Buyers looking for a quality urban lifestyle at an affordable price in Chicago are flocking to the South Loop. The last few years have brought a lot of changes to the neighborhood, which has gone from a forgotten corner of downtown to one of the most vibrant areas of the city.
One development that offers a number of luxury condominiums is 1515 Michigan Avenue Lofts. The address for this development is actually 1525 S. Michigan Ave. The 52-unit development was recently completely rehabbed, and now offers a number of one and two-bedroom units at an affordable price.
There is currently one unit listed on the market at 1515 S Michigan Avenue Lofts. This two-bedroom and one-bath loft has been listed on the market for more than a year. The seller has lowered the asking price to $229,500, after being listed at $240,000. This is an excellent deal compared to prices seen in the building just a couple years ago. A comparable loft that sold at 1515 Michigan Avenue Lofts was priced at $329,900 just two years ago.
Residents enjoy plenty of luxury amenities at 1515 Michigan Avenue Lofts. Each loft offers generous floor plans with a gourmet kitchen that includes a GE appliance package and granite countertops. The large living room offers a wood burning fireplace with granite surround. The large windows let in plenty of natural light throughout the day. Each unit also features plenty of storage space in large closets. Hardwood floors are found throughout the main living areas.
The development offers plenty of assigned parking for residents. Spaces can be purchased separately. The building also features a rooftop deck. The building is pet friendly.
Residents of 1515 Michigan Avenue Lofts live in one of the hottest neighborhoods in the city. The development is within walking distance of the best shopping, nightlife, and restaurants in the South Loop. Michigan Avenue is the commercial center of the neighborhood.
Commuters can get to downtown Chicago in just a few minutes via CTA buses that run along State and Michigan, or by taking the El at Roosevelt. The development offers easy connections to the southern suburbs via the 18th Street Metra station.
Parks, museums, and Soldier Field can be found just a couple blocks east. Grant Park is a short walk from 1515 Michigan Avenue Lofts.
The South Loop continues to offer plenty of luxury condominium developments at affordable prices. The Loop has seen a sharp jump in sales and prices, particularly closer to the downtown Chicago business district.
According to data from the Chicago Association of Realtors, a total of 1,046 condominiums were sold around the Loop in 2007. While this is slightly lower than the 1,091 condos sold in 2006, it is still the second highest total sales ever seen in the Loop in one year.
The neighborhood continued to see higher prices in 2007, as several ultra luxury developments opened their sales center during the year. The average sales price soared by 51 percent in the area, the largest increase of any major market in the city.