Is Lakewood Balmoral selling for too little per square foot?
Lakewood Balmoral, the Andersonville Historic District that’s part of Edgewater, has had a few sales in 2o1o under $1MM. At first glance, homes in this neighborhood are selling for a bargain these days, and in fact, seem to be selling less per square foot than similar neighborhoods– Graceland West and East Ravenswood. Why?
In my mind, there’s no better place to live in Chicago, and no better value, than in Lakewood Balmoral:
Location – nearest to Lake Shore Drive, Sheridan Road, Ridge – it’s a breeze to get all around the city from here! It’s easier to get around the city from here than from West Lakeview!
Retail and restaurants are wonderful, and improving all the time — from newly opened Acre to Hopleaf, Jin Ju, Big Jones, Hamburger Mary’s to Scout, Brimfield’s, City Olive, In Fine Spirits, Red Balloon, great food and shopping are steps away.
Conformity – one of the three requirements for real estate value — this means that the homes are similar — not like Lincoln Park or Lakeview with a McMansion next to leaning clapboard 3flat. Wide lots (35′ – 50’wide) and homes built between 1890 and 1912 have been lovingly restored and preserved. Homes on wide lots mean a greater variety of floor plans than the typical 25′ lots.
Because there are so many single family homes with garages, your guests can always find parking, and we are one of the few neighborhoods that doesn’t use permit parking.
Historic Neighborhood Tax Benefits – save money on taxes by preserving your home! Property tax savings for 8-12 years just by maintaining your historic home. Our neighbors are huge supporters and leaders of the Edgewater Historical Society, whose support has been instrumental in the stewardship of these Chicago landmark blocks.
Community – I challenge every neighborhood in the city to beat Lakewood Balmoral for block parties, residents’ council, and neighborhood events such as Fall Fest, the Yard Sale, and more. Neighbors know and support on another. On 9/11/2001, our block gathered in stunned sadness – coming together to mourn those lost. We create educational funds for children whose parents have died, support the local homeless shelter, and promote local small business -retail and restaurants that are owned and managed by our friends.
For a map of comparable properties and analysis of homes sold and homes for sale in Lakewood Balmoral and surrounding neighborhoods (Graceland West, East Ravenswood), download this pdf file.
For information on homes for sale in Lakewood Balmoral, Graceland West, and East Ravenswood, contact Anne Rossley at Prudentail Rubloff.
Next: Why homes seem inexpensive in Lakewood Balmoral.