Consulting on "flips" and a look at South Loop condo sales

2000 S Michigan is an early condo conversion in the historic Motor Row area of the Near South Side and growing South Loop neighborhood. All photos Eric Rojas, Broker, Kale Realty.

I stopped by the old Motor Row neighborhood of Near South Side community area to consult on a condo renovation project last week. Many of the original condo conversions of this particular area were developed just before the financial market crash.  It has taken 10 years for the immediate area to show substantial development and growth.  But here we are. Many of the original units are getting a face lift or gut rehab and selling in the market for good prices.

Greater South Loop market picked up crazy steam a couple years ago. The development of McCormick Square as a new neighborhood and the new Wintrust Arena has helped consolidate the rebound of Motor Row and nearby and South Loop real estate prices. All this major activity creates opportunities for smaller developments and gut renovation "flips".

The views of the Second Presbyterian Church from a grade level loft condo I checked out!

The general South Loop neighborhood of Near South Side from Congress to West Cermak. Excluded are Printer's Row (west of State Street) and Chinatown south of Cermak.

South Loop Condo Sales
115 attached South Loop units (condo, town house) have sold in 2018 thus far. The median price of a condo is about $360,000. Over 2017 the same sales area showed 802 closed attached units with a median price of about $382,000.  Interestingly back in 2013 sales were fairly consistent to 2017. 752 units closed with a median price of $364,000.

South loop offers some pretty cool streetscape views.

In the entire Near South Side community area, 867 attached units sold over 2017 with a median price of about $375,000.

My hoopsters 1st and 3rd from the left.

I've visited the new Wintrust Arena for a couple DePaul University basketball games and my kids already want a "staycation" at the Marriot Marquis.