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Broadway Village Lofts

Edgewater continues to offer incredible opportunities for young professionals and families looking for an affordable condominium or loft. The neighborhood offers excellent amenities and is one of the most popular among new residents in the city.

One of the newest developments in the area is Broadway Village Lofts, located at 5427 N. Broadway. This four-story building offers a total of 24 units featuring open floor plans measuring from 850 square feet to as much as 935 square feet. The development also includes 26 parking spaces and two retail spaces.

Prices for these one-bedroom lofts start at $229,900 and range up to $252,900. Occupancy of the first units started in late 2007.

Residents of Broadway Village Lofts enjoy high ceilings, ranging from 10 to 12 feet. Each loft also offers natural oak hardwood floors throughout the main living areas and plush carpeting in the bedroom. Kitchens come with stainless steel appliances by Frigidaire, granite countertops, and custom cabinets.

The bathroom comes with stone vanity tops, a five-foot tub, and the best fixtures available on the market. Heating and air conditioning is gas forced giving comfort throughout the year. Residents also enjoy a private balcony and access to a gated parking space. A fireplace is also included in each unit, giving residents an added comfort during the cold winter months.

The building offers an intercom system for secure entry as well as remote control entry to the outdoor parking lot.

The Edgewood area offers an ample selection of restaurants, bars, and outdoor activities, all within a few blocks of Broadway Village Lofts.

Commuters will love the easy connections with downtown via several El stations in the neighborhood. There are also local and express CTA buses that connect Edgewater with downtown Chicago and the rest of the city.

Broadway Village Lofts are steps from the parks and beaches along Lake Michigan. Residents can enjoy a jog along the lake throughout the year or relax in the sun on some of the most popular beaches during the summer months.

The real estate market in Edgewater continues to suffer from a drop in demand as many buyers are unable to find financing from banks and lenders who have tightened requirements for new mortgages.

According to the Chicago Association of Realtors, a total of 247 condos were sold in the neighborhood during the third quarter, down from 280 condos sold during the same period in 2006.

However, despite the drop in demand for condos in the area, the inventory of unsold condos on the market remained relatively unchanged. The average turnover time for condos on the market inched up three days during the third quarter, to stand at 118 days.

The stable inventory in the area helped prices to continue to increase. The average sales price for condos in Edgewater during the third quarter rose by 6 percent from the same period in 2006, and could continue to rise if demand remains steady and the inventory of unsold condos on the market doesn't rise quickly.