Skytech Lofts

The Near West Side offers a number of interesting options for buyers looking for a luxury condo or loft. The neighborhood has been transformed from a forgotten corner of the city into one of the premier locations offering loft conversions and modern developments.

One of the most modern Chicago loft developments on the market on the Near West Side is Skytech Lofts, located at 1501 W. Madison. The development is a project by West Madison Developers, a Chicago-based company with lots of experience in the local real estate market.

Skytech Lofts offers a total of 147 units, ranging in size from 900 square feet to over 2,000 square feet. Prices for these luxury lofts start in the mid $200s for a one-bedroom unit and range up to $700,000 for the largest penthouse units.

Residents of Skytech Lofts enjoy plenty of luxury amenities. Kitchens come with a stainless steel appliance package, granite countertops, and a breakfast bar. Units come with hardwood floors, oversized windows, and private balconies with incredible views of the downtown Chicago skyline.

Residents also enjoy a gas fireplace, high ceilings, and central air and heating. Parking is available for an extra price.

The location of Skytech Lofts is one of the main draws for buyers looking for a luxury loft on the Near West Side. The development is located in the heart of the action, with plenty of restaurants, shopping, and nightlife within walking distance.

Downtown Chicago is also just steps from your front door. Commuters will love the easy connections to downtown via CTA buses on Washington Blvd, the El train on Ashland, or they can just walk to work in a matter of minutes.

The development is located near several parks, including Skinner Park and Union Park. The United Center is also just three blocks from Skytech Lofts. Residents can enjoy a concert or catch a Bulls game without worrying about parking.

Several universities are also close by. The University of Illinois at Chicago and Malcolm X College are both within walking distance.

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

After several years of skyrocketing sales, the market has cooled off considerably. According to data from the Chicago Association of Realtors, a total of 383 condominiums and lofts were sold in the neighborhood during the third quarter, down 31 percent from the same period last year.

The slowdown in sales has led to an increase in the average turnover time for properties on the market. Sellers must now wait an average of 149 days to find a buyer in the area.

However, fewer sales haven’t caused prices to come down in the neighborhood yet. According to the C.A.R. report, the average sales price for condos and lofts during the third quarter was 11 percent higher than during the same period last year.

Buyers should beware of getting in the market at the peak. If demand continues to drop in the neighborhood, many condo owners and developers will have to offer price cuts to attract more interest.

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