Revisiting Edgewater condo conversions

The real estate crash that began late in 1979 hit Edgewater the hardest among Chicago’s north lakefront neighborhoods. Edgewater condos sold for an average of $76,000 during 1979 and for only $56,750 during the first six months of 1992. Adjusted for inflation the average Edgewater condo lost 60% of its value over that period.

This week we’ll be updating the status of a number of Edgewater condo conversions that we reported on five years ago.

Wayne Manor, 5619 N Wayne, offered 20 renovated units at prices ranging from the $190s to the $320s. Three of the units are apparently still owned by the developer. The building has had no foreclosures and only one resale, at $252,500 vs its 2007 purchase price of $305,000.

Magnolia Court, 5639-53 N Magnolia, was a 32-unit renovation, priced from the $80s to the $210s. There have been no resales. Two units have gone into foreclosure, and one is currently bank-owned. Nineteen units were sold in bulk for $1,250,000, an average of less than $66,000 per unit.

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