Chicago’s West Loop neighborhood keeps racking up condo sales

How strong is Chicago’s West Loop neighborhood today? A recent story in Crain’s Chicago Business gives a hint.

The story looks at a penthouse in a newly built condo building in the West Loop that just sold for slightly more than $4 million. According to the story, two more condo units in this building are expected to sell for about the same price during the next two weeks.

What’s especially interesting is that this now sold-out building, the Hayden West Loop located on Washington Street, has had at least 16 of its 28 units sell for $2 million or more. How impressive is that? According to the Crain’s story, only 17 condo units sold for $2 million or more in the entire Gold Coast neighborhood in the last 12 months.

This provides plenty of evidence that Chicago’s West Loop neighborhood is now the hot place to buy.

The latest sale at the Hayden West Loop is a 4,835-square-foot condo with an 820-foot terrace on the building’s eighth floor. This sale closed earlier in October.

Need more evidence that this city neighborhood is a hot one? Crain’s said that in the last 12 months, 23 condo units have sold for $2 million or more in the West Loop. In September, a condo unit in another new building on Washington Street sold for $5.72 million. According to Crain’s, that’s the most expensive real estate sale ever in the West Loop.

If you’re interested in buying in this booming neighborhood, make sure to work with a REALTOR® who is familiar with the West Loop. This is especially important in a Chicago neighborhood in which prices are on the rise. A REALTOR® can help make sure you don’t overpay, even as demand for West Loop condos continues to soar.