Monday, April 12, 2010

South Loop...but not too far south

Looking north from a South Loop rooftop deck at 1020 South Wabash. Got your attention?

Last weekend I showed clients some of my favorite homes in the South Loop neighborhood.

I've been spending a good amount time in the South Loop for the past five years due to clients and friends living there. For a downtown option, I think it's underrated. The area has taken a pretty sizable hit on pricing due to the mass building of mid-rise and high-rise towers and bubble prices. Just too many units of too little quality for too much money. However, there are a handful of solid buildings in my opinion that offer a lot for the money.

13th Street is the cut-off for me going south. But, it's at 13th where you have a good cluster of amenities, restaurants and bars to keep things interesting. I would also hug the lake here for great access to the Museum Campus and easy stroll or bike ride to Millennium Park, The Art Institute, lakefront concerts, law and financial industries, and whatever you're looking for.

Second floor common outdoor deck. Those tables are great for wine with friends.

One building I always go back to is 1020 South Wabash, a 49 unit long time established loft conversion. Technically, this is in the official Loop designated community area, but it's part of the "South Loop neighborhood" to most. Other than elevator and a couple rooftop deck areas, the building does not offer flashy amenities. However, the units tend to be larger than the competition for the asking and closing prices. Many have pretty good views, a gritty New York style open loft feel, garage parking and a terrific location north of Roosevelt that's close to the CTA Red Line. The units are very different, but you can generally get 1500-1600 sq feet for around $330K-$400K with attached garage parking included and a $400 a month assessment.

Looking east from the rooftop deck.

More options to come this week!


MichaelM said...

My girlfriend lives at 16th and Indiana. Are you telling me we need another realtor when we get ready to sell her place?

Grace said...

Just want to comment on how much I enjoy your blog. You get around town, post interesting photos, and tell it like it is. Thanks.

Eric Rojas said...

Personally, I'd like to be no further south than 13th, but it will generally cost a more per square foot so not everyone can do it and location is relative to the buyer/budget/needs whatever.

One of the best value buildings, all things considered under $400K, is 125 East 13th Street, Museum Park Lofts (concrete "soft" lofts). I'm sure many think thta's the edge of the earth. I like that building and location a lot.

In general, it costs more to live north of 13th than south. It is also closer to the Roosevelt train station. However, I've sold units in the Tandem Lofts at 1633 S Michigan. Another building I like in South Loop for several reasons.

We know the neigborhood, developer history, pricing and real estate landscape of the South Loop area well. We have lots of clients and associate clients in many of the buildings stretching to 18th Street.

A new L station has been talked about quite a bit around 18th Street and Clark for years. That would help things a lot.