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Avondale is a quiet community in northwest Chicago. The area is starting to see a marked increase in the amount of new condo and loft developments as buyers look for affordable real estate.
One of the newest loft developments to come to the neighborhood is Belmont Lofts, located at 4131 W. Belmont. This development is a project by Metropolitan Development Enterprises, one of the largest developers of Chicago condominiums and lofts in Chicago.
There are only three lofts remaining in this historic building. A one-bedroom unit is currently on the market for 249,900. Residents enjoy a den, one bath, and a total of 1,002 square feet of living space. Another unit currently listed on the market at Belmont Lofts is a two-bedroom loft with a total of 1,102 square feet. This loft comes with two baths, and is listed at 269,900.
The largest unit is a 1,167 square foot loft that also offers two bedrooms and two baths. This loft is priced at 275,900.
Kitchens come with 42-inch cabinets, granite counter tops, and Kohler fixtures. A full appliance package is also included with each kitchen. Baths offer marble counter tops, a soaking tub, the best finishings on the market. Residents enjoy plush carpeting and walk-in closets in the master bedroom.
Each unit also comes standard with hardwood floors in the main living areas, private outdoor space, hookups for a washer and dryer, and individual security system. The 12-foot ceilings and oversize windows give each loft a feeling of space not found in many other developments around Avondale.
All residents will enjoy a number of luxury amenities, including a conference center, modern fitness center, extra storage space, and deeded indoor and outdoor parking.
Avondale offers buyers a great feeling of community, with tree-lined streets and pleasant parks, the area is becoming popular with young families looking for a bit of peace and quiet.
The area is well connected with downtown Chicago via buses, trains, and expressways. The CTA Blue Line passes along the Kennedy Expressway, and the Metra has a stop along N. Milwaukee Ave. Several CTA buses run along major avenues in the area, connecting residents with other parts of Chicago in minutes.
The real estate market in Avondale is relatively small when compared to other parts of Chicago. However, while many neighborhoods are seeing a downturn in sales, Avondale continues to enjoy strong demand for the new condo and loft developments in the area.
According to the Chicago Association of Realtors, a total of 33 units were sold during the fourth quarter in Avondale. This is a 22 percent increase from the same period in 2006, and is the highest total sales seen during the fourth quarter in more than 16 years.
However, even as sales increase around Avondale, developers continue to roll out new offerings in the area. The average turnover time for condos sold during the fourth quarter rose to 114 days, up from 90 days during the fourth quarter 2006.
However, the rise in the inventory of condos and lofts sitting on the market didn't keep prices from rising again around the neighborhood. The average sales price during the fourth quarter rose by 8 percent from the same period in 2006, and could continue to rise if sales remain strong in the neighborhood.
Buyers looking for an affordable new condo or loft in Chicago shouldn't miss out on the opportunities available in this pleasant corner of the city.