Tower Lofts

If you’re young and new to Chicago, Lakeview is where it’s at. This popular neighborhood has seen a lot of growth as young professionals move in to take advantage of the luxury condos and lofts at affordable prices and a prime location close to downtown Chicago.

One of the most innovative new developments in the area is Tower Lofts, located at 1601 W. School. This seven story historic building was restored in 1996 by Related Midwest into lofts and 60,000 square feet of commercial space.

Today, Tower Lofts offers a total of 80 units, with a variety of floor plans perfect for any size household. The floor plans range from 1,200 square feet to as much as 3,500 square feet of living space. Prices for these units start at $300,000 and range up to the low $600s for the largest penthouse lofts.

Several lofts are also available for rent. One unit currently listed on the market is a two-bedroom and one-bath loft priced at $2,400 per month.

Residents of Tower Lofts enjoy a number of excellent amenities. Kitchens come with stainless steel appliances, an island breakfast bar, and granite countertops. The master bathroom offers a Whirlpool tub. Many units offer a wood burning fireplace and large terraces.

Residents will love the huge windows and 14-ft ceilings that give a feeling of space not found in other types of developments. Hardwood floors, extra storage space, and exposed brick walls also come standard with each unit at Tower Lofts.

The building offers an indoor parking garage, extra storage, and a rooftop deck with incredible views of the Chicago skyline.

The location of Tower Lofts is one of the main draws for buyers. Lakeview is one of the youngest neighborhoods, with a large percentage of residents under 30. The neighborhood offers some of the best nightlife in the city, with several restaurants, clubs, and bars within a few blocks of home.

Commuters will love the easy access to downtown Chicago. The El train is located just two blocks away on Paulina Street, and CTA buses run along Ashland Ave.

If you’re in the market for a new condominium or loft in Lakeview, keep up with the latest stats coming out of the real estate market in the area to make the right decision for you and your family.

Sales of condos and lofts in Lakeview have remained relatively strong despite difficult conditions in the national real estate market. According to the Chicago Association of Realtors, a total of 700 units were sold in the neighborhood during the third quarter, making it the second most active market in the city. This is a 6 percent drop from last year in total sales.

Despite the drop in sales, the inventory of unsold condos on the market remained steady, taking some pressure off the market. The average turnover time during the third quarter was 94 days, unchanged from last year.

Prices for condos and lofts in Lakeview rose slightly during the third quarter. The average sales price was up by 4 percent from the same period last year, and could continue to rise if demand remains steady.

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