Terrazio

The South Loop area of downtown Chicago was once known for urban decay and abandoned buildings. However, the area has gone through a renaissance in the last few years that has brought new condominium and loft developments to the neighborhood.

One of the newest developments underway in the South Loop is Terrazio. Terrazio is located at 1935 South Wabash.

Terrazio is being developed by Sedgwick Properties Development Corporation, a Chicago-based company responsible for several major projects around the city.

Sedgwick has developed the Marquee, Park View East, and Old Towne Place. The company also has projects underway in Denver and in the Chicago suburbs.

Terrazio offers one-, two-, and three-bedroom condominiums. Delivery of units in the 7-story building is scheduled for 2009.

One unit currently for sale at Terrazio is a two bedroom and two bath condominium priced at $369,000. Assessment fees for the condominium will be $250 per month.

One of the main draws for buyers at Terrazio is the impressive collection of amenities. The rooftop pool and lounge will offer incredible views of the downtown Chicago skyline. A modern fitness center allows residents to enjoy an active lifestyle from the comfort of their own home.

Terrazio also offers a business center and indoor heated parking.

Each unit will enjoy amenities such as large private balconies, stainless steel appliances, and hardwood floors throughout the condominium. The units will also be prewired for a touch screen control system.

The location of Terrazio is another major draw for buyers. The South Loop now offers many excellent amenities, with new businesses coming to the area every day.

Restaurants in the neighborhood include Kroll’s, La Cantina, Jerry Kleiner, and Triad.

The neighborhood offers easy access to the downtown Chicago business district as well as other parts of the city. The El is just a few blocks away and several buses serve the area.

Residents of the South Loop flock to the 12th Street Beach on Lake Michigan. Burnham Harbor is also just a short walk away.

Professional football fans can cheer for the Chicago Bears at Soldier Field.

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

The condo market in Chicago is going through a difficult period, with declining sales and higher inventory of unsold units.

Buyers could find excellent prices in the short term if the current market conditions persist. According to the Chicago Association of Realtors, the number of condos sold in the Chicago Loop dropped during the second quarter of 2007. A total of 211 condos sold during the quarter, down over 20 percent from the same period last year.

Condo owners are also facing longer waits to find a buyer. According to the report, if you are selling your condo in the Chicago Loop, it will now take you 108 days, a 35 percent increase over last year.

Neighborhoods that have been heavily developed such as the South Loop could be facing a large surplus of inventory of new condos. Buyers should aggressively negotiate for a lower price in the neighborhood.

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