And like works of art, there are a finite number. That stock of 311 units represents the most diverse range of loft condos being offered by a single developer, but already 250 of the units have been sold. The quick sales pace is not surprising, Sveda says. Most of the popular neighborhood's best buildings have already been converted to lofts and many others are protected for manufacturing uses. The new condos underway in the West Loop can't compete for loft aesthetics or, according to Sveda, pricing.
People recognize the incredible value.
In addition to pricing and lofty aesthetics, buyers have been attracted to the size and diversity of the product, according to Nicholas V. Gouletas, of American Invsco. The average size is over 1,600 square feet, around 1,650. I think there's quite a market for people who haven't been able to find the type of loft space they wanted. Sveda says that immediate delivery of units has been an important selling point in a market where buyers of new construction often must wait a year or even two before they can move in. Most of our tenants have moved out, and if a buyer comes in today and wants to, we can close tomorrow.