Anyone who’s walked around the Fulton Market District the last few years would be hard-pressed not to notice the sheer amount of construction in the popular downtown pocket. Since 2014, developers have essentially built an entirely new neighborhood, with posh new apartments, office buildings, and hotels.
But what about condos? Since the post-recession real estate rebound, developers have mostly favored high-end rentals. But as the greater downtown apartment market grows ever more competitive, the tide may be turning back towards for-sale residences.
Prices on currently available listings range between $605,000 for a 1,900-square-foot three-bedroom on Grand all the way up to $5.5 million for a 5,000-square-foot five-bedroom on Washington Boulevard. And with a steady influx of new corporate outposts (Google, McDonald’s, and SRAM are just some of the big names in the area), the West Loop will only continue to get busier as more companies and their employees relocate to the area.
While upfront costs on a new condo in the area are initially painful, smart buyers able to score a brand-new, spacious unit under $1 million can rest easy knowing that it’s likely to be a solid investment.
Buyers will have to budget at least $600,000 for a new condo in the West Loop — this three-bedroom unit is currently the least expensive condo that was completed within the last couple of years. The 1,900-square-foot unit has already taken a few price cuts, dropping from its initial $635,000 price tag when it went on the market late last year.
Bumping the budget up to $900,000 nets this newly constructed loft-style unit on Monroe. This three-bedroom, two-bathroom unit at the new 1400 Monroe development will boast clean, contemporary finishes and tons of natural lighting. The listing notes that delivery is expected by the end of 2020.
At $950,000, buyers get three bedrooms and three full bathrooms in a 2,000-square-foot floor plan. Delivery is still another year out, but those who get in early can secure a spot in a unit that may easily cost more in the next year or two.
Quartz counters, backsplashes, and brass finishes? Check. Spacious walk-in shower, oak flooring, and an outdoor balcony? Another check. This unit in the under-construction West Loop Collection is on top of all the current interior design trends. Asking price includes a space in the complex’s parking garage.
This spacious four-bedroom, two-and-a-half bathroom condo on Hubbard crosses over the $1 million threshold, but you’re getting a litany of upscale features and enough room for the whole family. With its striking black and brass finishes, the unit could also make for an impressive bachelor pad.