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.

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.