Rent vs own no-brainers in Winnetka’s Woodley Road

As we’ve noted a number of times before, the Woodley Road area has a Winnetka mailing address but is actually in an unincorporated area of Cook County served by Avoca District 37 schools – and New Trier High School.

We also recently commented on the unusually high number of homes currently for sale and recently sold in the area, and the fact that some listings have lingered on the market for years. One source told me that a number of owners were either experiencing financial pressure or shedding one of a number of homes they owned.

Two of the homes that have been on the market for a lengthy period have recently become available for rent at prices that solidly favor renting on a rent vs own comparison.

The 6-bedroom, 5 ½ bath home at 94 Woodley Rd, pictured above, has been on and off the market since September of 2007. It’s currently listed for sale for $3,250,000 or for rent at $10,000 a month. Plug property taxes of $43K a year – after homeowner and senior exemptions – into your financial analysis and the rent appears to be a bargain.

The home is on a 1.6-acre lot with a 25 x 54 in-ground pool, pool house, lighted tennis court and an indoor lap pool.

A 5-bedroom, 3 full, 2 half-bath Hemphill-built home on nearly an acre at 404 Woodley Woods can be purchased for $1,995,000 or rented for $5,700 a month. It has been on and off the market for just over 4 years and comes with a $40K annual property tax bill. The rent vs own analysis screams “rent!”

Both homes have 3-car garages.

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