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Haberdasher Square Lofts

The Near West Side of downtown Chicago has undergone major changes in the last few years. The neighborhood has been converted from a forgotten corner of the city to one of the premier destinations for young professionals and families looking for incredible lofts and condos steps from downtown.

One of the most luxurious loft developments in the area is Haberdasher Square Lofts, located at 728 West Jackson Blvd. Residents of this incredible development enjoy an unbeatable lifestyle just minutes from everything Chicago has to offer.

Buyers can choose from several models at Haberdasher Square. Floor plans range from one to two bedrooms, with as much as 1,500 square feet of living space. Prices at Haberdasher Square Lofts start at $234,900 for a one bedroom and one bath unit. Another one bedroom loft just sold for $290,000.

Two bedroom lofts start at $357,500. There is currently a two bedroom loft listed on the market at $373,900. The unit offers a total of 1,461 square feet of living space and an indoor heated parking space.

Residents of Haberdasher Square Lofts enjoy incredible amenities and top-of-the-line finishes. Each loft comes with huge main rooms with oversized windows and high ceilings. Hardwood floors, terra cotta walls, and tons of extra storage space also come standard with each unit.

Kitchens come complete with a quality appliance package, granite countertops, and an island for entertaining guests or cooking a large meal.

The building amenities include a basketball court and fitness center for residents looking to maintain an active lifestyle. Residents can entertain friends or get to know the neighbors in the party room and on the roof top deck, offering incredible views of the Chicago skyline. Additional services include a 24-hour doorman and on-site dry cleaners.

The neighborhood is one of the main draws for buyers. Haberdasher Square is located just a few blocks from downtown Chicago, making the daily commute a thing of the past. Residents can walk to the business district, or go out on the town to the many restaurants, nightclubs, and cultural events around the West Loop.

The area also offers excellent art galleries, boutiques, and necessary services all within a few blocks.

If you’re in the market for a new condo or loft on the Near West Side, keep up with the latest stats coming out of the real estate market in the neighborhood.

According to the Chicago Association of Realtors, the number of condos and lofts sold in the area continues to drop, as problems in the mortgage market have kept many potential buyers out of the market.

A total of 383 units were sold during the third quarter, a 31 percent drop from the same period last year and the lowest total for the quarter since 2002.

Buyers are seeing a lot more options in the neighborhood as the inventory of unsold condos and lofts grows. Sellers must now wait an average of 149 days to find a buyer, the longest average turnover time seen in more than 16 years in the neighborhood.

However, despite the dramatic drop in sales, prices for condos and lofts on the Near West Side continued to rise. The average sales price was up 11 percent during the third quarter.

Buyers should beware of getting in the market at its peak. Look for lower prices over the next few months if demand doesn’t recover. Sellers will have to offer a reduced asking price to attract more interest in the neighborhood.