Why is edgewater on the less expensive side? (Chicago, Addison: for sale, real estate)

[averageperson]

CONFUSED a little.
EDGEWATER on the Northside seems really nice.
Good location, near transportation, diverse and liberal area.

Seems attractive and close to the lake.
WHY IS EDGEWATER on the cheaper side for both buying a condominium
and also for renting an apartment?

What are any of the negatives about EDGEWATER that might not
seem obvious? Is it a high crime area?

I am considering moving there from out-of-town?

[gomexico]

Some sections of Edgewater are better than others. For example, properties in the Kenmore / Winthrop "corridor" are often lower-priced because it's a transient section and sometimes "iffy" or it has that feel/appearance and many people avoid it. If I'm not mistaken, you've been asking some real estate questions today, other than this one, and my suggestion is that you take advantage of the good services, at no cost to you, offered by a real estate broker specializing in that part of town.

[MannheimMadman]

^^What he said.

As it was also said in the other thread, there is a huuuuge glut of condos in Chicago right now - especially in areas that saw a lot of apartments converted into condominiums. The old adage of Edgewater is that it's much nicer west of Broadway (and it really is, overall, in my opinion. In Andersonville (the subsection of Edgewater I live in) condos are still pretty expensive.

I'd avoid Winthrop and Kenmore, aside from the 5200-5600 blocks. Those are great blocks, but I wouldn't really want to rent or live in any of the 'four plus ones' that are ubiquitous in that corridor. I suggest you spend a summer evening walking up and down those streets to get a true feel for what is going on. Also, you'd be surprised to see how much that part of Edgewater comes up on everyblock for issues that are related to crime.

My friend and his wife live on Bryn Mawr just east of Broadway and love it. They got a super deal on their condo, and it's really close to the EL...like 1000 feet away.

[It'sAutomatic]

The main reason that the far north side is so cheap is that there is a huge supply of apartments available. Places like Lincoln Park and Wicker Park may seem dense and filled with people and apartments, but the far north side is technically more dense, and it has more apartments as a prerequisite for that.

Inner areas of the city were filled in slowly and populated with families. This is why much of the housing stock there is composed of two flats with some larger buildings and single family homes. The far north side near the lake was built up during a building boom in the early 20th century, with a focus on large buildings (most are at least three stories) and smaller apartments for single adults (multiple apartments per floor).

There are lots of apartments, and the area is nice, but it's far from downtown and not as exciting as areas closer to there, so fewer people want to live there. More supply & less demand = lower price.

[ptug101]

yeah edgewater is a hidden gym its seems to be just as safe as lincoln park,
but just as cheap as uptown and rogers park

[emathias]

Some of what the other people have said are factors, but the primary reason is that a lot of the condo housing in east Edgewater was built in the 60s, and the population has aged and so a lot of the buildings have older-than-expected population. That means they haven't don't much updating, that the sizes, while big when they were built, are still on the small side by modern standards.

And perhaps the biggest factor is the cost of assessments (what New Yorkers call "maintenance"), the monthly fees paid to the association to cover common expenses. In older elevator buildings those fees can be very, very high to covered delayed maintenance or renovations of the common area or even structural work, which depresses the value of the condo. If a place might be worth $300,000 in a building with low assessments (under $450/month), if the assessments are actually $1,200/month, the market value of the place might be depressed to $150,000 because nobody wants their monthly assessment to be about the same size as their mortgage payment.

So that's my biggest advice: pay close attention to the assessment cost and the property tax for the units.

[uffthefluff]

Is Edgewater unreasonably cheap compared to say, Lakeview or Logan Square/Bucktown? Yes the rents seem maybe 100 bucks cheaper for a 2br, maybe 200 bucks if you're lucky, but isn't that pretty standard given the increased distance to the loop? I'm not sure Edgewater has unusually low rents.

It looks like there are lot of really cheap and crappy highrise condos for sale, but I don't know if those should really count unless you want one.

[OhAcid]

Originally Posted by uffthefluff

Is Edgewater unreasonably cheap compared to say, Lakeview or Logan Square/Bucktown? Yes the rents seem maybe 100 bucks cheaper for a 2br, maybe 200 bucks if you're lucky, but isn't that pretty standard given the increased distance to the loop? I'm not sure Edgewater has unusually low rents.

It looks like there are lot of really cheap and crappy highrise condos for sale, but I don't know if those should really count unless you want one.

There is definitely a difference or more than "maybe 100 bucks" when it comes to dealing with Edgewater; especially if you're purchasing property vs. renting.

As far as "increased distance to the loop" - who cares? Unless you work in the loop who on earth spends their leisure time there? It takes about 10 minutes longer to get to there than it does from say...Belmont or Addison via the 'L'.

I love Edgewater. Bryn Mawr is a beautiful district and the beach/park front yard that the neighborhood has is just a cherry on top of that.

[j_cat]

Originally Posted by OhAcid

As far as "increased distance to the loop" - who cares? Unless you work in the loop who on earth spends their leisure time there? It takes about 10 minutes longer to get to there than it does from say...Belmont or Addison via the 'L'.

Since the vast majority of people either work in the Loop or in a suburb, it is a pretty important factor to be close to one or the other. And since "close to a suburb" is not very specific, it is the Loop that has the biggest effect on real estate. And the thing about commuting is that every little bit of time saved helps your sanity; 10 minutes doesn't seem that long until you need those 10 minutes.

Also, an awful lot of people spend their leisure time in the greater downtown area, though not necessarily the Loop. Edgewater is a bit farther from all of that, so there you have it. It seems like a nice enough area, but the price reflects the trade-offs.

[scarletneon]

Originally Posted by OhAcid

There is definitely a difference or more than "maybe 100 bucks" when it comes to dealing with Edgewater; especially if you're purchasing property vs. renting.

As far as "increased distance to the loop" - who cares? Unless you work in the loop who on earth spends their leisure time there? It takes about 10 minutes longer to get to there than it does from say...Belmont or Addison via the 'L'.

I love Edgewater. Bryn Mawr is a beautiful district and the beach/park front yard that the neighborhood has is just a cherry on top of that.

I spent all 4 years I was in Chicago in Edgewater and loved it so. I really know I took it for granted now that I live "downtown" in Cleveland ... Had to buy a car just for shopping! I miss having everything just a couple blocks away!