Tuesday, December 29, 2015

Edgewater two-flat sales 2015, median sales price up 30% since 2013

Edgewater is a neighborhood full of two, three and four-flat buildings on tree-lined streets. All photos Eric Rojas, Broker, Kale Realty
We visited a client's two-flat over the Christmas weekend.  He's living out of state and needed evaluation on market price and potential renovations for his building.  Here's a look at over-all two-flat sales in the Edgewater Community Area this year.

Edgewater Two-Flat Sales January 1st to December 28th, 2015
30 buildings listed as legal two-flats sold thus far in 2015.  The median price is a robust $550,000 driven by the long desirable and historic Lakewood-Balmoral neighborhood and super hip hot Andersonville retail and entertainment district. That's a 30% increase in median price for two-flats over just two years ago.

27 two-flat units were recorded as sold over the same period in 2014 with a median price of about $512,000. In 2013, 33 two-flat units were sold with a median price of about $420,000.

The highest priced two-flat sold in 2015 is 1447 W Berwyn Ave, Chicago, Illinois 60640 for $727,000.  The greystone two-flat in the center of Andersonville sits on a wide 33'x126' lot. The lowest priced two-flat sold is 1534 W Highland Ave , Chicago, Illinois 60660 for 290,000. The frame two-flat is being converted to a single family home.

A good number of the two flat sales were purchased for single family home conversions in the greater Lakewood/ Balmoral and Andersonville neighborhoods of Edgewater.

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