By: Markus Azadeh • November 24th, 2009 •
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I fully realize that I am almost two months late with Q3 2009 home sale figures for Edgebrook, Sauganash and Gladstone Park. My excuse is that I was busy moving my business from one RE/MAX office to another which, contrary to popular belief, is quite time-consuming. Add to that a whole bunch of very exciting business initiatives at my new office, and next thing you know, I’m falling behind on blogging. But …, better late than never (said the Cook County Treasurer when she mailed your second installment property tax notices for 2008, a couple of weeks ago 
).
I’m going to preface this installment of 60646 quarterly real estate market conditions by saying that – not unlike the Chicago Bears’ 2009/10 season – our Edgebrook, Sauganash, and Gladstone Park home selling season in 2009 is unlikely to make a meaningful comeback. I don’t want you to peg me as the eternal pessimist, but realistically speaking, at this point, we’re in too deep of a valley to stage a dramatic come-from-behind assault on the glorious home sale figures of years past. Of course, the fourth quarter that we’re in at the moment, could still be the savior of this year’s home selling season, but with about 6 weeks left in the calendar for 2009, and a quick glance at the October and November MLS sales figures, chances are that at the end of this year, we’re going to look like Jay Cutler and his Bears offense in the red zone: Hideous!
Without further ado, I invite you to peruse the 3rd quarter 2009 home sale figures for Edgebrook, Sauganash, and Gladstone Park. And as always, I look forward to your comments and thoughts on these, as well. Also on behalf of RE/MAX Cityview, my family and I wish you a very happy Thanksgiving.
18 sold Edgebrook homes in Q3 2009 is the equivalent of a decline of about 45% year-over-year. Deja vu, in Q2 2009, there were 18 home sales in Edgebrook as well. Edgebrook Q3 2006-2009 Units Sold
 Edgebrook Q3 2006-2009 Sale Prices  Edgebrook Q3 2006-2009 Sale-List Prices  Edgebrook Market Activity Q3 2009 |
Q3 2009 home sales in Sauganash tied the figure for Edgebrook at 18 units. This is actually a respectable result vs. Q3 2008 for Sauganash, even though short by 3 sales. But still better than Q3 2007 and Q3 2006. Sauganash Q3 2006-2009 Units Sold  Sauganash Q3 2006-2009 Sale Prices  Sauganash Q3 2006-2009 Sale-List Prices  Sauganash Market Activity Q3 2009 |
In zip code 60646, the pleasant neighborhood surprises in Q3 2009 were South Edgebrook and North Gladstone Park. First off, with 14 single family home sales, SEGP was not far behind its Q3 2008 results. SEGP Q3 2006-2009 Units Sold  SEGP Q3 2006-2009 Sale Prices  SEGP Q3 2006-2009 Sale-List Prices  SEGP Market Activity Q3 2009 |
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Great information … thanks for your work on this.
In looking at the statistics for all the recent quarters, can you say when the “top” of the market in our communities was reached, and how much we’ve lost since then?
I have a sense that Edgebrook, in particular, held up longer than other areas of the city and suburbs beyond 60646, but perhaps the recent decline has been steeper to make up for that perceived resilience.
JB, in looking at the stats for Edgebrook, I would say that the top of the market was reached at the end of the third quarter of 2007 with 42 units sold in that quarter alone. From there, the figures started fading, and really started deteriorating in the second quarter of 2008. The highest average sale price for Edgebrook within the last four years was recorded for Q1 2008 at $568,500. Quarterly, that figure would fluctuate around + or – 5%. Until this past quarter (Q3 2009) where we saw the lowest average sale price recorded for Edgebrook within the last four years, at $431,500.
In Sauganash, the highest quarterly unit sales were in Q3 2005, with 26 homes sold. It’s probably safe to say though that Sauganash started losing its sales momentum at the end of the second quarter of 2007. Much like in Edgebrook though, Sauganash’s highest average sale price was recorded for the first quarter of 2008, at $649,438. And the lowest for – you guessed it – this past quarter Q3 2009, at $359,850.
My take on Edgebrook and Sauganash home values is that, unlike other neighborhoods on the north side of Chicago, we experienced the housing crisis – and I use that term cautiously for 60646 – a bit later, but not to the extent that other neighborhoods did. I think that’s partially what you’re saying, JB. Of course, the jury is still out on whether or not we’ve reached the bottom of the market, but generally speaking, I would say that Edgebrook and Sauganash are both Chicago neighborhoods that won’t ever become undesirable, unless someone decides to build and run a nuclear power plant in Edgebrook Woods. Moreover, distressed property problems are not limited to certain neighborhoods. They are everywhere in the Chicagoland area. In Sauganash a bit more than in Edgebrook, and in South Edgebrook and North Gladstone Park even more than in Sauganash and Edgebrook combined. We’ll work through it. It’s a cycle. And it too shall pass.