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15th Street Lofts

The Near South Side has undergone one of the biggest changes of any Chicago neighborhood in the last few years. Developers have taken abandoned buildings and turned them into incredible lofts and condominiums. As more young professionals moved to the neighborhood, new services, restaurants, and bars have opened in the area, making it one of the hottest in the city.

One excellent option for buyers on the market is 15th Street Lofts, located at 1503 South State Street. Buyers can choose from several different floor plans, with one and two-bedroom layouts available. One-bedroom lofts start at $259,900, and two-bedroom units start at $339,900.

Residents of 15th Street Lofts enjoy excellent amenities and one of the best locations in Chicago. Each unit comes with hardwood floors, 11-ft ceilings, and carpeted bedrooms. Kitchens come standard with granite countertops, 42-inch oak cabinets, and a Kenmore appliance package. Bathrooms come with marble vanity tops, oak cabinets, and soaking tub.

Many of the higher units offer incredible views of the downtown Chicago skyline from the private balconies and oversized windows.

The building offers a secure entrance, two high-speed elevators, and an indoor parking garage. Residents can also meet the neighbors or entertain friends on the luxurious rooftop deck, which offers great views of the surrounding neighborhood and plenty of sun. Extra storage for bicycles is also available.

The neighborhood offers plenty of options for shopping, a night on the town, and cultural events. Museum Campus is just a few blocks away, allowing residents to enjoy a day at the Field Museum of Natural History and the John G. Shedd Aquarium.

Residents can also enjoy a Bears game at Soldier Field, also located just a few blocks away.

The neighborhood is also connected with the downtown Chicago business district via Metra, El, and CTA buses that run along Michigan Ave and State St. The nearest El train station is located on Roosevelt Road, two blocks from 15th Street Lofts.

If you’re in the market for a new condo or loft on the Near South Side, keep up with the latest stats coming out of the real estate market to make the right decision for you and your family.

According to the Chicago Association of Realtors, sales in the area dropped drastically after one of the best quarters in recent memory. A total of 276 condominiums and lofts were sold during the third quarter, a 49 percent drop from the same period last year. However, sales were steady when compared to the same period in 2005.

The average turnover time in the neighborhood was up slightly, but still well below the high of 173 days seen during the third quarter of 2004. If you’re selling your unit in the area, it will now take you an average of 122 days to find a buyer, up 20 percent from last year.

The drop in sales and rising average turnover time have led to a slight drop in prices on the Near South Side. The average sales price during the third quarter was down one percent from the same period last year.

Buyers may continue to see lower prices if fallout from the mortgage crisis affects sales of condos on the Near South Side.