South Loop

The South Loop is an exciting and growing area for Chicago urban dwellers. Chicago's South Loop is walking distance to Lake Michigan, the Museum Campus and Grant Park. These Chicago landmarks as well as local parks are just some of what the area has to offer its residents.

Summertime or anytime- living in the South Loop area has it all.
It's not just the concerts, the nearby museums, and the lakefront parks either. It's being close to everything you could possibly need: excellent restaurants like Gioco on Wabash Avenue, Standing Room Only on Dearborn Street or Cold Stone Creamery on Michigan Avenue for dessert.

It's so easy to get around the Chicago South Loop area too. You have easy access to the "L", Metra, and bus system. You feel like you are living in the Chicago suburbs. For South Loop entertainment you may find local acts during the week and national touring acts on Friday and Saturday nights. Monday night jam sessions and an acoustic blues artist on Friday, Saturday and Sunday. There are numerous other bars and clubs where you can have a drink, visit with friends and/or listen to great jazz and blues music in the area as well.

Chicago South Loop Real Estate Trends

You have probably noticed over the last 10 years or so Chicago South Loop real estate has changed. Old structures have been rehabbed and new condo towers rise above the area. Real estate in the South Loop includes mid-rise condos, townhomes, residential and commercial lofts, and high rise condos with world-class amenities.

It's a diverse area with contrasts of developing landscape with some of the cities latest innovations and also decaying and abandoned buildings. You will find some of the wealthiest people of Chicago living along some of Chicago's least fortunate.

The South Loop is approximately 74 square blocks (plus Grant Park), bounded by Congress Parkway on the north, the South Branch of the Chicago River on the west, Cermak Road on the south, and Lake Shore Drive on the east. At one time the area resembled a landscape of surface parking lots and warehouses, with some residential housing. Now, you can expect to find luxury high-rise condominiums.

Buyers looking for a luxury condominium in Chicago's South Loop will find some great deals at Park 1000, at 1000 S. Michigan Avenue, a new luxury condominium development in the area. There are several floor plans in this 40-story building. A one-bedroom condominium. which is approximately 920 square feet is priced from $280,000.

There are also two and three bedroom units. The largest three bedroom unit, which is approximately 2,122 square feet is offered at more than $1.4 million. Chicago Association of Realtors Data and RealtyTrac Data from the Chicago Association of Realtors reflects that single-family homes fell again during the second quarter. Just 1,691 single-family homes sold down from 2,247 homes sold June 2007.

Foreclosures of single-family homes and condominiums in Chicago climbed by 58 percent during the second quarter 2008 according to data from RealtyTrac. RealtyTrac reported that the Chicago area ranked 35th of 100 major metropolitan areas in foreclosures. The area had a total of 21,488 homes and condominiums at some point in the foreclosure process during the second quarter. As a result, there are many good opportunities to purchase affordable Chicago South Loop real estate right now.