South Loop Condo Market is Growing

September 22, 2012

south loop chicago condo growthRelated Midwest is predicting that a strengthening Chicago real estate market combined with the demand for more luxury home products has the potential to increase Chicago condo sales.

The development firm has decided to take on a partnership that will relaunch three failed condo buildings in the South Loop’s Museum Campus. The condos are located at 201 South Prairie Avenue, 1629 South Prairie Avenue and 1901 South Calumet Avenue.

Currently 500 of these condos are unsold, but units will be going up for sale in early 2013. Related Midwest is working to revamp these condos, and their goal is to install new cabinetry, hardwood floors and high-tech appliances in nearly all of the units.

Related Midwest also plans on taking the lead with marketing and sales. The company will manage the redone buildings and all 500 units will be sold instead of rented.

A study from the Regional Economics Applications Laboratory at the University of Illinois predicted that condo prices will most likely stay the same as they were last year. These stable numbers means that supply and demand will drive up condo costs. It is also important to note that Chicago condo sales are almost always affected by an increase in suburban home sales.

So while selling 500 condos may seem like a daunting task, the recent growth in the real estate industry plus Related Midwest’s focus on luxury appliances and interiors should prove to make the South Loop Condo market more of a success.

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