West Loop now competing with Gold Coast and Lincoln Park when it comes to home prices?

Need more proof that the West Loop neighborhood is one of the hottest in Chicago? Check out this story by Crain’s Chicago Business. It details this neighborhood’s first $5 million home sale.

According to the story, a penthouse unit in a new West Loop condominium building recently sold for $5.72 million. That’s a high figure. What’s significant about it, though, is that only a select few neighborhoods in Chicago can boast of home sales with such big price tags.

As the Crain’s story says, during the last three years, the majority of home sales of $5 million or more in the city have been in the Gold Coast, Streeterville and Lincoln Park neighborhoods. The fact that the West Loop has now joined these neighborhoods is significant: It shows that buyers are clamoring to live here, too.

The penthouse unit is 4,950 square feet and fills an entire half of the ninth floor in the new condo building at 900 W. Washington Blvd. The unit was sold as raw space. This is impressive, too. As Crain’s reports, the buyer will now spend even more to turn that space into a livable unit.

As the Crain’s story says, this is a dramatic change for the West Loop neighborhood. There was a time, not too long ago, when this neighborhood was desolate, filled with empty storefronts. Today, it’s booming, with plenty of new condo and apartment towers and trendy restaurants and shops.

Its’ also a good lesson that Chicago neighborhoods can evolve. What’s an ignored part of town today could blossom into the next hotspot. The resurgence of the West Loop neighborhood is good news, too, for home buyers. This neighborhood offers them just one more choice when they are searching for their perfect Chicago home.