WEST LOOP — Two-bedroom, two-bath condo sales in the West Loop rose 80 percent this year, according to data compiled by a local real estate blog.
From January 2012 through Aug. 23, some 139 West Loop two-bed, two-bath units sold, versus the 77 reported during that period last year, Chicago Real Estate reports.
Armando Chacon, a managing partner at the West Loop-based Century 21 at 1161 W. Madison St., said the shift in demand happened almost overnight.
“It’s been quite astounding to see the market change in such a short time. Really, now there’s not enough inventory to meet the demand,” he said.
Only a year ago, Chacon said he “couldn’t give away” many of the two-bedroom, two-bath condos dotting the West Loop.
Chacon — who’s also a member of the local school council at Skinner West Elementary — said her school, which added a neighborhood component in 2009, is a big draw for many families.
The average selling price for a West Loop two-bed, two-bath was just over $374,000 in the past six months, according to Chacon's data.
Martha Goldstein, executive director of the West Loop Community Organization, points to increased development in the area, including the new Mariano's grocery and Google’s relocation.
“The why is real obvious to me. ... This neighborhood has kicked off so,” she said. “And all of that relates to more of a community for people. It’s just incredible.”