As we move into fall (and the inevitable deep freeze of Chicago winter), the number of active real estate listings and sale prices are likely to echo the gradual drop in temperatures. But buyers who have waited out the sizzling hot spring and early summer markets will find that good deals can be had as sellers start slashing prices on their properties.
Few neighborhoods have seen as much new construction and expansion in retail and office space as the West Loop in the last few years. The downtown neighborhood has seen so much development activity that some neighbors are now proposing height limits on new construction in the area. The neighborhood was also highlighted in Chicago's annual buyer's guide as a solid choice in the $400,000 to $600,000 price range.
You might think that it would be difficult to score a deal on a coveted property in such a high-demand neighborhood. However, there are a number of listings that have taken drastic price reductions in recent weeks. Here are just some of those properties, along with details on price cuts and their time on the market.
If you’re seeking a single-bedroom loft under $300,000, there are a solid number of options out there. Bumping up the budget a bit, though, can get you this 950-square-foot loft in a centrally located high-rise building with full amenities, including an outdoor pool, dog run, and bike storage. The property entered the market in June, and its original price of $359,900 has since taken four reductions, with the most recent bringing it down to $335,000.
Located just steps away from the riverfront and the Clinton CTA station, this spacious two-bedroom, one-and-a-half-bathroom timber loft checks off a lot of important boxes when it comes to walkability and nearby attractions. It’s also an indicator of the current market demand for this type of residence. Originally $450,000 in June, the price on this lot has since been reduced four times.
Don’t let this one-bedroom loft fool you. With 1,400 square feet of space, this unit is larger than many two- or three-bedroom apartments. But the perks don't stop there. The building's rooftop features a lovely (and private) deck. Currently listed for sale at $424,999, this classic industrial loft has already had $20,000 shaved off its original ask from mid-September.
Sure, $447,400 seems like an oddly specific number, but this asking price could be interpreted as being the very lowest at which you can snag this two-bedroom, two-bathroom loft. It's fully loaded with a gas fireplace, stainless steel kitchen, and amenities like a fitness room and oversized garage parking space. This one has taken two price reductions since it listed for $475,000 in July.
House hunters who can spend $1 million or more will find that their budget can buy a lot in virtually any neighborhood in Chicago. A budget of $1.3 million buys a ton of space in the West Loop, such as this three-level, 3,500-square-foot whopper on booming Green Street. And while the asking price is on par with similarly sized properties in other upscale neighborhoods, it has dropped by $300,000 since first listed in January.