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Modern Momentum

The Chicago Loop has seen an explosion of luxury condominium and loft developments that continue to attract professionals, families, and retirees from around the country. The neighborhood offers one of the most incredible lifestyles. Residents are steps from the best Chicago has to offer.

One of the newest arrivals to the Chicago Loop real estate market is Modern Momentum, also known as MoMo. This development is a project by Smithfield Properties, one of the most well-known developers in the Chicago region. The company also developed Kingsbury on the Park. The design by Booth Hansen adds a touch of modernity to the Loop. Modern Momentum is located at the corner of Randolph and State Streets.

The 33-story tower will offer a number of one and two-bedroom units. Prices for these condominiums start in the low $300s for a one-bedroom unit and range up to the mid $500s for the largest two-bedroom unit. Floor plans for one-bedroom condominiums range from 834 square feet to 951 square feet. Two-bedroom condominiums offer from 1,350 square feet to 1,460 square feet of total living space.

Residents enjoy the latest amenities. Kitchens come with a KitchenAid stainless steel appliance package, granite countertops, and hardwood floors. The master bath offers marble floors and vanities. Residents also enjoy hardwood floors throughout the main living area. High ceilings and floor-to-ceiling windows give residents a feeling of space not found in older developments around the Loop.

Each unit also enjoys private balconies, all with excellent views of the Chicago skyline and surrounding cityscape. The development offers a number of common amenities, including a bike room, extra storage, a modern health club, and indoor parking in the heated garage. A parking space can be purchased for $60,000. Modern Momentum will also feature a green roof with a garden and trees.

The neighborhood is a huge draw for buyers considering a condominium at MoMo. Living in the Loop means that you can do away with the daily commute and walk to work. With the extra time you save everyday, stop by for a coffee in one of the many cafes in the area or spend time shopping at brand name stores found throughout the neighborhood.

The area is also close to several parks, including the newest gem in the Chicago parks system, Millennium Park. Grant Park and walkways along Lake Michigan allow residents to get away from the chaos of downtown and enjoy a bit of fresh air.

The market for condos in the Loop has exploded in the last two years. According to data from the Chicago Association of Realtors, a total of 1046 units were sold in the neighborhood in 2007. While this is slightly lower than the 1091 condos and lofts sold during 2006, it is the second highest total sales seen in the neighborhood in more than 16 years.

As more new ultra Chicago luxurious developments come on the market in the Loop, prices in the neighborhood are soaring. The average sales price of units sold during 2007 was up an amazing 51 percent from 2006, and could continue to rise in the near future as more new developments pop up around the Loop.