Timber Gallery Lofts

River West continues to expand with the arrival of new condo and loft developments. This once forgotten corner of the Near North Side is now home to some of the most affordable real estate in the city.

One of the many Chicago loft conversions that have transformed the neighborhood is Timber Gallery Lofts, located at 420 W. Ontario. This building was originally a brewery, but now offers a total of 30 luxury lofts. All units have two bedrooms and two baths, with floor plans ranging from 1,160 square feet to 1,400 square feet.

Prices for these units start from 280,000 and top out at 470,000. Parking is also available for an extra 35,000 to 40,000 in the heated parking garage.

Residents of Timber Gallery Lofts enjoy a number of excellent amenities. Kitchens offer a modern layout, with granite countertops, a stainless steel appliance package, and plenty of cabinet space.

These true lofts come with timber ceilings, exposed brick walls, and hardwood floors throughout. Each loft also offers a balcony, while some residents enjoy access to a private rooftop deck. Top floor units also retain the original skylights which pour in natural light throughout the day.

The building offers retail space, including Reza's Restaurant, one of the most popular restaurants in River West. The building also offers washer and dryer hookups and indoor heated parking.

The location of Timber Gallery Lofts can't be beat. River West offers a number of excellent amenities, including shopping, dining, and nightlife. The area is home to several art galleries and boutiques.

Public transportation in the area also allows you to get anywhere in Chicago in just a matter of minutes. Several El stations are located within a few blocks, and CTA buses serve the neighborhood. Commuters can do away with the daily trek to work and enjoy a leisurely walk to much of the downtown Chicago business district.

The neighborhood is also steps from many popular neighborhoods, including Streeterville, the Magnificent Mile, and Old Town Chicago.

Buyers who are looking for a new condo or loft on the Near North Side should keep up with the latest news and stats coming out of the neighborhood.

According to data from the Chicago Association of Realtors, the Near North Side continues to be the most active market in Chicago. A total of 717 condos and lofts were sold during the fourth quarter. This is excellent news for condo owners and developers, as it is the first increase in sales seen during the fourth quarter since 2003.

During the fourth quarter 2006, just 644 condos and lofts were sold in the area. This has helped bring down the average turnover time for condos and lofts listed on the market. It now takes an average of 105 days to find a buyer, down from 114 just a day a year ago.

The strong real estate market has helped prices continue to rise in the neighborhood. The average sales price during the fourth quarter was 4 percent higher than prices seen during the same period in 2006.

The Near North Side benefits from one of the best locations in the city, steps from the most important Chicago landmarks.

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