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Morgan Street Lofts

As gentrification takes over many neighborhoods close to downtown Chicago, buyers can still find excellent deals on condominiums and lofts in neighborhoods beyond the Near South Side and Near West Side. Bridgeport is one neighborhood that is starting to see many new loft and condominium developments offering luxury units.

One of the newest projects in Bridgeport is Morgan Street Lofts. This development is led by Anthony DeGrazia, a young Chicago-based developer who concentrates on bringing Bridgeport to the forefront of Chicago real estate.

Morgan Street Lofts offers several options for buyers. Floor plans range from one to three bedrooms. One bedroom layouts range from 739 square feet to 839 square feet. Two-bedroom lofts offer from 914 square feet to 1,406 square feet of total living space.

A larger two-bedroom plus den model is also available, with a total of 1,356 square feet of living space. The largest three-bedroom lofts have from 1,383 square feet to 1,507 square feet of total space, including a large private deck.

Amenities at Morgan Street Lofts include a gourmet kitchen stocked with a designer appliance package, 42-inch cabinets, granite countertops, and a breakfast bar. Bathrooms come with a choice of oak or maple cabinets, marble vanity tops, and large soaking tub.

Each loft also comes standard with oak hardwood floors in the main living areas, carpeted bedrooms, and 10-foot ceilings. Residents will love the walk-in closets, floor-to-ceiling windows, and large private outdoor space. A fireplace can be included in the loft for an extra price.

The building offers a number of convenient amenities, including indoor parking, extra storage space for bicycles, and a state-of-the-art security system.

The development is just minutes from downtown in a neighborhood that hasn’t seen as much development as other areas such as the Near South Side. Residents can get to downtown on CTA buses that run along Halsted Street and other major roads in the area.

Residents are also within walking distance of great shopping, family restaurants, and nightlife along the main commercial corridor of Bridgeport, Halsted Street. Chinatown is just a few blocks from Morgan Street Lofts.

Other neighborhood attractions include Donovan Park and U.S. Cellular Field, home to the Chicago White Sox.

If you’re in the market for a new condominium in Bridgeport, stay up to date with the latest news coming out of the real estate market to make the right decision.

Sales of condos around Bridgeport have gained ground in the last five years as developers start to see the neighborhood as a viable option for new units. A total of 14 condos and lofts were sold during the third quarter, according to data from the Chicago Association of Realtors. This is two less than during the same period last year, but well above the historical average for the neighborhood.

The inventory of condos and lofts for sale in the neighborhood continues to increase as new developments come on the market. The average turnover rate stood at 126 days during the third quarter, a 52 percent increase from last year and the longest that sellers have ever had to wait to find a buyer in Bridgeport.

If this trend continues, prices could continue to drop in the neighborhood. The 16 percent drop in prices in the area may just be the beginning if demand doesn’t increase in the short term.