Take a stroll in Chicago’s Financial District at noon in nice weather and you’ll see hundreds of young people walking to lunch or sitting out having a sandwich along South Wells or West Van Buren street.

The Loop is teeming with young singles, part of the nearly 96 million Americans age 18 years old or older—people who are never-married, divorced or widowed.

In fact there are more single-person households in the United States than married-couple households with children. Singles now count for 43 percent of the U.S. population, up from 28 percent in 1969.

And, in downtown Chicago, there are more than 50,000 students—mostly singles—attending college classes in or near the Loop. So it is no wonder that hundreds of singles—young and old—are buying new condominiums downtown.

Appraisal Research Counselors recently reported that 313 new-construction condos were sold in central Chicago in the second quarter of 2009. That is a vastly better number than the anemic 55 units that were sold downtown in the first quarter of this year.

Experts say the rising tide of singles is causing a mini revival of the condo market downtown.

“The most active segment of the market appears to be the first-time buyer, and many of them are singles,” said Gail Lissner, vice president of Appraisal Research.

Appraisal Research noted that several factors are sparking sales in the first-time buyer market, including Uncle Sam’s $8,000 first-time buyer tax credit, the availability of Federal Housing Administration-insured financing with down payments as low as 3.5 percent, and the freedom from having to sell and existing residence.

“A large amount of condo inventory priced at $250 to $350 per square foot is attracting first-time buyers, especially those who feel confident about their jobs,” Lissner said.

At 235 Van Buren, the developers are writing eight to 10 sales contracts a month and more than 100 units have closed during the past weeks. The success at 235 Van Buren shows a housing market revival is underway among young, single first-time buyers in the Financial District on the southern edge of Chicago’s Loop.

The 46-story contemporary-style high-rise, on the southeast corner of Franklin and Van Buren, is luring buyers with a myriad of attractions, including its sleek contemporary architecture and affordable pricing, said developer Colin Kihnke, president of Chicago-based CMK Companies Ltd.

“These are perfect condominiums for first-time buyers or young single professionals who want to move up into a more elegant and sleek residence,” said Scott Hoskins, president and managing broker for CMK Realty.

Buyers may choose from among more than 130 unique floor plans with 1 to 3 bedrooms and 1 to 3 baths. Base prices range from $199,900 for the most affordable studio with 522 square feet to $399,900 for the most expensive 2-bedroom, 2-bath layout with 1,292 square feet. There is also a selection of penthouses residences, base priced from $335,900.

With many buyers having already moved into their new condominiums at 235 Van Buren and “there is a hustle and bustle in the air,” said Hoskins. “Construction is complete through the 29th floor and we plan to continue delivering a floor every week.”

Sales have surpassed the 450-unit mark at the 714-unit condominium building. Fourteen professionally decorated contemporary-style models recently grand opened.

Of course, the location in the heart of the Financial District is drawing many buyers, Kihnke said. “People want a location that is with-in walking distance to work and so many additional Chicago amenities, including easy access to public transportation and the West Loop’s Restaurant Row and Greek Town’s restaurant district.”

235 Van Buren will feature 12,000 square feet of commercial space, a dog run, a 24-hour doorman, six high-speed elevators, thermal-pane aluminum framed windows, and a dramatic lobby with 25-foot-tall ceiling and accented with slate, stainless steel and an imported German glass wall.

The sales center is now located on site in residence 1822. It is open 11 a.m. to 6 p.m. Monday through Friday and noon to 5 p.m. on Saturday and Sunday. For more information on 235 Van Buren, contact CMK Realty at 312-376-0600, or visit http://www.235vanburen.com/. With a city condo market recovery on the horizon in 2010, Appraisal Research predicted that the condominium conversion segment likely will blossom since it can provide new units most quickly.

Appraisal Research also noted that more condo developers are offering special below-market financing packages to attract first-time buyers and young professionals to the downtown market.

For example, American Invsco has an innovative program that offers rock-bottom 2.5 percent mortgage financing to condominium buyers at 200 N. Dearborn, a 47-story tower now being converted to condominium ownership in Chicago’s Loop.

Buyers are required to place a 20-percent down payment on an interest only 10-year loan.

“More than half of the 309 units at 200 N. Dearborn are already closed or are under contract,” said Nicholas S. Gouletas, chairman and CEO of American Invsco, one of the nation’s largest condominium marketing firms. “We have a great selection of residences for quick occupancy.”

Current prices range from $284,700 for the most affordable studio to $1.5 million for the most expensive 2-bedroom, 2-bath penthouse. Almost all of the units have private balconies that face the lake to the east or the downtown to the west.

First-time buyers who wish to place a down payment of 10 percent also may choose another American Invsco plan that calls for principal and interest payments. The interest rate on this plan also is 2.5 percent.

The 2.5 percent loan program is available to the next 50 owner-occupants buying a home as a primary residence at 200 North Dearborn over the next 60 days.

Eight furnished models and the sales center at 200 North Dearborn in Suite 3507 is open seven days a week from 10 a.m. to 6 p.m. and off-hours by appointment. Call 312-558-1200 or visit: http://www.200ndearborn.com/.