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The Venetian

Old Town Chicago is back with some of the best new condominium developments. The neighborhood, located minutes from the downtown Chicago business district on the Near North Side has been one of the hottest real estate markets in the city in recent years.

Old Town is blocks from the Gold Coast and Streeterville. There are train and bus connections to downtown Chicago and other neighborhoods around the city.

The Venetian is a luxury condominium development sitting on the southern border of Old Town Chicago. The building is located at 230 W. Division St., near the corner of North Wells.

The building offers anything from one-bedroom condos to luxury penthouses. There is currently a two-bedroom and two-bath condominium with 1,300 square feet of living space priced on the market at just under $500,000. Parking is an extra $35,000.

The Venetian offers excellent amenities. The units have cook’s kitchens with an island. A designer appliance package comes included with each condominium.

The condos have open floor plans, offering loft style living. Many of the units are south facing, with open views of the downtown Chicago skyline.

The master bathroom comes with marble countertops, double sinks, and high quality fixtures.

Each unit also includes a large private balcony, washer and dryer, and private parking.

Residents can enjoy many neighborhood attractions in Old Town, all within just a few blocks of the Venetian. There are also many options in Streeterville and the Gold Coast.

The Old Town Art Fair is held in Old Town, one of the oldest of its kind in the country. The Old Town Aquarium is another popular attraction, particularly for children.

Restaurants, bars, and clubs can be found throughout the neighborhood. Division Street is a popular shopping area with many grocers,

North Wells Street is home to several restaurants, including the Adobo Grill, Bistrot Margot, and Marcello’s.

Nightlife in Old Town Chicago is some of the best in the city. Comedy clubs, bars, and live music venues all offer tourists and locals an unforgettable night on the town. Try Zanie’s Comedy Club or Second City, both on North Wells.

The Lake Michigan coastline, with its many parks and walking trails, is a few blocks to the east.

The real estate market for condos on the Near North Side has consistently been the busiest in all of Chicago. There are more condo sales than in any other part of the city.

According to the Chicago Association of Realtors, the Near North Side saw a total of 867 condos sold during the second quarter of 2007. However, this number is almost 5 percent lower than the previous year.

The Near North Side has seen three straight years of declining condo sales, off from the high of 1122 during the second quarter of 2004.

The drop in sales could be a sign of a weakening real estate market in the area. High prices and increasingly difficult access to credit drop demand in the area.

The average sales price for condos on the Near North Side is $513,203, the highest of any neighborhood in Chicago. This is in part due to the high concentration of new condo developments in the area.

Buyers looking for a condominium in Old Town should watch for a peak in prices. A drop in sales in the neighborhood has led to a higher inventory of condos for sale. The average turnover rate has increased by 24 percent over last year.

As sellers become increasingly anxious to unload their property, buyers should be able to aggressively negotiate a lower price for a condominium on the Near North Side.