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420 W. Grand Lofts

The Near North Side is one of the hottest real estate markets in Chicago. Despite a downturn in sales around the region, the Near North Side continues to see strong sales, and is the most active market in the city.

One excellent loft development on the Near North Side is located at 420 W. Grand. This 45-unit building was built in 1900 and converted into lofts in 1993 by Anderson & Fiene Ltd. The six-story building offers units ranging from 1,250 square feet to as much as 4,600 square feet.

Prices for these luxury lofts start at $240,000 for a one bedroom and one bath unit. Two bedroom lofts start at $335,000 and range up to over $1 million for the largest penthouse units. There is currently one unit listed on the market. A one bedroom loft is priced at $285,000. Assessments on this unit run $193 per month.

Residents of these true lofts enjoy an incredible amount of amenities. Each unit comes with high timber ceilings, exposed brick walls, and hardwood floors. A gas fireplace and washer and dryer also come standard. Kitchens come with plenty of extra granite countertop space as well as a modern appliance package.

The building offers a number of excellent amenities. Residents enjoy a private courtyard with a patio and grill. Extra storage is also available, and indoor parking is available for an additional $30,000.

Residents enjoy living in one of the most popular neighborhoods in the city. The River West section of the Near North Side has undergone a renaissance in recent years. New restaurants, shops, and nightlife have come to the neighborhood as more new development replace the decaying warehouses and abandoned lots that once defined this area.

Residents enjoy living steps from downtown Chicago. Forget about the daily commute and enjoy a quick walk to work from this conveniently located development. For those who need to get to other parts of the city, several El trains are available in the area, and CTA buses serve several neighborhoods from the Near North Side.

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

The neighborhood led Chicago with a total of 846 condos and lofts sold during the third quarter. However, this is a 5 percent drop from the same period last year, and the fourth year of declining sales in the neighborhood.

As sales drop on the Near North Side, developers and condo owners are seeing the average turnover time for condos on the market increase. The average turnover time during the third quarter was 119 days, a 22 percent jump from the previous year.

However, falling sales and a rising inventory of unsold condos on the market weren't enough to keep prices from climbing during the third quarter. The average sales price during the period rose by 5 percent, and could continue to rise as new ultra luxurious developments begin selling units during the next few months.