Edgewater single family home sales up 26% in 2020

 

Homes on West Hood in Edgewater Glen, Chicago. This little community is close to North Broadway restaurants, the lake and the CTA Red Line. All photos Eric Rojas, Broker, Kale Realty

We're helping a client get their beautiful Edgewater Glen home prepared for the spring market. Edgewater is a diverse Chicago Community Area - in its people and housing options - that extends from the lakefront all the way back to North Ravenswood Avenue. I think many people first envision the 1960s and 1970s high-rise and vintage courtyard buildings near the lake. The neighborhood is dense with multi-units and condos. Edgewater is also home to attractive single family homes among it's tight knit neighborhoods. Let's take a look at the single family home sale market.

Edgewater single family home sales

82 single family homes sold in 2020 with a median price of $735,000. The median price has inched up the last few years but down from 2016 when it was $805,000. The highest priced sale in 2020 is 1439 West Farragut closed for $1,425,000.  The renovated grey stone is steps from Andersonville restaurants, bars and shops.  The lowest priced sale in 2020 was 1624 West Peterson for $285,000. The foreclosed home is located near the busy Peterson/ Ridge intersection and needed a gut renovation.

A rare modern design home is being built in Edgewater Glen.

Recent single family home sales

Four homes have closed in the first month of 2021 (January 1st to January 31st). Notable is the highest priced retail sale of a single family home ever in Edgewater. 1340 West Berwyn sold for $2,325,000.

2020 82 single family homes sold with a median price of $735,000.

2019, 64 single family homes closed with a median price of $700,000. 
2018, 87 single family homes closed with a median price of about $677,000.
2017, 71 single family homes sold with a median price of  $675,000
2016, 88 single family homes sold with a median price of $805,000
In 2015, 71 single family homes closed with a median price of  $628,000

Check out more images of Lakewood Balmoral homes in Edgewater  HERE

Lakewood-Balmoral Historic District and Edgewater Glen are probably the better known sub neighborhoods of Edgewater for blocks dominated by single family homes.  West Edgewater between North Clark and  Ravenswood has its own distinct vibe and is close to great amenities.

A "people spot" in the Andersonville neighborhood of Edgewater.  The restaurant / retail strip is one of the most robust and fun in the city.

Contact us to purchase or sell Edgewater homes!  More Edgewater posts HERE

Lakewood Balmoral single family home sales

The Lakewood Balmoral neighborhood in the Edgewater Community Area of Chicago is on the National Register of Historic Places.  The "sub neighborhood" is bounded by Magnolia Avenue to the east, Wayne Avenue to the west, Foster Avenue to the south, and Bryn Mawr Avenue to the north.

Eight (8) single family homes were sold in Lakewood Balmoral in 2011 with a median price of about $750,000. 9 homes sold in 2010 with a median price of about $815,000.

The Highs: The highest MLS recorded sale price was 5511 N Lakewood- a 37 wide lot "complete gut renovation" house sold for $1,530,000 in the spring.  The original home was sold for $750,000 before developer renovation and sale.
The Lows: The lowest MLS recorded sale price was 5219 N Magnolia at $585,000 for a nice little move-in ready home with some mechanical updates.  It sits on a 37 wide lot, so their is plenty of room in the budget for major renovations if the owner should choose. It sold quickly in the beginning of the year and work may have been done since then. $585,000 for the lowest priced sale all year speak volumes for this location.
Distressed:  There were no recorded distressed sales for the small neighborhood in 2011.

We never get tired of viewing these homes no matter the season. With the popular Andersonville retail strip to the west and the lakefront to the east, Lakewood Balmoral is a quiet, small and distinct community in between the bustle. Not many home become available each year...it is imperative to be educated on the market and ready to act.

All photos Eric Rojas, Realtor and Broker.  All sales data pulled from MREDLLC.com (our MLS) and analyzed by Eric Rojas.

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.

Rehab? Try Edgewater Glen in Chicago

Photo by yochicago.com

I have been looking at many single family homes on the North Side for under $700K and feel you can get a solid home on a nice sized lot in the Edgewater Glen area (located along side of Andersonville and Lakewood-Balmoral) for under $600K. There are a couple homes in the $550K range that will need about $50K in professional renovation (or really good self help handy work) to be very pleasant. The area of Edgewater located roughly 5600 N to 6400 N and 900 W to 1400 W really supports updates and structual improvements when looking to re-sell the home.

Your local Red Line stop would be W Bryn Mawr at N Broadway.
Edgewater includes the following neighborhoods: Andersonville, Edgewater Beach, Edgewater Glen, Edgewater Triangle, Highlands of Edgewater, Lakewood Balmoral, Magnolia Glen and Rosehill.
ZIP codes: 60660, 60640
This isn't flip your house material. Just a great place to buy a single family home to live on the North Side and add value.

Any Chicago single family homes on sale this Black Friday?

The scenes of "Black Friday" actually put fear in my heart. Check out the Chicago Tribune photo album of the carnage HERE. The barrage of door buster ads on T.V. gives me anxiety (and also interrupted my giddiness yesterday watching my 10-1 Green Bay Packers wax the Detroit Lions).

I'm afraid to leave my house on Black Friday.


The only shopping I'm worried about is for a well located single family home under $800K or a awesome two-flat under $900K. Now, you want to see me run wild towards a "door buster" just list a four bedroom (three bedroom and den/office okay), three bathroom home with a nine foot basement, two car garage near a CTA "L" for under $800K. I'll probably have foam coming from my mouth when I bust the door down.

You would think you could get a great house for this price... but Chicago is an amazing place to live. Everyone is looking for the above attributes.

Thus, the adventure continues through Lakeview, Southport Corridor, Ravenswood, Lincoln Square and Lakewood Balmoral for that great space. My clients are flexible, have great vision and are not afraid of doing some improvements.

Anyone have a door buster out there for me?