Olympia Lofts

The Near West Side of Chicago has experienced heavy development of condominiums and loft space in the last few years.

The West Loop has many older warehouses that have been converted into lofts. The neighborhood is the epicenter of nightlife for the Near West Side.

One example of a loft conversion on the West Loop can be found at 843 West Adams. The Olympia Lofts were built in 1995 from a former factory, and were one of the first such loft conversions in the area.

The 66-unit building offers lofts ranging from 950 square feet to over 1400 square feet. Prices for the units start at $250,000 for the smallest loft to as much as $400,000 for the most luxurious units.

This historic building has been restored with an attention to detail. Along with the original exposed brick and other historic features, the Olympia Lofts offer several modern amenities.

Each unit comes with deeded indoor parking and extra storage space. There are also several units that enjoy east-facing views of the downtown Chicago skyline.

The West Loop became popular due to its proximity to downtown Chicago. Young professionals and artists flocked to the neighborhood. They were soon followed by many new businesses, restaurants, and nightlife that have made the neighborhood one of the trendiest in the city.

Randolph Street is the epicenter of chic in the neighborhood. Residents can enjoy the many restaurants on Randolph, such as Sushi Wabi and the Bluepoint Oyster Bar.

Nightlife in the area centers around the many bars that have popped up all over the West Loop. Try the Bone Daddy at 551 N. Ogden or The Tasting Room at 1415 W. Randolph.

East of the Kennedy Expressway is the popular Chicago neighborhood Greek Town. This area is home to some of the best Greek restaurants and shops in the city.

Commuters can enjoy a short walk to many parts of the downtown Chicago business area. There are also several Chicago buses that connect the neighborhood with downtown and other parts of the city.

Chicago’s Union Station is just five blocks from the Olympia Lofts. The University of Illinois at Chicago is just south of the development.

The real estate market for condominiums on the Near West Side continues to be one of the busiest in the city. More condominiums and lofts are sold on the Near West Side than in any other neighborhood in Chicago except Lakeview and the Near North Side.

However, recent numbers from the Chicago Association of Realtors for the second quarter of 2007 show a weakening real estate market in the neighborhood.

Total sales of condominiums on the Near West Side dropped by 20 percent to 560 during the second quarter of this year.

The turnover time for a condo also increased during the second quarter of 2007, according to the Chicago Association of Realtors.

If you are selling a Chicago condo on the Near West Side, it will now take you an average of 175 days, up 75 percent from two years ago.

Despite the decline in sales and the increase in time it takes to sell a condo in the neighborhood, prices continue to increase.

The average sales price for a condo on the Near West Side increased to $352,205 during the second quarter of this year, up from $319,695 during 2006.

Buyers should beware of a peak in prices in the market. As condo owners wait longer to sell their property and fewer buyers are looking on the market, prices should come down.

Buyers should aggressively negotiate when buying a condominium on the Near West Side or wait for prices to realistically reflect the current market conditions in Chicago.

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