New Entrant Planned for Chicago’s Condo Market

Chicago boasts plenty of hot residential neighborhoods. The West Loop area is one of the hottest, especially when it comes to new multifamily development.

 

More evidence comes from this story by Crain’s Chicago Business about a 27-story condo tower now being planned for the city’s West Loop neighborhood.

 

According to the story, Chicago developer Jim Letchinger is proposing a 94-unit condo building at the southeast corner of Jefferson and Fulton streets in the West Loop. Letchinger along with his partners will present his plans for the new building at a community meeting on June 21.

 

Much of the new multifamily development in the West Loop and other Chicago neighborhoods has come in the form of apartments. That’s because so many consumers today are electing to rent instead of buy. But there’s still a strong condo market throughout Chicago, too. And that’s the market that the proposed new building in the West Loop will target.

 

There’s plenty to like about living in a Chicago condo. The city offers so much to do, everything from gourmet restaurants to boutique shops to busy theaters. And when you live in a condo, you won’t have to worry about shoveling snow or mowing the lawn.

 

If you’re fortunate enough to live in one of the city’s more urban neighborhoods, you can also live in a condo without hardly ever needing to use a car. You can rely on your own feet and public transportation to get around. This is the kind of lifestyle so many buyers — and not just young ones — desire today.

 

Are you interested in buying a Chicago condo? Or maybe you need to sell one? My advice is to work with a REALTOR® who knows your neighborhood. A Chicago REALTOR® can help you find the right condo at a fair price. And if you’re selling, a REALTOR® can market your space to the deepest pool of potential buyers.