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Lakeside Lofts

Delivery of the long anticipated Lakeside Lofts began earlier this year. The development is one of the most innovative new lofts to come to the South Loop of Chicago.

The lofts are located in the new Prairie Station section of the South Loop. While most of the newest developments in the area are high rise condominiums, the developers of Lakeside Loft decided to limit the height of the building to five stories.

The developer is Frankel & Giles, a Chicago-based company responsible for several other condominium projects around the South Loop and the rest of Chicago.

One bedroom lofts start at $215,800 for a 660 square foot floor plan. There are also one bedroom plus den floor plans available for $275,000. The largest units offer about 1,160 square feet of living space and are priced at $330,000.

The building has been built with an attention to environmental issues. Solar panels offer energy savings year round. There is also a large garden that will provide residents with a relaxing place to enjoy peace and quiet while contributing to the reduction of emissions in the city.

Lakeside Lofts offer amenities such as indoor heated parking, fast elevators, and prewiring for high speed internet. All windows are thermal pane insulated glass to limit the loss of heat during the winter.

Kitchens come with the standard array of brand name appliances, designer fixtures, and granite countertops. Bathrooms come with marble countertops. The main areas of the loft have hardwood flooring.

All lofts come with ceilings ranging from 10 to 18 feet, giving residents the feeling of space. There are also large windows that offer excellent views. Residents can also enjoy the outdoors from their large balconies and terraces.

The South Loop is one of the most conveniently located neighborhoods in the city. The area that was once home to abandoned warehouses is now one of the trendiest sections of Chicago.

There are many restaurants, bars, and cultural events within just blocks of the Lakeview Lofts. Residents can enjoy the Lake Michigan shoreline. There are plenty of walking and biking trails, beaches, and parks all within a few minutes of home.

Football fans can walk over to Soldier Field and enjoy a Chicago Bears home game.

Commuters will love the easy access to downtown Chicago. There are several bus and El train lines that allow for short commute times to the downtown Chicago business district.

Buyers looking for a new loft or condominium in the South Loop should be aware of current market conditions in the area.

According to the latest report from the Chicago Association of Realtors, sales of condos and lofts were down during the second quarter.

A total of 211 condominiums sold in the Loop during the period, down from 264 during the same period last year.

If you own a condominium in the Loop, it will now take you a little longer to find a buyer. The average turnover time is now up to 108 days for the neighborhood, a 35 percent increase over last year.

Many buyers are unable to qualify for loans due to tightening mortgage requirements from banks and lenders. High prices are also keeping many buyers out of the market.

Prices across Chicago may come down in the short term if demand continues to lag. As condos sit on the market longer, sellers will have to offer concessions to attract new interest.