Hale Lofts

The Near West Side has undergone a huge transformation in recent years. The area was once a forgotten corner of downtown Chicago, home to abandoned warehouses and empty lots. However, as artists and young professionals flocked to the area in search of cheap rents and affordable condominiums, developers took note. There are now hundreds of luxury loft and condo developments in the neighborhood.

One luxury loft development in the area is Hale Lofts, located at 14 North Peoria Street. This 47-unit building dates back to 1925, and was one of the original conversions in the area. Work on the project ended in 1994.

Buyers can choose from floor plans ranging from 780 square feet to as much as 2,200 square feet. Prices start at $290,000 for the smallest one-bedroom unit. The penthouse units sell for as much as $1.4 million. There is one unit currently listed on the market. A two-bedroom and two-bath loft at Hale Lofts is priced at $540,000. This unit offers a total of 2,200 square feet of living space. Assessments for the unit run $484 per month.

Residents enjoy a number of luxury amenities, including stainless steel appliances, granite countertops, an island, and custom cherry cabinets in the kitchen. The high ceilings, hardwood floors, and exposed brick walls give these units the look of a true timber loft. Each unit also offers extra large windows with beautiful views of the downtown Chicago skyline.

The development offers residents access to heated parking and a rooftop deck, the perfect place to get to know the neighbors or entertain friends while taking in the incredible views of the surrounding skyline.

The neighborhood is one of the biggest draws for new residents of Hale Lofts. The Near West Side offers a great mix of art galleries, clubs, bars, and trendy restaurants.

The area also offers excellent public transportation. Union Station and the Ogilvie Transportation Center are both within a few blocks. CTA buses also run down several avenues in the area. Commuters can do away with the daily trip to work and save time by walking to work. The downtown Chicago business district is just a few blocks from home.

If you're in the market for a new condo or loft on the Near West Side, keep up with the latest news coming out of the real estate market in the area.

According to the Chicago Association of Realtors, a total of 229 condos and lofts were sold in the neighborhood during the fourth quarter. This is a 40 percent decline in sales from the same quarter in 2006, and the lowest total sales seen in the neighborhood since 2000.

Despite the drop in sales, the average turnover time for condos and lofts on the market dropped by 29 days. If you're selling your condo in the neighborhood, it will now take an average of 116 days to find a buyer.

The stable inventory numbers in the neighborhood helped prices rise yet again. The average sales price during the fourth quarter posted a 2 percent increase from the same period in 2006.

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