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Ravinia Lofts

The Near South Side has undergone one of the most dramatic changes of any Chicago neighborhood in recent years. The neighborhood was once a symbol of urban blight, but has now turned into one of the preferred places to live for young professionals who are attracted to the area by the many luxury condominium and loft developments.

One of the original loft developments on the Near North Side is Ravinia Lofts, located at 2024 South Wabash. This seven-story former industrial building offers a total of 42 units, ranging in size from 900 square feet to 1,375 square feet. The building was designed by IGL Real Estate.

Prices for the lofts start from the high $100s for a one bedroom unit to as much as the low $300s for the largest unit offering two bedrooms and two baths.

Residents enjoy a kitchen packed with an appliance package, custom cabinets, and plenty of space to cook a big meal for friends and family. Each unit also comes with a washer and dryer, oak hardwood floors, and high ceilings. The extra large floor-to-ceiling windows let in tons of extra light. Residents also enjoy Jacuzzi tubs in the master baths.

Residents can also take advantage of the rooftop deck to entertain friends or get to know the neighbors. The views of downtown Chicago, Lake Michigan, and Soldier Field from the rooftop deck are incredible.

Residents also enjoy one of the premier locations close to downtown Chicago. The neighborhood is just steps from most of the major landmarks in the city, making it easy for residents to work downtown or go out for a night on the town.

Commuters will love the quick connections to the downtown Chicago business district. Two Metra stations and an El station are all within four blocks, and CTA buses run up and down State Street and Michigan Ave.

The area is close to several lakefront parks, making it easy to get out and enjoy a warm afternoon jog along Lake Michigan. Nearby Soldier Field gets going during the fall when the Chicago Bears start their run to the title.

If you’re in the market for a new condo or loft on the Near North Side, check out the latest stats coming out of the real estate market in the neighborhood.

After several years of skyrocketing sales, the market for condos and lofts has cooled off slightly on the Near South Side. A total of 276 condominiums were sold in the area during the third quarter, down 49 percent from last year. However, the total sales seen during this last quarter were right in line with the totals seen during the last few years.

Condo owners and developers are facing a longer turnover time. If you’re selling your condo on the Near South Side, it will now take you an average of 122 days to find a buyer, a 20 percent increase from last year.

Prices for condos and lofts sold around the Near South Side dropped by one percent from the same period last year. The average sales price was $406,650 during the period. It’s the first time that prices have dropped in the neighborhood in 10 years. Prices could continue to drop if demand doesn’t pick up over the next few months.