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Kissel Kar Lofts

The South Loop offers buyers looking for luxury condominiums many options ranging from new high-rise developments to conversions of historic buildings.

Buyers looking to live close to downtown Chicago without paying a high price look to the South Loop for their next home.

The Kissel Kar Lofts is one of the newest developments to come to the Motor Row District of the South Loop.

Paradigm Development Corporation is the company behind the conversion of the building that was once home to the Wisconsin-based car company Kissel Kar.

Delivery of the luxury lofts is scheduled for summer of 2008. A total of 32 lofts will be available at Kissel Kar Lofts upon completion.

Buyers can choose from one and two bedroom units. Prices for the one bedroom lofts start at $160,000. The largest two bedroom lofts are selling for over $450,000. Parking is included with most lofts.

Floor plans will range from 1,700 square feet to over 2,300 square feet.

Amenities include the standard array of stainless steel appliances, separate tubs and showers, and granite countertops.

Buyers can also choose different interior layouts. The "Zen" option gives residents bamboo floors and special window treatments that will give the loft a relaxing and unique feel.

The "Urbane" option offers concrete countertops and a more stark design throughout the unit.

Ceiling heights will range from 14 to 17 ft. Residents will also be able to enjoy an active lifestyle in the fitness center. A computer room is also available for residents of Kissel Kar Lofts. There is also extra storage space for bicycles.

The Near South Side of Chicago is undergoing rapid change as new luxury condominiums attract residents and new businesses to the area.

Downtown Chicago is just a short drive from the Near South Side. There are also several options for public transportation to the downtown Chicago business district, making the neighborhood a convenient location for young professionals.

The neighborhood is constantly welcoming new restaurants, bars, and retail stores. What was once an abandoned section of downtown now offers excellent cuisine, nightlife, and shopping.

The Lake Michigan shoreline is just a few minutes’ walk to the east. Residents can enjoy walking trails, bike paths, and public beaches with excellent views of the city.

Buyers looking to purchase a new Chicago condo or loft on the Near South Side should stay on top of the latest numbers coming out of the real estate market for the area.

According to the latest quarterly report from the Chicago Association of Realtors, sales of condos in the area are down.

During the second quarter of this year, a total of 237 condos were sold in the neighborhood, down 40 percent from the same period last year. This is one of the largest drops in sales for any neighborhood in Chicago.

Condos for sale on the Near South Side are staying on the market longer as a result of the drop in demand.

According to the C.A.R. report, if you are selling your condo on the Near South Side, it will now take you an average of 198 days, almost double the average for all of Chicago.

This represents an increase of over 35 percent from the same period last year.

If demand continues to drop and the inventory of condos stays on the market longer, then many sellers may be forced to cut the price of their condo to attract new buyers.

Buyers looking for a condo on the Near South Side should aggressively negotiate for a price that reflects the difficult market conditions in the neighborhood.