1250 South Michigan
Developers have brought many new condominium developments to the South Loop, changing the face of the neighborhood forever.
The once quiet corner of downtown that was more representative of urban decay has now become one of the hottest addresses for young, up-and-coming professionals looking for Chicago luxury condos close to downtown.
One luxury condominium development in the South Loop is located at 1250 South Michigan. The 29-story condominium tower was among some of the first new condo developments to come to the neighborhood.
Developed by Frankel & Giles Real Estate, the tower offers unfettered views of downtown and an excellent location in the heart of the city.
Frankel & Giles was also behind developments such as the Dearborn Tower and 888 S. Michigan.
Buyers snatched up units at 1250 S. Michigan back when the project was in the development stage. Prices ranged from just under $250,000 for a one bedroom condominium to as much as $1.5 million for the penthouses.
There are several units currently on the market today for buyers looking for a condominium at 1250 S. Michigan.
One example of a Chicago condo that can be bought at the development is a two bedroom and two bath unit listed at $385,000.
The condo offers amenities such as a separate tower and bath, laundry, and stainless steel appliances.
A two bedroom and two bath condominium with 1,300 square feet of living space was auctioned off with a starting bid of $325,000.
Amenities in the building include open floor plans with excellent views to downtown Chicago. The developer bought the air rights to the lower adjoining building to ensure that no tall structure could be built in the future.
Amenities also include the standard array of features included in luxury buildings around the city. The full amenity building offers doorman and valet service, a modern health and fitness center, and sundeck with excellent views of the city.
The neighborhood is adding new conveniences for residents every day. New supermarkets, restaurants, and nightlife are opening throughout the South Loop.
The area is also convenient for commuters. There are several El and bus lines that serve downtown and other neighborhoods around Chicago.
Roosevelt/State, Roosevelt/Wabash, and Roosevelt Road are all Chicago transit stations within two blocks of 1250 S. Michigan.
The area is also home to several museums and the Chicago Bears. The Field Museum of Natural History and the John G. Shedd Aquarium are within walking distance of the development.
The Chicago lakefront, offering several miles of walking trails and bike paths, is just a few blocks away.
Buyers looking for a new condominium in the South Loop could find new deals in the next few months.
The real estate market in the area has seen a drop in sales and increase in inventory that could force sellers to offer more attractive prices in the near future.
According to the Chicago Association of Realtors, condo sales in the Loop dropped 20 percent during the second quarter of this year. The Near South Side experienced a 40 percent drop in total sales.
Turnover times are up 35 percent around both the Loop and the Near South Side. Heavy development and increasingly difficult access to credit are causing a drop in sales throughout the city.
Prices in the loop are down slightly. During the second quarter of this year, the average sales price for a condo was at $363,256, down less than one percent from the same period last year.