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Prairie District Lofts

The Near South Side of Chicago continues to grow as historic buildings around the neighborhood are restored to their former glory and new residents move into the area.

There are several developments underway for luxury lofts and condominiums in this popular Chicago neighborhood.

One luxury development that offers duplex and triplex units on the Near South Side is Prairie District Lofts, located at 1727 South Indiana Avenue. Built in 1905 as a warehouse for a photography company, this building is being developed by Kargil Development LLC.

The company developed the Dearborn Tower, 888 South Michigan Ave, and Metropolis Condominiums, among others.

The 116-unit building has both rental units and condominiums for sale. Buyers can choose from several different floor plans. There are one bedroom duplexes ranging in size from 1,000 to 1,406 square feet, one bedroom triplexes, and two-, three-, and four-bedroom condominiums available.

Each loft offers high ceilings of up to 20 feet. Other amenities include large energy efficient windows, fireplace, air conditioner, and hardwood floors. The standard pack of amenities such as cabinets and appliance packages are also included with each unit.

Luxury lofts offer private rooftop deck space with commanding views of the downtown Chicago skyline. Residents of these luxury units will also enjoy walk-in closets and a private parking space.

All residents will have access to the common amenities in the building such as an atrium and rooftop sundeck. Prairie District Lofts offer residents a modern health club, laundry room, and extra storage space.

The development, located at the corner of E 18th Street and Indiana, is close to many restaurants, nightlife, and important Chicago landmarks.

Restaurants such as Triad Sushi Lounge, Kroll’s Restaurant & Bar, and the Chicago Firehouse Restaurant are all within a couple of blocks.

Residents can enjoy NFL action at Soldier Field, the best museums in the city at Grant Park, and excellent food in Greek Town, Little Italy, and Chinatown, all within just a few minutes of home.

Commuters have a short commute time to the downtown Chicago business district. There are several buses running from the neighborhood to downtown, and El trains are available on Roosevelt Road.

The Near South Side real estate market has seen many new loft and condominium developments over the last few years. Gentrification has changed the neighborhood and brought new residents and businesses into the area.

The most recent numbers for the real estate market on the Near South Side show that the area is experiencing some of the same problems facing other heavily developed markets across Chicago.

Prices in the neighborhood are down, overall sales have dropped, and the current inventory of condominiums on the market is facing a longer turnover time.

The total number of sales dropped by almost 40 percent during the second quarter of 2007 according to the Chicago Association of Realtors. 237 condominiums were sold on the Near South Side, down from 392 during the same period of 2006.

If you’re selling your condominium on the Near South Side, it’s going to take you an average of 198 days, up from 144 during the second quarter of 2006.

With fewer sales and more competition on the local real estate market, buyers should begin to see lower prices. The average sales price during the second quarter of 2007 was down less than 5 percent for the second consecutive year to $379,484 for condos on the Near South Side.

Buyers may be in a position to negotiate aggressively given the current market conditions in the neighborhood.