Chess Lofts

The South Loop of Chicago has been transformed in the last few years from a forgotten corner of the city with empty warehouses and signs of urban decay to a vibrant neighborhood full of new lofts and condominiums.

The neighborhood is one of most popular choices for first time buyers looking for a home close to downtown Chicago.

Chess Lofts is one of the newest options for buyers looking for a luxury loft in the heart of the South Loop.

Located on South Prairie Avenue, Chess Lofts is an innovative redevelopment of a former warehouse owned by the Chess Record Company.

Buyers can choose from one and two bedroom units. Floor plans range in size from 634 square feet for one bedroom units to as much as 1,167 square feet for two bedroom lofts.

Prices start at $170,000 for a one bedroom loft and range up to as much as $430,000 for the largest unit.

Amenities in the lofts include the standard array of features such as stainless steel appliances and granite counter tops in the kitchen, separate bath and shower in the bathroom, and energy efficient windows.

The floor plans offer an open contemporary design, with large windows offering open views to the downtown Chicago business district. The rooftop deck has a beautiful view of the surrounding city.

All units come with a private balcony.

The building offers extra storage, indoor parking, and a modern fitness center.

Amenities in the neighborhood are improving every day. Several new supermarkets are opening around the South Loop.

There are several restaurants within a few blocks of Chess Lofts. Triad Sushi Lounge and Café Society are popular options within a block of the building. The Cotton Club and Grace O’Malley’s are a popular choice for nightlife in the neighborhood.

Chess Lofts is close to many popular parks, including the Lake Michigan waterfront, Women’s Park, and Mark Twain Park.

Residents can also enjoy professional football, museums, and cultural events all within minutes of Chess Lofts.

Buyers looking for a loft or condominium in the South Loop should be aware of current market conditions in the neighborhood.

According to the Chicago Association of Realtors, the Loop saw a decrease in sales and higher inventory levels during the second quarter of 2007.

The number of condos and lofts sold in the neighborhood dropped by 20 percent over last year. The number of buyers who can qualify for loans has dropped due to tougher requirements by banks and lenders.

Prices for condominiums remain at all time highs, with the average sales price at $363,256 during the second quarter, according to the Chicago Association of Realtors.

Condos are staying on the market longer in the Chicago Loop. If you are selling your property in the neighborhood, it will now take an average of 108 days to find a buyer.

Buyers who are looking for a loft or condo in the neighborhood may find excellent deals in the short term as owners are forced to offer lower prices and other incentives.

Chess Lofts offer an excellent option for first time homeowners looking to live close to downtown Chicago without paying prices found on the Near North Side and other more expensive neighborhoods.

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