Lofts Still going Strong
Lofts, which emerged on the Chicago real-estate scene some eighteen years ago are still in great demand from young professional who are looking for affordable housing options within the city limits.According to real estate agent reports demand for lofts are reaching new heights in the outlaying areas like Bucktown, Lakeview, Lincoln Park and Ravenswood's.
The late 90's saw a dozens of conversions of office to residential projects. For example downtown Illinois Bell building was converted into 183 condo units by investing $35 million dollars. Low interest rates, abandonment of class C space by office and the growing housing markets were the factors behind loft development.
Chicago Custom Homes, Chicago Urban Properties and Chicago Homes ltd are few of the companies who involved in renovating older commercial real estates to lofts and housing options. The cities hottest residential market is the South Loop, but with population growing the other areas outside downtown are also growing.
Lofts are in demand because of convenience, comfort, affordability and space . The combination of history and modernization is what that attracts people towards lofts. Old building with modern convenience like elevators and air conditioning is liked by people. Residential conversions have declined with time. Lofts were not being developed at the same rate, as in 90's. There were abundant lofts with few buyers today. Residential conversion will continue to grow only when there is increase in buyers who have loft housing in their mind.
The late 90's saw a dozens of conversions of office to residential projects. For example downtown Illinois Bell building was converted into 183 condo units by investing $35 million dollars. Low interest rates, abandonment of class C space by office and the growing housing markets were the factors behind loft development.
Chicago Custom Homes, Chicago Urban Properties and Chicago Homes ltd are few of the companies who involved in renovating older commercial real estates to lofts and housing options. The cities hottest residential market is the South Loop, but with population growing the other areas outside downtown are also growing.
Lofts are in demand because of convenience, comfort, affordability and space . The combination of history and modernization is what that attracts people towards lofts. Old building with modern convenience like elevators and air conditioning is liked by people. Residential conversions have declined with time. Lofts were not being developed at the same rate, as in 90's. There were abundant lofts with few buyers today. Residential conversion will continue to grow only when there is increase in buyers who have loft housing in their mind.
