Development Continues to Fuel West Loop Appeal

Posted by Terri McAuley on Sunday, September 25th, 2016 at 9:54am

While Chicago’s West Loop has seen incredible growth since coming out of the recession, it’s actually a part of town that’s been on the rise for many years. Most of the fabulous loft conversions you see all over this trendy part of Chicago first started to transform the West Loop back in the mid- to late ‘90s, and it’s been on a fairly steady upswing ever since. But since 2008, however, development all throughout the West Loop has been rigorous, and now many consider it to not only be Chicago’s hottest neighborhood since the recession, but also one of the most sought-after locations for home buyers and renters to consider for the foreseeable future as well. 

So what exactly is contributing to the latest development boom we’re seeing in the West Loop? 

While many headlines over the past couple years belonged to mega apartment developments and other large-scale residential projects like 9 W. Walton and Vista Tower, the West Loop is home to two of the highest-profile commercial developments we’ve seen in recent memory in 1K Fulton and now the new McDonald’s headquarters, which will replace the iconic Harpo Studios campus located at 110 N Carpenter St. In addition, the West Loop restaurant scene, which combines Greektown, Fulton Market, and of course Chicago’s famed ‘Restaurant Row’ along Randolph Street, is now also considered to be the hottest in all of downtown Chicago, helping give the neighborhood a unique and unparalleled balance of zoning that allows locals to live, work, and play all in one location.

According to recent figures released from Appraisal Research Counselors, 4,171 rental units have been brought to market in the West Loop since 2008, and over 500 more are expected to be delivered by the end of 2017. Towering projects along the expressway like Arcadia Tower are continuing to alter the West Loop landscape, and even luxury three-bedroom condos like the new CA Washington development are selling at a pace that’s faster than anything we’ve ever seen. In fact, if you swing by the development site of CA Washington at Washington and Aberdeen, signs now say the project is already 90% sold, and that’s even before ground has been broken. 

During a three month stretch earlier this year that ended on July 31st, 320 homes sold in the West Loop for a median price of $400,000, which is up nearly $100,000 compared to the same time-frame just four years ago. But what really tells the story of just how hot Chicago’s West Loop neighborhood has become is the average days on market for what’s already sold this year is just 41 days, and almost half of those properties sold for over the original asking price.  

For reference, Chicago as a whole had a median home price of $285,000 and a market time of 57 days during those same three months. 

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CHECK OUT SOME OF THE WEST LOOP'S HOTTEST NEW CONSTRUCTION BELOW:

900 West Washington Boulevard Ph-901, Chicago
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  • 5 Beds
  • 6 Baths
  • 4,949 SqFt

900 West Washington Boulevard Ph-901, Chicago

$5,500,000
900 West Washington Boulevard 601, Chicago
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  • 4 Beds
  • 5 Baths
  • 3,265 SqFt

900 West Washington Boulevard 601, Chicago

$2,500,000
1109 West Washington Boulevard 4a, Chicago
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  • 3 Beds
  • 4 Baths
  • 0 SqFt

1109 West Washington Boulevard 4a, Chicago

$2,499,000
1000 West Monroe Street 702, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 3,800 SqFt

1000 West Monroe Street 702, Chicago

$2,395,000
1000 West Monroe Street Ph701, Chicago
  • Residential
  • 3 Beds
  • 4 Baths
  • 3,400 SqFt

1000 West Monroe Street Ph701, Chicago

$2,395,000
1400 West Monroe Street 7bc, Chicago
  • Residential
  • 4 Beds
  • 5 Baths
  • 3,139 SqFt

1400 West Monroe Street 7bc, Chicago

$2,350,000
220 South Green Street 4n, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 3,427 SqFt

220 South Green Street 4n, Chicago

$1,999,900
216 South Green Street 4s, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 3,427 SqFt

216 South Green Street 4s, Chicago

$1,999,000
313 South Racine Avenue Phd, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 3,103 SqFt

313 South Racine Avenue Phd, Chicago

$1,640,900
128 South Green Street 3a, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 0 SqFt

128 South Green Street 3a, Chicago

$1,600,000
111 South Peoria Street 308, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 2,488 SqFt

111 South Peoria Street 308, Chicago

$1,450,000
456 North May Street 3, Chicago
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  • 4 Beds
  • 4 Baths
  • 0 SqFt

456 North May Street 3, Chicago

$1,449,000
111 South Peoria Street 201, Chicago
  • Residential
  • 4 Beds
  • 5 Baths
  • 2,364 SqFt

111 South Peoria Street 201, Chicago

$1,395,000
New
111 South Peoria Street 809, Chicago
  • Residential
  • 2 Beds
  • 2 Baths
  • 0 SqFt

111 South Peoria Street 809, Chicago

$1,390,000
111 South Peoria Street 308, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 2,488 SqFt

111 South Peoria Street 308, Chicago

$1,325,000 ↓ $45,000
14 North Bishop Street 508, Chicago
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  • 4 Beds
  • 4 Baths
  • 2,306 SqFt

14 North Bishop Street 508, Chicago

$1,290,000
1400 West Monroe Street 6b, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,846 SqFt

1400 West Monroe Street 6b, Chicago

$1,250,000
900 West Washington Boulevard 502, Chicago
  • Residential
  • 2 Beds
  • 3 Baths
  • 1,573 SqFt

900 West Washington Boulevard 502, Chicago

$1,200,000
440 North Halsted Street 3a, Chicago
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  • 3 Beds
  • 4 Baths
  • 2,400 SqFt

440 North Halsted Street 3a, Chicago

$1,199,888 ↓ $50,000
14 North Bishop Street 503, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,119 SqFt

14 North Bishop Street 503, Chicago

$1,195,000
14 North Bishop Street 204, Chicago
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  • 4 Beds
  • 4 Baths
  • 2,300 SqFt

14 North Bishop Street 204, Chicago

$1,140,000
14 North Bishop Street 303, Chicago
  • Residential
  • 3 Beds
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  • 2,119 SqFt

14 North Bishop Street 303, Chicago

$1,070,000
35 North Aberdeen Street 4s, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,100 SqFt

35 North Aberdeen Street 4s, Chicago

$1,069,000 ↓ $20,000
900 West Washington Boulevard 302, Chicago
  • Residential
  • 2 Beds
  • 3 Baths
  • 1,573 SqFt

900 West Washington Boulevard 302, Chicago

$1,000,000
1400 West Monroe Street 5d, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,843 SqFt

1400 West Monroe Street 5d, Chicago

$999,000
14 North Bishop Street 405, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,993 SqFt

14 North Bishop Street 405, Chicago

$955,000
1400 West Monroe Street 3d, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,843 SqFt

1400 West Monroe Street 3d, Chicago

$950,000
1146 West Hubbard Street 4e, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 1,900 SqFt

1146 West Hubbard Street 4e, Chicago

$925,000
New
15 North Elizabeth Street 201, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 0 SqFt

15 North Elizabeth Street 201, Chicago

$895,000
14 North Bishop Street 206, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 1,500 SqFt

14 North Bishop Street 206, Chicago

$860,000
1400 West Monroe Street 7a, Chicago
  • Residential
  • 2 Beds
  • 2 Baths
  • 1,244 SqFt

1400 West Monroe Street 7a, Chicago

$845,000
323 South Racine Avenue 4c, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,160 SqFt

323 South Racine Avenue 4c, Chicago

$840,900
836 West Hubbard Street 302, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,028 SqFt

836 West Hubbard Street 302, Chicago

$829,000
1400 West Monroe Street 5a, Chicago
  • Residential
  • 2 Beds
  • 2 Baths
  • 1,244 SqFt

1400 West Monroe Street 5a, Chicago

$825,000
1328 West Hubbard Street 1, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 0 SqFt

1328 West Hubbard Street 1, Chicago

$824,000
1328 West Hubbard Street 1, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 0 SqFt

1328 West Hubbard Street 1, Chicago

$824,000
111 South Peoria Street 312, Chicago
  • Residential
  • 2 Beds
  • 2 Baths
  • 1,310 SqFt

111 South Peoria Street 312, Chicago

$800,000
456 North Carpenter Street 3, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 2,000 SqFt

456 North Carpenter Street 3, Chicago

$799,900
456 North Carpenter Street 2, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 2,000 SqFt

456 North Carpenter Street 2, Chicago

$790,000 ↓ $10,000
836 West Hubbard Street 202, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,028 SqFt

836 West Hubbard Street 202, Chicago

$784,900
836 West Hubbard Street 202, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,028 SqFt

836 West Hubbard Street 202, Chicago

$784,900
1328 West Hubbard Street 3, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 0 SqFt

1328 West Hubbard Street 3, Chicago

$769,000
1328 West Hubbard Street 3, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 0 SqFt

1328 West Hubbard Street 3, Chicago

$769,000
1400 West Monroe Street 4c, Chicago
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  • 2 Beds
  • 2 Baths
  • 1,242 SqFt

1400 West Monroe Street 4c, Chicago

$760,000
15 North Elizabeth Street 100, Chicago
  • Residential
  • 2 Beds
  • 2 Baths
  • 0 SqFt

15 North Elizabeth Street 100, Chicago

$749,000
456 North May Street 2, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 0 SqFt

456 North May Street 2, Chicago

$699,000
1328 West Hubbard Street 2, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 0 SqFt

1328 West Hubbard Street 2, Chicago

$669,000
1328 West Hubbard Street 2, Chicago
  • Residential
  • 3 Beds
  • 2 Baths
  • 0 SqFt

1328 West Hubbard Street 2, Chicago

$669,000

By:  Terri McAuley

Chicago Condos for Sale

Cell: 312-330-3211
Website:
www.WeKnowChicagoRealEstate.com

“Chicago’s Luxury Condo Specialist”

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Listing information last updated on July 4th, 2020 at 6:45am CDT.

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