will provide valuable information for anyone thinking about renovation, and should not be missed.

With so many Chicago condos owners still refusing to list their properties for sale, the number of three-bedroom units on the market is rapidly shrinking. For sellers, who have been struggling amidst competition for years, this is certainly welcome news—but for buyers, it means less chances to negotiate on the conditions of a sale.

The fourth quarter of 2012 alone witnessed a dramatic 32 percent decrease in three-bedroom Chicago condos, down from 3,724 a year earlier to 2,535. This marks a four-year low in inventory, down almost half from the fourth quarter of 2009.

Even better for sellers was the median sale price of a three-bedroom condo in the fourth quarter, which rose a respectable 17 percent. In addition, the number of units sold rose by 38 percent, the average days on market decreased by 11 percent and the number of pending sales went up 36 percent, ensuring a healthy first quarter of 2013.

Inventory may be shrinking, but there is still a wealth of alluring three-bedroom condo properties to choose from in Chicago. Take 2130 N. Lincoln Park West #2S, an opulent, 2400 square foot unit overlooking Lincoln Park and the Zoo. Located in a gorgeous boutique building, this unit boasts its own private elevator, a 38-foot barrel vaulted ceiling gallery, oak floors and a 660 square foot terrace, among other things.

Or if Wicker Park is more your style, you might be interested in the elegant simplicity of 1271 N. Marion Court, an end unit townhouse with four levels of living space. This three-bedroom condo is within walking distance of the bustling Division and North avenues and offers amenities like an attached two-car garage, a fireplace and a huge master suite with a deck.

For another vastly different option, you can travel to Lakeview to check out 1252 W. Oakdale. This 3000 square foot townhome comes equipped with vaulted ceilings in the foyer and master bedroom (which has a recently redone En Suite Master Bath), a wet bar and three private outdoor spaces.

Let the aforementioned luxury three-bedroom condo units serve as proof that Chicago’s three-bedroom condo inventory, though quickly diminishing, still has a variety of gems to offer. The options may be dwindling, but a smart and savvy buyer still has the potential to strike gold in this market, but only if they are willing to work for it.

2013 is projected to be an active year for the Chicago real estate market. But plenty of neighborhoods are already experiencing increased activity. Bucktown and Wicker Park in particular are hot destinations for Chicagoans and high demand has officially eclipsed supply, resulting in a shortage of housing in this particular market area.

Chicago real estate agents attribute the shortage to a number of variables: low interest rates, increase in demand and an improving economy. The current state of the market has shifted the mindset of hopeful house hunters. They are prepared to move fast and are aware of the stiffer competition. This has increased sale prices and decreased the amount of time that homes stay on the market.

If you’ve targeted the Bucktown/Wicker Park area as the ideal neighborhood, don’t be deterred, just be prepared to move quickly. And of course, don’t hesitate to contact your local real estate professional to help guide you on your path to homeownership.

Check out some of these options, currently available in the Bucktown/Wicker Park area.

$399,900 952 N. Wolcott #3 Chicago, IL 60622 (MLS #  07816498)
This two bed/two bath penthouse features newly finished maple hardwood floors throughout, two outdoor areas, a private rooftop deck, garage parking and upgraded stainless steel kitchen appliance. Located on a sleepy tree-lined block merely steps away from the conveniences of Division Street. This is a condo not to be missed.

$335,000 2210 W. Wabansia #210 Chicago, IL 60647 (MLS # 08254808)
This two bed/two bath timber loft features washer and dryer in-unit, exposed brick, wood burning fireplace, granite kitchen island, heated garage, large balcony and new hardwood floors throughout. This unit is close to the heart of Bucktown and is in walking distance to the Blue Line.

2328 N. Oakley Ave. #3E Chicago, IL 60647 (MLS #07875930)
This four bedroom/two bathroom duplex is located on the top floor of its building. This unit boasts features 10-foot ceiling, cherry cabinets, double sinks, in-unit washer/dryer, granite counters  and stainless steel appliances.

After several belabored years for the Chicago condo market, things are looking up. Chicago condo sellers will be the first to benefit from recent improvements in sales volume and pricing due to a rapidly shrinking inventory.

Last year, sales of existing Chicago condos rose by nearly 32 percent, while the median sale price went up 2.6 percent over the previous year, according to research from Appraisal Research Counselors. Sales of distressed properties, still the number one detriment to the Chicago condo market, accounting for 28 percent of sales since 2010, dropped to 17 percent of sales last year.

Inventory will continue to go down in the coming year as more and more investors pour their efforts into the burgeoning apartment market, seeking to profit off of people’s unwillingness to dive into property ownership. Many companies still in the game are skewing towards smaller projects in key neighborhoods where demand has grown as of late. Still, the downtown condo market is nowhere near as hard-hit as it was a couple of years ago—only a little over a thousand newly constructed condo units in downtown remain unsold.

And considering the quality of many of the downtown condos still up for sale, that number should go down considerably in the coming years. It’s only a matter of time before units like 500 N. St. Clair #1201, a massive, three-bedroom unit in Streeterville, find a buyer. With 3200 square feet of barely-lived-in space, 12-foot ceilings, stainless steel appliances and an indoor pool and workout room in the building, this luxury condominium unit should have no trouble attracting attention.

But that’s not the only downtown Chicago condo with luxury amenities on offer. 700 W. Van Buren #608 is an equally impressive unit, boasting ample natural light, massive closet space and a balcony with an impressive view. Located just steps from the blue line and not far from the expressway, this one-bedroom unit affords its owners access to most of the city.

165 N. Canal #920 is yet another example of the high-end condo units that abound in Chicago’s downtown area. Its two bedrooms, two bathrooms and one “bonus” room come equipped with professionally installed shelving and drawers and cabinetry, plus newer appliances. Granite and marble countertops, a gas fireplace and an east-facing balcony with a stunning view round out the long list of upscale amenities this unit has to offer.

In short, things are starting to look up for the Chicago condo market. With so many quality units still available, there is still ample opportunity for buyers to benefit from the market as much as sellers inevitably will in the coming years.

Coming into 2013, Chicago’s downtown rental market seems to be enjoying a renaissance period of sorts: rents are still rising beyond their all-time highs and demand continues to grow. And of course, landlords are having no issues filling their units.

But we suspect the boom times will face a stiff test as developers plan to add more than 5,200 units to the downtown market within the next two years.

Chicago-based consulting firm, Appraisal Research Counselors, has announced that rental demand in Chicago isn’t going to taper off anytime soon, but the pending influx of new units into the market will certainly test prices.

The current effective Class A rent (top-tier) was $2.58 per square foot in the fourth quarter of 2012; this represents an impressive 6.2 percent increase from 2011. And even more impressively, Class A rents have increased 24 percent since 2009. All of this is widely attributed to the fact that more and more Chicagoans are renting apartments and bypassing Chicago condos for sale.

Looking to capitalize on the strength of the rental market, developers are working hard and fast to finish new constructions. While the idea is to satisfy a growing demand, the corresponding question has now become: How much is too much? There are 2,695 units purposed to enter the marketplace by year’s end and an additional 2,530 in 2014.

Two of the bigger rental developments coming to market this year are the towers at 500 N. Lake Shore Drive (Streeterville) and 345 E. Wacker Drive (Near East Side).

500 Lake Shore Drive is scheduled to open its doors in May of this year, after only two short years of construction. This 45-story building boasts 500 units and represents one of the few new construction projects along Lake Shore Drive. This building hopes to combine great views, green initiatives and luxurious amenities to attract potential renters. 500 Lake Shore Drive will feature a landscaped exterior roof terrace with pool, sundeck, private cabanas and dining areas equipped with kitchens and a fire pit.

345 E. Wacker Drive is slated to open its doors this month to residents. A 49-story building with 499 residential apartments, 18,000 square feet of retail space, 18,000 square feet of amenities and parking underneath Wacker Drive. There is a lap pool, landscaped terrace, fitness center, sauna, whirlpool and game/media rooms on the amenity floor.

Only time will tell if the rental market is strong enough to support an influx of new rental units or if oversaturation will negatively affect rental prices.

The story of the Opera Lofts, located at 2545 S. Dearborn Street, between Bronzeville and the South Loop, is inherently American.

Local enterprising developer Andres Scholnik converted an old warehouse, once owned by the Lyric Opera, into a 93-unit condo building during the housing boom. Unfortunately, the completion of the Opera Lofts project coincided with the fallout of the housing market. Sales were stagnant—as they were with all Chicago condos—due to the recession and the building’s unusual location.

Fast forward five years and a once failed real estate venture has received new life. HP Ventures and Group LLC made its largest purchase to date when the company paid roughly $8 million dollars to purchase 58 unsold units inside the Opera Lofts. At a price point of roughly $136,000 per completed unit, the total cost to complete the project will hover somewhere around $9.5 million dollars, which includes the completion of 11 unfinished units.

The company, which specializes in failed condo projects, sees a huge upside in this transaction and the plan is to use rental income from finished units to supplement the remaining costs of the project, at least until HP is in a position to sell the remainder of the units. With a white hot Chicago rental market, HP sees potential to convert rentals into sales in the coming years.

Mr. Scholnik is finally out from underneath the $21-million dollar foreclosure suit that was filed against his project back in 2011; he is no longer liable for monies unpaid. While it may not be a fairytale ending, Mr. Scholnik acknowledges his fortune as he characterized the recent events as a “happy conclusion to a complicated job.”

The Opera Lofts is a modern structure that boasts deeded indoor parking spots, scenic rooftop views, several thousand square feet of green roof, common decks, pet-friendly dog runs, gorgeous city views, a fitness center and high speed elevators. Layouts for individual units vary but the amenities are similar from unit to unit: exposed brick walls, spiral staircase, fireplace, granite countertop and spacious kitchen island, and hardwood floors throughout.

In terms of sale prices, there are several options for potential buyers. Some units are under bank approved short sales, while others offer rent-to-buy options. Let your Chicago real estate agent know you’re interested in these units, and they’ll find out exactly which ones are at your disposal.

Chicago may be known as the Second City, but when it comes to high-end condominium properties, we’re second to none.

Look no further than 2701 N. Greenview #E—a Chicago condominium that spans an entire corner of the luxurious Tamerlane in Lincoln Park. Currently owned by its interior designer, this expansive living space has been perfected to meet its maximum potential as a high-end, luxury condo.

This palatial townhouse boasts 4,000 square feet and consists of three massive bedrooms and five bathrooms, all positively flooded with an abundance of natural light from their multiple outdoor exposures. And in this upscale condo, the master suite—equipped with four closets, a fireplace and a sitting area—more than lives up to its name.

An additional room, currently being utilized as a play/family room with custom built-ins, can function as a fourth bedroom if need be, but with so much space, it could be virtually anything its new owner desires. As an added bonus, every room comes with its very own audio system.

The open floor plan allows the space to flow freely, merging the living room, dining room and gourmet eat-in kitchen into a singular, party-friendly entity. The kitchen alone is a feat of real estate, consisting of gourmet granite, custom white wood cabinets and a six-burner Viking range.

Even in a city with such a diversity of beautiful neighborhoods, the surrounding Lincoln Park area is considered one of the prime residential areas in Chicago. Greenview is a quiet street located within walking distance of several gourmet restaurants, entertainment hot spots and high-end boutiques. Of course if you live in 2701 N. Greenview #E, you can always take the neighborhood in from the privacy of your very own gargantuan outdoor patio—the largest outdoor space in the entire complex.

In short, when searching for something special amongst the Chicago condos for sale, there’s nothing “second” about this luxury unit. Replete with a laundry list of sumptuous amenities, the corner townhouse at the Tamerlane has everything a smart, modern Chicagoan could ever hope for in a living space, and much, much more.

In a city like Chicago, where dozens of neighborhoods each boast their own unique appeal, one can always find a place to live that suits their individual needs, and they can do it without too much difficulty. But these same neighborhoods are in a constant state of flux, and with each new year it seems there’s a shift in which areas are agreed upon as the “hottest” in the city.

This year, with crime rates in the north going up, more and more residents are traveling south of Diversey Parkway to find Chicago condos for sale, spearheading the renewal of areas once thought too dangerous to call home.

Logan Square is a prime example of this phenomenon. While not the most lavish neighborhood, its affordable prices and emerging restaurant and nightclub scenes are attracting hordes of young people. Of course, it doesn’t hurt that it neighbors Wicker Park and Bucktown, two of the most popular neighborhoods in the city—but with more businesses moving in every day, Logan Square is rapidly becoming one of the most desirable areas in Chicago.

With spacious and budget-friendly residences like 3106 N. Lyndale #2B, a three-bedroom duplex condo with nearly 2000 square feet of living space, Logan Square should have no trouble attracting those in the market for an unbeatable deal.

Travel further west and you’ll hit another one of 2013’s Chicago hotspots: West Town’s Noble Square/East Village, an area capitalizing on the overflow of its swanky neighbors. With real estate prices on the rise in Wicker Park, Bucktown and River North, Chicagoans are migrating to this area due to its affordability and proximity to the action.

Lofty living spaces abound in Noble Square, like the three-bedroom condo unit at 413 N. Noble. The area may be remote, but the price is right—as are the stunning views, large rear decks and stainless steel appliances.

Last (but not least) on the list of Chicago hotspots of the year is the steadily emerging Avondale. With new restaurants and businesses flooding in weekly, the area has managed to capture the attention of hipsters from all over the city, thus increasing its value exponentially. For now, though, it is still possible to snag a great deal on a quality home.

For proof, check out the luxurious three-bedroom condo unit at 3328 N. Drake. Located on a charming, tree-line street just steps from public transportation, this unit boasts sizable rooms with plenty of natural light and fully upgraded appliances.

So, there they are: the three hippest Chicago neighborhoods of 2013. Some may consider them slightly rough, but with more people flocking to them every day, they won’t stay that way for long.