Lofts a Rising Star in Chicago Real Estate Market City's Increasingly Trendy Near West Loop Area Scene of Continuing Loft Construction as Buyers Opt for Downtown Convenience. Chicago, IL (PRWEB) January 25, 2010 The convenience of downtown living is proving a catalyst for growth in at least one segment of the restive Chicago real estate market. The Near West Loop area along West Jackson Boulevard, once home to manufacturers that helped make Chicago an exports byword, is taking on new cachet in a post-industrial era. It's become ground zero for loft construction, a housing trend that has caught the eye of real estate developers nationwide. Ted Guarnero, lofts specialist with Baird & Warner Real Estate says that the Near West Loop neighborhood's development as a prime location is being fueled by growing awareness of the quality of life it offers. And he points out that over the past dozen years loft construction there has added approximately 2,000 new living units, built largely around structures that once proudly displayed the corporate name plaques of legendary firms such as Hart Schaffner Marx, Wurlitzer and Florsheim. Loft-style residences typically retain the flavor of commercial buildings and feature oversized living areas, stylishly high ceilings and uniquely large windows. Their prime urban locations are equally attractive to home buyers. "Convenient access to the city's major attractions, its trendy restaurants and the lakefront itself rates especially high with professionals -- not only the younger set but empty-nesters as well," says Guarnero. "Once their children have moved into lives away from home, the suburbs tend to lose their allure for professional parents. Those long commutes to and from offices or downtown social venues suddenly make far less sense." He notes that loft conversions have continued apace, despite weakness in other local real estate sectors. "The Jackson Loft Corridor itself has seen ten major projects since the start of this renaissance, three of which have successfully opened recently in the face of otherwise adverse economic conditions," adds Guarnero. "The reality is that Downtown is a real draw for those able to afford its convenience, and the market is losing no time creating exciting new products for trend-setting buyers." Which is good news indeed for the Chicago real estate industry. ###
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