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Palace Lofts

Lakeview continues to be one of the most popular neighborhoods for young professionals looking to enjoy an incredible urban lifestyle close to downtown Chicago. The neighborhood has a number of excellent new condominium and loft projects that offer luxury units at a bargain.

North Lincoln Avenue has seen a lot of development in recent years. One of the first new loft developments to come to the neighborhood was Palace Lofts, located at 3024 North Lincoln Avenue.

Palace Lofts was developed by Frankel & Giles in 1997. The Chicago-based company has been involved in several major projects around the city, including the Astoria Tower, Lakeside Lofts, Michigan Avenue Tower, and the Roosevelt Hotel. The $3.5 million project offers a total of 9 units as well as ground floor retail space in one of the most desirable sections of Lakeview.

Buyers can choose from several floor plans, ranging from 1,250 square feet to 2,000 square feet. Sample prices from past sales at Palace Lofts range from $418,000 to as much as $577,500. The most recent sales were in October, for $473,000, and in May, for $460,000.

Residents of Palace Lofts enjoy several amenities. Kitchens come with an appliance package, custom cabinets, and granite countertops. Each unit also includes a washer and dryer. The large windows and high ceilings give residents a feeling of space not found in other similar loft developments.

Parking is also available at Palace Lofts. Each unit comes with one parking space, with extra spaces available for purchase.

Residents of Palace Lofts enjoy living in one of the most popular neighborhoods in the city. As more young professionals move to the area, restaurants, bars, clubs, and great shopping venues follow. Residents enjoy several restaurants and nightspots within just a few blocks.

The neighborhood is also perfect for commuters. Downtown Chicago is just a few minutes from Lakeview. Choose from CTA buses that ply along Lincoln Avenue or the El train located along Sheffield Avenue.

If you’re in the market for a new condominium in Lakeview, keep up with the latest news coming out of the real estate market to make the right move.

The real estate market in Lakeview continues to be one of the strongest in Chicago, despite a slight drop in sales. According to data from the Chicago Association of Realtors, a total of 700 condominiums were sold during the third quarter, a 6 percent drop from last year.

However, despite the drop in demand in the neighborhood, there was no change in the turnover time for condos and lofts on the market. Owners and developers looking to sell a condo or loft in Lakeview must wait an average of 94 days to find a buyer. This is high when compared to previous years, but still two days below the average for all of Chicago.

These resilient market conditions meant higher prices for condos and lofts in Lakeview. The average sales price during the third quarter posted a 4 percent increase from the same period last year, and now stands at $367,738.