I am a huge fan of the Edgewater neighborhood for Chicago historic homes and for great real estate values in Chicago. Here are a couple homes I would recommend Chicago real estate buyers go see…
1218 W. Glenlake — Edgewater Glen
Five bedroom home built in 1908 with 2 car garage and full third floor
33 foot wide lot!
5538 N. Lakewood — Lakewood Balmoral
1903 home on 30 foot wide lot in Lakewood Balmoral Historic District
Call now for details on how you can freeze property tax assessments and save on taxes for
It’s a great spring day in the Edgewater neighborhood, made even better because I have an excuse to go to Flourish Bakery Cafe and get a carrot cake. Flourish makes the best carrot cake in Chicago! Dan makes many great cakes, cookies, sandwiches and soups, but the carrot is beyond compare.
Just off the Bryn Mawr stop on the Red Line, Flourish is near Lake Shore Drive and convenient for most northsiders.
Enjoy! (I know the hosts at tomorrow’s party will!)
With all the bad real estate news being generated, it’s important to understand the local Chicago real estate market, putting the numbers into a meaningful perspective.
At first blush, one sees that Jan/Feb median sales prices were off 30.3% vs the first two months of ’08. However, if you compare the 2 month average to the entire year, smoothing out the high of last January and February, prices are down 12.1 %. Similarly, JF ’09 single family homes sold on the north side (44) are off 29% vs the same 2 months of ’08, but compared to the ’08 monthly average of 49, the two month total is down 10.2%.
In the past month, 60 homes have gone under contract, with a median sales price of $ 925,000.
Currently, there are 610 single family homes on the market whose median price is $ 1,295,000. That represents over a 12 month supply of inventory — high, but not disastrous. (Lenders like less than 6 months inventory to describe a market as “healthy.”)
In evaluating market times and sales to list price, it gets a little dicey. Market times in the MRED include new construction homes which might be listed from the time the developer decided to break ground. Of the closed homes, there are market times of 2, 7,12…97…185…899 days… i.e. an average would be meaningless.
Sales prices traditionally have been 95% in the Chicago market. One would think that sales prices would be way off that mark.
Once the list price comes down to a level which generates an offer (final list price), however, the average sales to list price was 92%. For these same homes in JF ’09 , the final sales price was 88.3% of the ORIGINAL list price.
Of the 44 homes closed, 15 were listed over $ 1,500,000. Of these, 7 were new construction. Only 2 of the 29 under $ 1.5MM were new.
See the “Sales and Trends” page for graphs for the past 4 years.
For other sales data, or for information on specific properties that have closed, please contact me today!
This data, taken from MRED, includes single family home sales for the following neighborhoods:
Gold Coast (Near North)
Lakewood Balmoral is one of Chicago’s best kept secrets!
Between Foster and Bryn Mawr you will find 3 incredible streets — Magnolia, Lakewood, and Wayne . Their close proximity to Lake Shore Drive make getting to the Magnificent Mile a quick 10-15 minutes. Access to the northern suburbs is a breeze via Sheridan Road, Ridge, or Peterson to Lincoln Avenue. The red line, 2 blocks east at Berwyn and Bryn Mawr, and the 146 Express bus at Foster makes for a quick bus ride to Michigan Avenue and the city. And of course, you’re near the Chicago lakefront and the running/riding trails.
These streets boast oversized lots — 1 1/2 to 2 lots wide, and the stately homes were designed to utilize this space. Without the dense housing of courtyard and midrise multi-unit buildings, guest parking on the street is a breeze! It would be rare for you to park more than 3 houses away from the home you’re visiting.
These streets were awarded the historic district designation in 1998, and therefore owners who spend 25 % of the assessed value (note — this is NOT market value!) in qualified rehab expenditures can obtain a freeze on property taxes for 8 years. This incentive has encouraged residents to restore their homes, thereby enhancing the beauty and increasing the value of homes in the neighborhood.
Residents enjoy their neighbors. Block parties involve everyone, and more than just the fire truck and bouncer are planned. Twice, the 5400 Lakewood block residents created and built miniature golf courses for all to enjoy. Halloween is a special event, where homes are decorated, and residents hand out between 800 and 1200 pieces of candy, depending on weather. The annual Fall Festival in October is a favorite, and mark your calendar for the 2nd Saturday in September for the greatest yard sale ever!
The Lakewood Balmoral Residents Council is a dynamic force for keeping residents involved in their community and creating the warm environment that neighbors enjoy. The Edgewater Community Council and Care for Real make a significant contribution to members of the Edgewater Community. I personally felt touched on 9/11, when a spontaneous gathering of neighbors grieved together and commemorated the lives of those who perished in the planes and towers during that incredible tragedy.
New and exciting restaurants and shops open all the time on Andersonville’s Clark Street. This list represents my favorites, but there are many more great places to see…
Do I have your attention? With homes on extra wide lots, believe it or not — last year, homes sold between $ 530,000 and $ 1,937,000. Today there are single family homes for sale between $ 739,000 and $ 1,999,000.
For details on homes currently for sale or information on how you can save on your property taxes by updating your historic property, contact me today!
The following homes are now listed as “contract pending” in the Multiple Listing Service:
Today, there are 46 homes for sale in the Edgewater neighborhood, ranging in price from $ 173,000 to $ $2,700,000. During the last 3 months, only 3 homes closed, with a median sales price of $ 862,500.
5518 N. Wayne has been reduced to $ 1,649,000, and 5456 N. Lakewood is currently available for $ 1,999,000.
To see all available single family homes for sale in Edgewater, please select this link.