We get a lot of calls about purchasing “raw” loft space. We truly wish there were more of these spaces available as we love them too. Many people are disappointed to find that they are so tough to find. There are TWO primary reasons why:

• Most of the lofts in Chicago were built in the last 15 years. The trend year after year was to continue to make the spaces smaller, more well appointed, and lets squeeze in an additional bedroom as well. The reason – people paid more for the end product.
• The Chicago lofts that were done 15+ years ago are much fewer in numbers. Those older loft buildings often had much larger floor plans and few bedrooms. The result = lofts you see in the movies. When we come across those same buildings now we often find that someone has already “tampered” with the floor plan. Added walls, bedrooms, etc. They are no longer the open vistas of old.

The best place to find these older loft conversions is in neighborhoods such as Printers Row, Bucktown, and the West Loop. Outside of that the pickings get thin. Another great way to go is to find a stand alone commercial building that could be suitable to your needs. There are a few key factors that come into play for this option.  First of all they are often more expensive. Additionally, it must be zoned accordingly in order for you to actually live there.  A call into the zoning department can verify this. Mixed use buildings are a great option. That’s what you see as a typical retail store on the first level, then apartments upstairs. They come in all shapes, sizes, and locations. The other key factor to remember when purchasing a property with any commercial component is that the loan terms change. That means higher percentage down (typically 20%+), higher interest rates, and less favorable terms in general.  With that said, there are some great SBA loan programs that can get you in for as little as 10% down. All in all, our advice is the same it is with any other property type – really work through your Needs and Wants list prior to starting your search. If you know exactly what you need, you’re halfway to finding the perfect lofty Chicago abode. Live Lofty.