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Map Factory Lofts

Historic buildings around Chicago have been restored and converted into luxury condominiums and lofts. Edgewater offers several excellent options for buyers looking to live a unique urban lifestyle in a contemporary home minutes from downtown Chicago.

One of the best developments in Edgewater is the Map Factory Lofts. This historic ivy-covered building was once a map factory, but now houses 40 one-bedroom and one bath lofts.

Buyers can choose from several units. One unit at Map Factory Lofts currently listed on the market offers 1,200 square feet of total living space. The loft is priced at $299,900, with a deeded parking space available for another $25,000. Monthly assessments are $266. Another one bedroom unit is also available for $284,900. One residence at Map Factory Lofts recently sold for $285,000 after being listed on the market for $295,000.

Residents of Map Factory Lofts enjoy excellent amenities. Kitchens come with an open floor plan with plenty of space to cook a gourmet meal or entertain friends. An appliance package, extra countertop space, and custom cabinets come standard. Residents also enjoy hardwood floors, high timber ceilings, and exposed brick walls throughout the unit.

Other amenities that come standard with each unit at Map Factory Lofts include a wood burning fireplace, laundry hook-up, separate shower and bath, and oversized windows that let in tons of natural light.

All residents can entertain friends or get to know the neighbors at the large rooftop deck that offers incredible views of the surrounding city.

Map Factory Lofts is conveniently located minutes from downtown Chicago in the popular neighborhood of Edgewater. There are several convenient connections to downtown Chicago via Metra, El, and CTA buses, making these lofts an excellent choice for professionals.

The neighborhood also has plenty of options for eating out, going shopping, or running errands within a few blocks of Map Factory Lofts.

If you’re in the market for a new condo or loft in Edgewater, keep up with the latest stats coming out of the real estate market and make an informed decision.

Sales of condos in this popular neighborhood have dropped as the market around Chicago faces a difficult moment. According to data from the Chicago Association of Realtors, a total of 247 condos and lofts were sold in Edgewater during the third quarter. This is a 12 percent decline from the same period last year and the second consecutive year that sales have dropped in the neighborhood. It is also the lowest total sales for the third quarter since 2000.

Sellers are facing more difficulty when it comes time to find a buyer in Edgewater. The average turnover time for a condo or loft on the market is up to 118 days, or nearly four months. This is the longest turnover time the neighborhood has faced in more than 16 years.

However, despite the rising inventory numbers and drop in sales, the average sales price jumped another 6 percent during the third quarter. Buyers should beware of getting in the market at its peak. If demand doesn’t absorb the inventory of unsold units on the market, many sellers will be forced to offer a discount, bringing down sales prices around the neighborhood.