60646 Blog » Edgebrook

Edgebrook / Sauganash / Gladstone Park Market Conditions – First Quarter 2011

Markus Azadeh — Tue, 20 Dec 2011 05:38:04 +0000

In zip code 60646, Q1 2011 did not start out with a bang. Edgebrook which had just finished the year 2010 on a strong note, showed signs of weakness again in Q1 2011, and Sauganash and South Edgebrook/Gladstone Park (SEGP) were still playing catchup.

This way to the details ↓

Edgebrook Real Estate Market Conditions Q1 2011 ↓↑

Sauganash Real Estate Market Conditions Q1 2011 ↓↑

South Edgebrook/Gladstone Park Real Estate Market Conditions Q1 2011 ↓↑

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Edgebrook / Sauganash / Gladstone Park Market Conditions – Fourth Quarter 2010 And Year-End Stats

Markus Azadeh — Sun, 18 Dec 2011 19:09:28 +0000

This post is way overdue. My sincere apologies for that. But I’ve compiled the figures now, and they’re important to digest, because no other blog or website in the Chicago area drills down to the real estate market stats of Edgebrook, Sauganash, and South Edgebrook/Gladstone Park like 60646 Blog.

In a nutshell: 2010 could be (cautiously) dubbed as the “comeback year” for Edgebrook real estate. Sales volume was still very soft compared to previous years, but median home prices finally rose above last years’. Sauganash on the other hand, still suffered from value erosion, but had a great year volume-wise. Similarly, South Edgebrook/Gladstone Park saw decreased median values, but steady sales volume.

For more details, please hit the individual neighborhoods below.

Edgebrook Real Estate Market Conditions Q4 2010 and Full-Year Stats ↓↑

Sauganash Real Estate Market Conditions Q4 2010 and Full-Year Stats ↓↑

South Edgebrook/Gladstone Park Real Estate Market Conditions Q4 2010 and Full-Year Stats ↓↑

Edgebrook / Sauganash / Gladstone Park Market Conditions – Third Quarter 2010

Markus Azadeh — Wed, 22 Dec 2010 22:39:24 +0000

Third quarter sales stats for 60646 this year are somewhat similar to 2009 Cook County second installment property tax bills: They are both delayed beyond belief, with very little time before the next edition is due. The difference being that I’m not deliberately tardy, and, I’m not running for any kind of political office. I assure you though that nothing earth-shattering happened in zip code 60646 during Q3 2010, as far as residential real estate sales are concerned.

Also on behalf of RE/MAX Cityview in Edgebrook, I wish you and your families a wonderful holiday season, and a happy, healthy, and prosperous 2011. Fourth quarter 2010 and year-end stats for zip code 60646 are coming up in a few short weeks.

Edgebrook Real Estate Market Conditions Q3 2010 ↓↑

With a total of 11 closed homes in Q3 2010, Edgebrook saw a 38.9% decline of sold units vs. Q3 2009, and worse, a 66.7% decline vs. Q3 2008. There are no specific reasons for this drop-off, as far as I can see, other than the general culprits of bad economy / hideous job market / stingy mortgage lenders. Only one of the closed sales was a bank-owned / foreclosure / REO property which again proves that the Edgebrook and Wildwood markets are not pre-dominantly affected by foreclosures. On the plus side – and those figures are not included in this analysis – six condo units at Edgebrook Pointe (intersection of Touhy and Caldwell Ave.) were sold/closed in Q3 2010 at a median price of $227,000 (all 2 BR-2 BTH units). The previously unsold condos at this project had been purchased from Archer Bank by an investor who managed to sell all but one of the residential units in an average of 38 days, as a result of very aggressive pricing. Nicely done!

Edgebrook Q3 2007-2010 Units Sold

Not only were sales soft, but home values seemed to take a nosedive in Edgebrook as well in Q3 2010. At $324,000, the median price for a single family home in Edgebrook fell by 22.8% in Q3 2010 vs. Q3 2009. This is a relatively steep drop, given that the decline in value from Q3 2008 to Q3 2009 was “a mere” 9.2%. Obviously, not every home in Edgebrook and Wildwood is a luxury home, hence, there is a suspicion that the 11 sales did not (or hardly) involve any luxury properties, which in turn could explain why the median value was “only” in the lower 320′s in Edgebrook in Q3 2010. I’ll expand on that farther down below. Average market time improved marginally from 154 days in Q3 2009 to 142 days in Q3 2010.

Edgebrook Q3 2007-2010 Sale Prices

While the downward change in median home values in Edgebrook was nothing to write home about, a look at the sale-to-list-price ratio reveals that Q3 2010 home sellers in Edgebrook did not compromise their expectations by much, compared to last year’s sellers in Q3. In Q3 2010, sellers were not willing to part with their homes for more than an average of 7.5% below asking price, while in Q3 2009 that figure was 7.2%. More realistic pricing had certainly something to do with that.

Edgebrook Q3 2007-2010 Sale-List Prices

And finally, a look at the breakdown of sales by residence size sort of confirms that Q3 2010 was not particularly geared towards luxury home sales in Edgebrook. The vast majority of transactions involved homes with 3 bedrooms or less, and sold below $375,000. Only two homes had four or more bedrooms, selling for $415,000 and $430,000 respectively.

Edgebrook Q3 2010 Stats by Home Size

With 40 homes currently for sale in Edgebrook, the MSI-Index (Months Supply of Inventory) stands at 10.9 months which means that if no other homes came on the market for sale, it would take 10.9 months to sell off the existing inventory of homes in Edgebrook.

Sauganash Real Estate Market Conditions Q3 2010 ↓↑

16 homes sold in Sauganash in Q3 2010, and that includes one residence that is located in the Brynford Park area (bound by Victoria St., Tripp Ave., Bryn Mawr Ave., and Pulaski Ave.) We could debate whether that patch is still Sauganash or North Park, the fact though is that it’s zip code 60646, and it’s closer to Sauganash than it is to North Park. Besides, there is not that much real estate activity to report of from that area anyway. So, 16 sold homes means an 11.1% decline of unit sales vs. Q3 2009.

Sauganash Q3 2007-2010 Units Sold

Now comes a pleasant surprise: Average and median home values in Sauganash rose in Q3 2010 vs. Q3 2009. Average by 35.4% and median by 41.2%. Granted, among the inventory of closed homes in Q3 2009 in Sauganash, we had four bank-owned / REO sales and one short sale, whereas in Q3 2010, we only saw one bank-owned / REO sale and two short sales among the 16 closed units. Nonetheless, a $116,000 median home value increase a year later is quite impressive. But, I think it’s still way too early to call this a market turnaround. Average market times rose to 227 days, which is a bit of a skewed figure, as that one residence in Brynford Park closed after a cumulative 814 days. Without that property, the average market time in Sauganash in Q3 2010 would have been 188 days.

Sauganash Q3 2007-2010 Sale Prices

More good news: The sale-to-list-price ratio in Q3 2010 rose to 93.5% from 91.8% in Q3 2009. If we disregard the three distressed sales in Q3 2010, the ratio would be 92.9% which is still higher than Q3 2009′s ratio including 5 distressed sales. So, this might be an indication that the era of “fire sales” – if there ever were any in Sauganash – are coming to an end.

Sauganash Q3 2007-2010 Sale-List Prices

With 37 homes currently for sale in Sauganash, the MSI-Index (Months Supply of Inventory) stands at 6.9 months. This is an absorption figure that is almost indicative of a balanced real estate market . As I said before, I’m not going to call this a turnaround until I see the upcoming fourth quarter sales figures for 2010, and put them into a full-year context.

South Edgebrook/Gladstone Park Real Estate Market Conditions Q3 2010 ↓↑

I Finally Made It To “Mia Figlia” In Edgebrook

Markus Azadeh — Thu, 18 Nov 2010 02:57:13 +0000

Just in case you didn’t know, in Edgebrook, we have a relatively new Italian restaurant called “Mia Figlia” (“My daughter”). The restaurant is located at 5304 W Devon Ave in downtown Edgebrook. Mia Figlia’s doors have been open since the middle of July of this year, and as I drive by the place, almost on a daily basis, visiting the restaurant had been on my to-do list ever since.

Prior to another appointment nearby, a couple of weeks ago, I decided to stop by to take a few exterior pictures of the building. A gentleman stepped out of the restaurant, and asked me why I was taking pictures. So, I introduced myself, and explained 60646 Blog to him. Turns out I was talking to John Boudouvas, one of the two chefs/partners at Mia Figlia. John invited me into his restaurant, and we had a 15-minute conversation about eateries and businesses in the neighborhood, and realized that we both shared the pleasure of supporting local neighborhood businesses, be they restaurants, hardware stores, or supermarkets. John invited me to visit with my family for dinner soon, and I promised him that we would.

This week, my family and I finally had a chance to visit Mia Figlia for dinner, and let me just preface this by saying: Mia Figlia is a culinary delight. And they didn’t pay me to write this, but folks, take a look at the photos below. Still, don’t take my word for it, go and find out for yourselves. You will not be disappointed, in fact I’d be willing to wager that you’d go back again and again. Unfortunately, we missed John on the evening that we visited his restaurant, but his partner/co-chef Armando Lopez was there. Service was prompt and courteous, prices for this level of quality Italian food are very reasonable, and on Mondays, kids eat free from the kids menu. They also do Sunday brunch. The dessert that we shared to end a perfect Italian food experience: Tiramisu! OMG, don’t even get me started…that’s how out-of-this-world good of a Tiramisu they purvey here. Mia Figlia may not have made it into the 2011 Michelin Guide. But in my book, they get 3 stars. We are lucky to have such a fantastic restaurant in Edgebrook.

Mia Figlia also has a presence on Facebook. Go visit them, “Like” their page, and say hello.

As Seen In Wildwood: Huge Tree Branch Hits The Street In The 6800 Block Of Hiawatha Ave.

Markus Azadeh — Thu, 28 Oct 2010 00:49:18 +0000

Fallen tree branch on Hiawatha Ave in Chicago's Wildwood neighborhood

Well, the massive 50-mile-per-hour winds sure did a number on our trees, yesterday and today. This poor guy in the 6800 block of Hiawatha Ave. lost a big limb, blocking all of the street around 4 pm today. Fortunately, no one was hurt. The branch was moved to the side of the street by someone within a couple of hours.

As Seen In Edgebrook – Light Pole Becomes Part of Nature

Markus Azadeh — Sun, 19 Sep 2010 17:49:30 +0000

I’m not quite sure whether or not this light pole in the 5800 block of N Louise Ave in Edgebrook is even functional. But it sure looks interesting. Maybe in a few thousand years – assuming planet Earth is evacuated – all light poles will look like this?

Edgebrook / Sauganash / Gladstone Park Market Conditions – Second Quarter 2010

Markus Azadeh — Thu, 26 Aug 2010 03:32:00 +0000

Market conditions for residential real estate in Edgebrook, Sauganash, and North Gladstone Park were on a firm rebound course in the second quarter of 2010. Well, Edgebrook and Sauganash at least, but we’ll get to South Edgebrook and Gladstone Park in a little bit. Overall, it looks like we may have reached the bottom of the market in 60646, if I may cautiously speculate. Even Zillow seems to support this viewpoint.
Distressed properties still pose a problem in most neighborhoods of Chicago, but the good news is – and this is based on my daily observation of and interaction with the market – that there are buyers / investors / rehabbers for distressed properties. If it wasn’t for them cleaning up the pool of distressed inventory, we’d really be in deep trouble. Banks (sellers) on the other hand, are readily and steadily trimming the prices of their assets to which they have no emotional connection whatsoever. All this creates a perfect market, although home values of others may suffer in the process. On with the Q2 2010 stats…

Edgebrook Real Estate Market Conditions Q2 2010 ↓↑

Sauganash Real Estate Market Conditions Q2 2010 ↓↑

South Edgebrook/Gladstone Park Real Estate Market Conditions Q2 2010 ↓↑

Melvina Ave At Touhy Ave In North Edgebrook Is A Two-Way Street: Some Residents Don’t Like It

Markus Azadeh — Fri, 18 Jun 2010 17:32:29 +0000

60646 Blog reader and North Edgebrook resident, Dennis Paterka, has asked me to publish on 60646 Blog a few pieces of correspondence that he has submitted regarding the decision that was made a while back to remove the “right-turn only” sign in Niles, where Melvina Ave. intersects Touhy Ave. I am giving Mr. Paterka a discussion platform on 60646 Blog, because (a) his – and his immediate neighbors’ – issue is an Edgebrook quality of life concern from their point of view, and (b) it’s a subject that may have ramifications for neighborhood real estate values, and 60646 Blog is mainly a real estate blog. Please understand though that just because Mr. Paterka is receiving a platform here, does NOT necessarily mean that I agree with everything he writes, says, or opines. It’s merely meant to encourage others to join into a discussion, and exchange viewpoints. While doing so, please remember to keep the debate civilized. Younger audiences might be reading here, as well.

Intersection of Touhy Ave and Melvina Ave in Edgebrook Chicago

Melvina Ave. at Touhy Ave. facing south

Deputy Chief Counsel Lance Jones, IDOT – Room 324, 2300 South Dirksen Parkway, Springfield, IL 62764
September 28, 2009
Address: redacted
Telephone number: redacted
email address: redacted

Dear Mr Jones,

You have been referred to me in the attached letter from Ms. Barbara Brush for further questions concerning the IDOT traffic signals at the location of Melvina and Touhy. This letter states that the traffic signals were installed as a result of a permit issued to Niles. If Niles has the right to request that the traffic signals be installed, conversely I have the right to request that Niles€™ permit be revoked and the traffic signals be removed as they have now become a hazard to the residents of the 7100 block of north Melvina in Chicago and the Chicago neighborhood of North Edgebrook for the following reasons:
In July of 2007 Niles eliminated a right turn only lane on Melvina in Niles (picture attached). The result has been an enormous increase in traffic using the residential street of the 7100 block of north Melvina in Chicago and the Chicago residential neighborhood of North Edgebrook as a thoroughfare and arterial route for entering and exiting the Niles commercial/industrial area. The specific hazards created by the traffic signals are as follows:
1) They create an inter-residential neighborhood arterial route the goes past three child populated areas, Wildwood Park, Wildwood grammar school and Saint Mary of the Woods grammar school. It is not safe for the children of North Edgebrook for all this traffic to be allowed to run through the neighborhood and it is just a question of time until some kid gets hit.
2) The significant increase in volume of non residential traffic and the recklessness with which this non residential traffic uses the North Edgebrook neighborhood degrades the safety of residents and property such as parked cars.
3) The degradation of safety because of the number of industrial trucks entering Melvina into Chicago from Niles ignoring the posting of no trucks over 5 tons.
4) The degradation of quality of life for Melvina residents because of noise and auto pollution, litter and vandalism from the above mentioned traffic.
5) The negative effect the above has on property values.
6) The stress from the above combined affects health.
7) The destructive effects the increase traffic load is having on the subterranean infrastructure of North Edgebrook streets. Since Niles eliminated the right turn only lane in 2007 the 7000 block of Tahoma which doglegs from Melvina has suffered two water main breaks and a collapsed manhole cover. This leads me to worry if the same traffic stress could be affecting the gas main crossovers that are underneath the streets of North Edgebrook. These are Chicago residential streets that were built in 1952 to 1952 residential standards at a time when the Niles commercial/industrial area that the traffic signals at Melvina and Touhy now service was still native prairie and the dilapidated ILG park. They were never designed to carry the traffic load of being an arterial route for a Niles commercial/industrial area. From the attached correspondence with Peoples Gas their response is that they don’t do traffic studies to determine this issue. Also attached is correspondence from the Chicago Department of Transportation’s Freedom of Information Officer that states Chicago also has done no traffic studies.
And for whatever its worth, from the quantity of information which I received from both Ms. Brush and Niles under the Freedom of Information Act concerning the installation of the traffic signals at Melvina and Touhy it is dumbfounding that on one hand IDOT had to put an incredible amount of effort into the installation of these traffic signals but on the other hand made no effort whatsoever to inform the residents of the 7100 bock of Melvina that these traffic signals were going to be installed. As well, neither IDOT or Niles was able to present the original permit to install the traffic signals at Melvina and Touhy, as such it is my contention that there is no permit and the traffic signals at Melvina and Touhy are therefore illegal.
Five copies of the letter attached to Niles Mayor Callero have been sent to the Niles Village Hall, two via certified mail, trying to resolve this issue but all have been ignored, as such I would like to have whatever applications are necessary sent to me to have the traffics signals at Melvina and Touhy removed in order to eliminate the hazards listed above. Attached you will find a petition from Melvina residents to have the 7100 block of north Melvina be made a one way street to show that there is community support for my request.

Respectfully,
Dennis Paterka

Mayor Robert Callero, 1000 Civic Center Drive, Niles, IL 60714
May 18, 2009
Address: redacted
Telephone number: redacted
email address: redacted

Dear Mayor Callero,

It has become necessary to bring to your attention the intersection of Melvina and Touhy on the Niles – Chicago border. As you can see from the enclosed picture Niles eliminated a right turn only lane in July 2007 that had been in place on Melvina in Niles for ten years. The removal of this right turn only lane has caused this intersection to become a hazard to residents of Melvina in Chicago and the neighborhood of North Edgebrook for the following reasons:
1) The significant increase in volume of non residential traffic that is now entering Melvina in Chicago from Niles and the recklessness of this non residential traffic degrades the safety of residents and in particular children.
2) The degradation of safety because of the number of industrial trucks entering Melvina in Chicago from Niles which is posted for no trucks over 5 tons.
3) The degradation of quality of life because of noise and auto pollution and litter from the above mentioned traffic.
4) The negative effect the above has on property values.
It is just a question of time until some child gets hit by this traffic! How is it humanly possible for Niles, Where People Count, to ignore the lives and safety of children?
Please save yourself the trouble of forwarding this letter to Scott Jochim and George Van Geem for a response. I have already heard them espouse ordinances, viability and the Manual for Uniform Traffic Control Devices. The stop light at this intersection was installed at the request of Niles and required a variance because of its proximity the stop light at Mobile and Touhy and as such Niles should take responsibility for any hazard that this stop light incurs. The rules were bent to have it installed and this intersection created and as such should continue to require variances to prevent this intersection from becoming more of a hazard than it has already become with the removal of the right turn only lane.
Of course it would be unreasonable to remove the stop light at Melvina and Touhy but considering the amount of money Niles makes in sales and property taxes from Target/CostCo/YMCA and the adjacent industrial area it would not be unreasonable for Niles to take responsibility for the safety of this intersection and all those which it negatively effects because the existence of this intersection was made at Niles’ request.
As such I would like to ask Niles to put back the right turn only with a safety island as enclosed example pictures show so that this intersection will stop being a hazard to Melvina in Chicago and North Edgebrook residents and children.
Your experience I this issue will be greatly appreciated.

Respectfully,
Dennis Paterka

Governor Quinn, 100 W. Randolph Street, Suite 16-100, Chicago, IL 60601
October 10, 2009
Address: redacted
Telephone number: redacted
email address: redacted

Dear Governor Quinn,
While an IDOT traffic signal may seem a trivial thing to have to bring to a governor’s attention, from the attached letter from IDOT’s Freedom of Information Officer Ms Barbara Brush it is stated that IDOT has the authority to install a traffic signal without ordinance. As such the only elected authority to which IDOT answers to is the governors office and therefore my only recourse against the hazard of the IDOT traffic signal at Melvina and Touhy on the Chicago Niles border is to bring my complaint to the governors office.
The extent of the IDOT traffic signal hazard is fully described in the attached letters to IDOT Deputy Chief Counsel Lance Jones and Niles Mayor Robert Callero. Without a watchdog neither IDOT or Niles has any incentive or concern to reverse/improve the hazard of the Melvina and Touhy traffic signal. Can the governors office help me improve this hazard?

Respectfully,
Dennis Paterka

To: Alderman Doherty

THIS IS THE ISSUE: MELVINA HAS BECOME A TOILET FOR NILES’ TRAFFIC

1) TRUCKS – Melvina has become established as a truck route for the Niles industrial area. Industrial trucks of all shapes and sizes up to semis routinely use Melvina for a shortcut. Melvina is posted for no trucks over 5 tons.

2) Safety – the less traffic on Melvina = more safety for Melvina residents.

3) Property Values – the value of a house on a thoroughfare for a Niles’ Retail/YMCA/Industrial Complex vs. the value of a house on a Chicago one way street.

4) Quality of Life – less traffic NOISE POLLUTION, less auto pollution, less worry about parking resident’s cars on the street, less danger about pulling out of driveways because of speeding vehicles, less litter thrown from vehicles and better safety for children.

5) Traffic has increased OVER TEN TIMES on the residential street of 7100 north Melvina since being repaved and the elimination of the right turn only lane by on Melvina in Niles. Quit hiding in Oriole Park and hold a community meeting and find out for yourself!

6) The stop signs that were petitioned for by Melvina & Tahoma residents and suggested by CDOT were never installed at Melvina, Estes and Tahoma making them even more critical.

7) Damage to subterranean infrastructure, gas, water and sewer mains.

8`) Since the 7100 block of Nagle and the 6400 block of Algonquin which are both in the Edgebrook triangle have been made one-way, under what standard have these streets been made one-way and why isn’t that same standard being used for Melvina which has a worse traffic problem than either of these streets because of the stoplight at Melvina and Touhy, or is a double standard being used?

9) Streams of traffic use Melvina in Chicago between 4-7 pm weekdays and all afternoon on weekends.

And when you do nothing and in the process of doing nothing allow a Chicago residential street to become a thoroughfare and truck route for a Niles’ Industrial/Retail/YMCA complex thereby jeopardizing the safety of Chicagoans, whom are you representing, Niles or Chicago?

Edgebrook / Sauganash / Gladstone Park Market Conditions – First Quarter 2010

Markus Azadeh — Wed, 09 Jun 2010 02:24:23 +0000

My apologies for being somewhat tardy with Q1 2010 figures for Edgebrook, Sauganash, and South Edgebrook/Gladstone Park. Business has been picking up this spring/early summer, and I’ve fallen behind with writing, a bit. But a busy real estate market is good news for everyone, especially after an extended series of months with bad news. To be sure, we’re not out of the woods yet, in fact some experts opine that it could take years before we could see a healthy real estate market again. But all real estate is local, and market conditions differ from region to region, and from town to town. Hence, I refuse to pay attention to all the generally negative housing news, and rather focus on what’s going on in your real estate markets. And, lo and behold, in this edition of my quarterly 60646 market conditions report, I am about to share some stats with you that mainstream news professionals would consider “good housing news”.

Edgebrook Real Estate Market Conditions Q1 2010 ↓↑

Sauganash Real Estate Market Conditions Q1 2010 ↓↑

South Edgebrook/Gladstone Park Real Estate Market Conditions Q1 2010 ↓↑

Things That Test Your Patience: Edgebrook Metra Station

Markus Azadeh — Wed, 17 Mar 2010 04:40:18 +0000

Don’t get me wrong: I love that we have a Metra train station in Edgebrook. But every time the northbound train pulls into the station, it’s easily a 3-minute wait for Devon Ave. car traffic (from train approaching to train leaving the station). A 60646 Blog reader had privately suggested to me a couple of weeks ago that – in the name of efficiency – we ought to discuss moving the station back to where it was before: across from Old Edgebrook, east of Central Ave., on Cook County forest preserve grounds. Sounds good to me. What do you think?