Wednesday, January 09, 2019

Edgewater two-flat sales (and small multi-units)

Our client lives near one of the coolest restaurant, bar and retail strips in the city.  She aims to stay here trading in her condo for a two-flat. All photos Eric Rojas, Broker, Kale Realty
Stumble home from Hopleaf? Yes please! Many of us remember the small, smokey front room with the great jukebox of one of Andersonville's finest institutions. Hopleaf has grown in size with the mega popularity of this Edgewater neighborhood and real estate prices have followed. Our client is looking to upgrade to a two-flat in Edgewater.  Let's take a look at recent two-flat sales prices.

No matter how hard you squint (and dream) it's a dump! This grey-stone on the 1700 block of West Winona needs a gut renovation along with expensive exterior maintenance.
Edgewater two-flat sales in 2018

21 Edgewater two-flat buildings have closed over 2018.  The median sale price of  a two-flat over that time is $600,000. At $600,000 you get a nice conditioned building near the Andersonville strip. We're not talking luxury here.  The building will be serviceable with good location. In 2016, 28 two-flat buildings closed with a median price of $605K and in 2014 another 28 two-flat buildings sold with median price of  $515,000.

There is still a good stock of two, three and four-flats in Edgewater.  Not every sale is converted to a single family home (buildings on the 1400 block of West Winona).
18 three-flats closed over 2018 with a median price of about $790,000. The highest priced three-unit building to sell is the beautiful 5915 N Magnolia for $1,060,000.    One smallish four-unit building at 1752 West Catalpa sold in 2018 for $660,000. 

Only five two-flats are currently available for sale in Edgewater with a median asking price of $500K (and $500K ain't getting you much).

No comments: