Edgewater condominiums sold for an average of $76,000 in 1979. During 1991 and the first six months of 1992 they sold for an average of $56,570.
In Rogers Park condo sales averaged $52,800. In 1991 and the first six months of 1992 they sold for just $47,400.
The housing bubble of the late 1970s had been a long time coming – and it was a long time before prices recovered in these far north neighborhoods. Adjusted for inflation prices in Edgewater collapsed by a stunning 60 percent from 1979 to 1992.