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1349 South Wabash

The Private Residences of 1349 South Wabash is See Y. Wong’s first foray into the South Loop real estate market. The developer who has transformed many parts of Chinatown is now setting his sights on other parts of the city.

Mr. Wong formed Richland Realty during the mid 90s and now is at the head of two development companies, Wabash Properties and Emerald Homes.

The companies recently completed projects at Archer Court, Canal Crossing, and Emerald Crossing.

The newest development at 1349 South Wabash will offer a total of 78 condominiums and two retail units in the heart of the South Loop.

Amenities in the building will include the standard array of stainless steel appliances, granite countertops, and Italian cabinets.

Floor plans range from one to two bedrooms. Prices for the one bedroom and one bathe condos start in the mid $200s. One listing currently on the market for a one bedroom condominium at 1349 South Wabash is for a 683 square foot model selling for $229,000.

A two bedroom unit is currently listed on MLS services in Chicago for $375,500. The two bedroom and two bath floor plan offers 1055 square feet of living space.

Delivery of the units is scheduled for 2009.

The South Loop has been one of the most popular neighborhoods in recent years for young professionals looking for their first condominium close to downtown. The neighborhood has been transformed from a monument to urban decay into one of the most modern and vibrant parts of Chicago.

There are many great amenities in the neighborhood for residents of 1349 South Wabash. Restaurants in the neighborhood include popular choices such as Cactus Restaurant, Gioco’s Restaurant, and La Strada Ristorante.

There are also several bars in the neighborhood offering excellent live music. Chicago’s Premiere Blues Club is one of the best blues bars in the city.

Lake Michigan is just a few minutes east of 1349 South Wabash. There are beaches, walking paths and bike trails along the beautifully restored waterfront.

The neighborhood has easy connections with downtown Chicago and other parts of the greater Chicagoland region. There are CTA trains and bus lines all within a few blocks.

Buyers looking for Chicago real estate should keep in mind current market conditions before making a final decision on a property.

The South Loop is currently going through some problems as demand drops in the neighborhood and developers continue to open new condominium projects.

According to the most recent report from the Chicago Association of Realtors, the total number of condos sold during the second quarter of this year was 20 percent lower than the same period last year.

The demand for condominiums has been hurt by problems in the credit market. Many buyers are unable to qualify for a mortgage. Banks and lenders hit hard by foreclosures are tightening requirements for new loans.

Oversupply of condos could soon become a problem in the neighborhood. It now takes condo owners and developers an average of 35 percent longer to find a buyer in the neighborhood.

According to the Chicago Association of Realtors, it now takes 108 days to sell a condo in the neighborhood.

If demand remains low and new condos continue to open in the South Loop, buyers should see more bargains for condominiums in the neighborhood.