Sunday, October 10, 2010

Looking at Lakewood Balmoral: At $750,000 bring the green

Here's a few shots of the Lakewood Balmoral Historic District in Edgewater I took on a bike ride this summer. The neighborhood is distinct for many reasons including wearing their "green" ways on their sleeves. Not my best photo work, but you can imagine how beautiful this neighborhood is.

The district boundaries are roughly West Foster Avenue to West Bryn Mawr going north and North Wayne to North Magnolia going east towards the lake. For this market data, I've expanded the "district" west to Clark Street as this overall distinct neighborhood really goes to Clark Street (it's pretty prime real estate as it's closer to the popular Andersonville commercial strip).

Median price for a single family home was about $750,000 over the last 12 months. There were eleven closed homes recorded in our MLS data. This includes a smaller fixer-upper for $445,000 at the bottom (1450 W Berwyn...not in the Historic District) and $1,075,000 for 5437 N Wayne at the top for a renovated five bedroom brick beauty on a 33'x 123' lot (oh, and you get to build the garage!).

We've had clients buy just a half-mile north in Edgewater Glen to get completely updated homes for a good 15-20% savings off comparable homes in the actual Lakewood Balmoral Historic District.

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