Wanted: Homes For Rent In Edgebrook. And In Sauganash.
It’s a strange and interesting phenomenon, at the same time: I’m starting to get phone calls from folks who are in the market to rent single family homes in 60646. I don’t mind at all, in fact, I’m going with the flow, but Edgebrook and Sauganash are not predominantly famous for being rental neighborhoods, such as Downtown, Lincoln Park, Lakeview, or Lincoln Square. Mainly, because in 60646, we don’t have the multi-unit/apartment stock that these neighborhoods boast. 60646 is primarily comprised of single family homes. So far, the callers that have contacted me want to send their children to the Edgebrook/Wildwood, and Sauganash school systems.
Here’s what I’m thinking: If your house has been on the market for sale for a long time without any takers – the average market time for closed single family homes in Edgebrook has been 122 days this past summer, and in Sauganash, 147 days – AND you have already moved out of your property, and are possibly paying for two mortgages/taxes, why not consider renting out your vacant house for a while? This way, you’re covering your fixed expenses (perhaps even profiting), and when the real estate market gets back on even keel (hopefully next spring), you can then sell your house for a price that won’t hurt you financially. However, if being a landlord/landlady is not your cup of tea, please refer to my post from a few weeks ago, because you haven’t lost the battle yet.
The callers, contacting me about rental homes in 60646 are telling me that they are not willing to jump into homeownership with the current state of the real estate market (whatever that means to them). Personally, I think it’s a great time for home seekers to make a purchase move right now. But the point is, many of them are willing to shell out $2,000 or more a month to lease a 3-bedroom house in 60646. Spin the idea further, should things not look any better by next spring: Lease-purchase-option, anyone?
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Tags: 60646, Blog, Contract, Edgebrook, Home, House, Mortgage, Neighborhood, Real Estate, Sauganash, Tax, Wildwood



Interestingly enough, I’m looking for a rental in the Edgewater/Sauganash area. The size and price range of your idea is exactly in my range. Also, I’d be interesting in a lease-buy option. Please contact me if you have any listings . . .
I live close by, and want to get into edgebrook school, do you have an apt for rent? or do you have an address for me to rent? I can pay utility or some other fees?
please email me back.
thanks.
There’s a house for rent at 7122 Melvina
Unfortunately though, that’s not Edgebrook School attendance area.
I have a 2 bedroom, 2 bath house in Edgebrook for rent for $1700 per month. You can view the posting at http://chicago.craigslist.org/chc/apa/1910995933.html
That’s a good looking house there, Barry. Wishing you the best of luck with leasing it. And should you need any professional help with that **coughcoughshamelessplugcoughcough**, you know where to find me.
My wife and I would like to rent a house in Sauganash around October. Email me if you like.
Email sent, Rob.
My husband and I also want to move into the 60646 area. As my daughter is about to enter kindergarten. We cant afford to buy right now but renting a home/apartment would be ideal! Can you help?
Email sent, Yvette.
It is not surprising that there are so many interested renters given that renters have taken notice of the enormous price discrepancies between asking prices and selling prices in Edgebrook.
I count roughly 26 homes for sale in the Edgebrook elementary attendance area, 18 of which are priced over $400,000 – and 13 are priced above $500,000 (14 if you count the $499,500 listed home!). Take note that more than half of the homes are listed above $500,000 because as we discuss this further, the significance of the $500,000 price point will become apparent.
In addition to the 26 homes listed, there are an additional 10 homes currently under contract. Six of the 10 are listed under $400,000, and 3 of the 10 homes will likely close under $500,000, leaving (1) house of the 10 in the entire attendance area – in old Edgebrook- that will close above $500,000.
Furthermore, there have been only 10 closed home sales in the last 3 months in the entire Edgebrook elementary attendance area during the summer months. Five of the 10 closed homes sold for under $400,000. Eight of the 10 closed homes sold under $500,000, and two closed just above the $500,000 threshold, one of which closed at a mere $502,000!
That leaves the most expensive house sold this summer in the Edgebrook Elementary attendance area at a whopping $594,000; and it is truly a gorgeous house, brick, next to the golf course. I love it.
Think about that for a second, half the homes in Edgebrook are listed over $500,000 and only two homes this entire summer sold over $500,000, one of which sold for $502,000…..
Yet, despite these dismal sales figures, as of today, there are eight homes currently listed in the Edgebrook Elementary attendance area more expensive than the most expensive home sold in the last three months.
The pattern I see is that Edgebrook buyers *really* like the $300,000 to $400,000 range, and a handful of buyers can upgrade to a $400,000-$502,000 home, and only an elite few can afford homes above $502,000.
It’s not like hoards of $500,000+ buyers are going to appear out of nowhere to *snap up* all the available $500,000 homes. Heck, there are still plenty of $400,000+ homes and they’re also languishing. Buyers *really* like the sub-$400,000 priced homes and they *snap up* any sub $400,000 price home with 3 or more bedrooms in record time.
Realtors need to do their part and show sellers these cold hard facts, that if they want to sell, they need to price their home right, and pricing it right means between a listing $400,000 and $500,000 for the very nice above average homes, and less than $400,000 for the average homes, and probably under $300,000 for the homes less than average.
According to your own data, http://60646blog.com/wp-content/uploads/2010/08/Edgebrook-Q2-2007-2010-Units-Sold.jpg during Q2 in ’08 there were 16 sales, Q2 in 09 there were 18, and Q2 in 2010 (homebuyer credit time) there were 24! Now this summer sellers only sold a mere 10 homes. I understand that Q2 and the last three months are not an apples to apples comparison because they are not the same months, but there is enough of an overlap to prove my point. Buyers have spoken loud and clear, and how many more abysmal and pathetic summers with 10 sales does Edgebrook need to have before sellers will capitulate and price their homes accordingly???
The posts on this thread have made it abundantly clear that people are interested in living in Edgebrook, but just not buying at these ridiculous above $500,000 asking prices…. and with 10 sales this entire summer in Edgebrook….I bet the handful of realtors are starting to get the gnawing hunger pains in their stomach, it’s hard to feed a family when nothing is selling….
Hi 60646renter. Really enjoyed reading your comment, which btw reminded me that I’m woefully behind on supplying my esteemed readers with 60646 home selling stats. I’m tardy 3 full quarters, to be exact, but I’m gonna get to it before the end of the year. Promise!
Having said that, let’s quickly go over the stats for Edgebrook Elementary School attendance area, as reported by MRED connectMLS. Currently, there are 24 single family homes actively for sale by Realtors. Another 11 homes are under contract, of which 2 are short sales. The supply of available homes by price range is as follows:
< $300K: 2 homes
$301K-$400K: 5 homes
$401K-$500K: 5 homes
$501K-$600K: 5 homes
$601K-$700K: 1 home
$701K-$800K: 1 home
$801K-$900K: 4 homes
>$900K: 1 home
The breakdown of the 11 homes that are currently under contract is such:
< $300K: 2 homes
$301K-$400K: 4 homes
$401K-$500K: 2 homes
$501K-$600K: 2 homes
$601K-$700K: 1 home
In Q2 2011, MRED reported 9 closed sales in the Edgebrook School attendance area, the breakdown of which is as follows:
<$300K: 0 homes
$301K-$400K: 5 homes
$401K-$500K: 4 homes
In Q3 – which we’re still in – MRED shows 5 closed sales thus far:
<$300K: 0 homes
$301K-$400K: 3 homes
$401K-$500K: 0 homes
$501K-$600K: 2 homes
So, your data and MRED’s data are – for the most part – in synch. However, I can’t totally agree with your conclusion that there is barely a market for homes in Edgebrook that are priced higher than $500K. I think that folks who want to move to Edgebrook for one reason or another, naturally would flock to the below $400K or $300K segment, if they had to work within budget constraints. This is true for any relatively higher priced Chicago neighborhood, from the Gold Coast to Lincoln Park and Lake View. It just means that the pool of potential buyers for higher-priced homes is a bit smaller. Does this mean that all $650K+ homes in Edgebrook should be priced in the $300k-$400K bracket just because that’s the popular bracket? Probably not. It does mean though that sellers of higher end homes need to be a bit more aggressive in pricing their homes for sale than their immediate competitors, without leaving money on the closing table. Pricing your home: It’s not a science, it’s an art!
Aside from that, Edgebrook has always been a community that attracts renters, in addition to homebuyers. Problem is – and I alluded to that in my post above – Edgebrook is not predominantly a rental neighborhood. The supply of rental housing in Edgebrook has always lagged behind demand. I would submit that the Edgebrook Elementary and Wildwood World Magnet Schools are a big driver for demand of not only rental, but permanent housing. Trouble is that not all families who would like to live in the attendance areas of these schools, have the financial means to purchase a home there. Hence, the high demand for rentals.
Looking forward to more of your thoughts.