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Ohio West Lofts

The Ukrainian Village offers several new condominium and loft developments at prices not found in other parts of Chicago. This eclectic neighborhood is home to excellent restaurants, plenty of public transportation links to downtown, and beautiful historic architecture.

One loft development that offers luxury units at an excellent price is located at 2401 West Ohio. Frankel & Giles, a Chicago-based developer, converted the historic building into condominium loft units in 1992. The company has a long history of luxury projects around the Chicago region, including Astoria Tower, Filmworks Lofts, and Palace Lofts.

Ohio West Lofts offers 14 luxury units ranging in size from one to two bedrooms. Buyers can choose from floor plans priced from $239,000. The largest two-bedroom penthouse units sell for $425,000.

Residents of Ohio West Lofts enjoy excellent amenities. Kitchens come with a stainless steel appliance package. Each unit also offers hardwood floors, exposed brick walls, high ceilings, and gigantic floor-to-ceiling windows that let in tons of natural light. Each unit has plenty of extra closet space.

The building comes with a number of community amenities. Residents enjoy access to a modern fitness center, rooftop deck with open views of the surrounding neighborhood, and a parking garage.

Ohio West Lofts is conveniently located next to Metra and CTA buses that connect commuters to downtown Chicago in just minutes. The nearest Metra station is just three blocks away from the development.

The neighborhood is also home to some of the best Ukrainian cuisine in the city. Restaurants, shopping, and essential services can all be found within blocks of home.

If you’re in the market for a new loft or condo in this part of Chicago, keep up to date with the latest real estate news and statistics for the neighborhood to make the best decision for you and your family. Ohio Street Lofts is located on the border of Ukrainian Village in East Garfield Park.

Sales of condos in East Garfield Park have dropped drastically during the third quarter, according to data from the Chicago Association of Realtors. Only 9 condominiums and lofts were sold in the neighborhood during the third quarter, a 72 percent drop from last year. However, sales during the third quarter of 2006 were extremely high, and a total of 9 units sold is well within the average for the neighborhood in the previous few years.

However, perhaps the most telling statistic for the real estate market in East Garfield Park is the average turnover time for condos and lofts for sale in the area. During the third quarter, it took an average of 185 days to find a buyer, up 71 percent from last year.

As inventory levels rise and sales drop in the area, prices should start to come down. However, this is not the case yet in East Garfield Park. The average sales price during the third quarter was 18 percent higher than during the same period last year.

Buyers should beware of getting in the market at the peak. If the inventory of lofts and condos on the market continues to increase, then many sellers may be forced to offer a deal to attract new interest in the area.