Picture Perfect Tudor in Edison Park: 6902 N. Owen
This 4-bedroom brick tudor at 6902 N. Owen in Edison Park looks picture perfect in the pictures.
The listing says it has been totally renovated with “custom kitchen cabinets, granite counters, GE Stainless appliances, and stone and slate baths.”
It has a fenced-in backyard with a 2-car garage.
The house has also been reduced by $80,000 since March.
Is this house with its big lot a good alternative to moving to the suburbs?
You can apparently walk to downtown Edison Park and Park Ridge from the house.
Richard McEwen at Rubloff has the listing. See the pictures here.
6902 N. Owen: 4 bedrooms, 3 baths, no square footage listed, 2 car garage
- Sold in July 1993 for $175,000
- Sold in June 2004 for $485,000
- Originally listed in March 2009 for $659,000
- Reduced several times
- Was listed in early May 2009 for $589,000
- Just reduced again
- Currently listed for $579,000
- Taxes of $6352
- Central Air
- Bedroom #1: 20×11
- Bedroom #2: 16×13
- Bedroom #3: 12×11
- Bedroom #4: 12×11
Its cute. Its not 580k cute but maybe 450-520k cute. Because really who wants to pay 580k to live in a house that is basically in the suburbs?
Great looking house in a good neighborhood; a tad bit far northwest but still walking distance to the metra; includes a yard, well done on the inside (But the kitchen is a little weird), finished basement…but the $579,000 is absurd. Its prices like this that drive families out of the city and in the suburbs. Edison Park used to be a cops and fireman neighborhood, sort of like Mt. Greenwood on the south but with $579 tudors it has become ‘upscale’, (although I don’t think the Edison Park Inn would qualify as upscale)…
Bob, Edison Park more like the northwest side but not quite the suburbs. Drive a few blocks west on Devon into Park Ridge and there is a noticeable difference between the city and the ‘burbs. There’s a nice strip of bars and restaurants near the metra that you could walk to from this house, whereas if you lived in Park Ridge you could have to drive to downtown park ridge. EP is sort of like Roscoe Village in that it’s a little community still within the city but decidedly not the suburbs.
Add another $12,000/year/child for HS to “re tax” number. EP doesn’t have a decent HS, so all the kids (less under-achievers) go to Catholic HSs here. I went to HS with a number of EP kids; there definitely once was a strong cop/fireman vibe, but home prices have probably reduced the overall concentration of Chicago employees in this neighborhood. Problem with EP is it’s immediate adjacency to Park Ridge, with its decent HS, decent downtown, and decent commute to downtown and outer burb’s office parks – if you want this sort of NW-side, you might as well go to Park Ridge and enjoy the suburban tax-paid amenities.
House itself is upscale old-time fireman/cop house; well-maintained and reasonable improvements but ultimately still a modest but large house. It’s priced as a white-collar professional house, but most blocks contain smaller houses that were targetted to city workers with blue collar jobs, and the demographic mix can get uncomfortable in social (neighborly relation) situations.
Cool house, uncool price!
“but home prices have probably reduced the overall concentration of Chicago employees in this neighborhood.”
“but most blocks contain smaller houses that were targetted to city workers with blue collar jobs, and the demographic mix can get uncomfortable in social (neighborly relation) situations.”
If the home prices have reduced the number of city employees what is the demographic mix that “can get uncomfortable.” And what exactly does that mean?
It means the younger new suits don’t mix well with the retired city workers.
“Get off my lawn!”
Nice house in a great, super-safe neighborhood with good downtown access. But Architect is right about the HS situation — Taft was pretty good 30 years ago when I went there, but I wouldn’t send anyone’s kids there now.
“And what exactly does that mean?”
It generally means blue collar people have a seething jealousy of the more educated and formerly higher incomed white collar people.
These days the jealousy might work in reverse though as city jobs with their job security, guaranteed raises and pensions are far better than private sector jobs. And you don’t even need to go to college you just need to know somebody.
so is it so uncomfortable that block parties you have the girls on one side and the guys on the other? (except the girls are the yuppies and the guys are the old school city workers)
I really like this house and could see myself raising a family here one day but not for that price… For that price i’d rather move to the ‘burbs (I like craftsman, but i also like “built in the past two decades”)
I really like this house and I love this neighborhood. It’s a great house for those that want a single family that can’t handle the thought of not having a Chicago address. The price seems a touch high for the neighborhood, but it looks like the updates were well done. I’d have to look at this particular block. No use having the nicest house on the block.
Even if it were priced at $450k it’s still just barely affordable for an attorney or accountant making $100k a year with a stay at home wife. It’s a house, just a house, with some nice finishes. I still stand by my position that the NW side of Chicago had an extensive bubble, more so than many other places in the region.
storybook cute! look at that door . . . coming home would be pleasant . . . and lots of yard to play with too!
i’m guessing they are prepared to negotiate the price.
in this current market, sellers have to balance “pricing reasonably enough to get traffic” and “leaving a cushion for the low-ball offers so we have room to negotiate” . . . . if that makes sense 🙂
Zillow (the reputable source that it is!) estimates most properties in the immediate vicinity are worth in the $300’s or low $400’s, so it would be the most expensive home on the block. $569 is bubble pricing…this is worth in the upper $300’s or the lower $400’s notwithstanding the nicer finishes.
This is overpriced, what is price history? Bubble purchase plus renovation costs?
Comparing EP to Lincoln Square:
education Bachelor’s Degree+ 34 vs 38%
per capita income $30,200 vs $22,800
own 80% vs 31%
walkability score 60% vs 98%
median sales price $204K vs $293K
As an EP resident with a PhD on soft salary sources, I do envy some of the police/fire dept administrator neighbors who are planning their for retirement at 50. I do like access to bars/restaurants and transportation. Livelier than burbs – my 1 year in Deerfield was painful. And we get bragging rights for having the only republican alderman on city council!
“Bubble purchase plus renovation costs”
= overpriced, no?
I sense that the days of the lavish pensions for public servants are waning.
“I sense that the days of the lavish pensions for public servants are waning.”
Theres a battle brewing for sure. The only way to really restructure these union obligations is via bankruptcy. Already in California they want to pass a law forbidding cities and counties from declaring bankruptcy without state approval.
In a place like Chicago with such a one-party political system and no viable alternative, I don’t know if this will happen. Instead those part of the machine will continue to vote for it, and those not part of it in any way will continue to see their taxes rise and quality of life/services received decline.
New hirees get smaller pension packages, starting with teachers
The sale in 2004 at a bubbly $485k is what is screwing up the supposed “value” of this property. That was something like 9.7% appreciation per year from the 1993 sale at $175k. That 2004 sale price was *really* high. This list price from the 2004 price is still slapping on a 3.6% appreciation, upgrades or no.
If we go back to 1993 and just calculate 4% annual appreciation til now, we’d be listing this house at about $330k.
“If we go back to 1993 and just calculate 4% annual appreciation til now, we’d be listing this house at about $330k.”
And $382k at 5%. Plus something for the reno(s), even if only 25% of cost, depending on extent, quality and wear since completion.
I remember when the chicago republicans shared an office with the national socialist party back in Jane Byrne’s day… Quite a scandal if I remember right.
With with the reno it’s still in the low $400’s. These $569k prices are pretty typical listing prices of any turnkey property on the NW side.
Delisted Oct 2.
Last sale and tax info
Sold 11/17/2009:
$545,500
What would this place sell for today? Are Edison Park prices 15% lower than end of 2009 now?
“Are Edison Park prices 15% lower than end of 2009 now?”
oddly if you look (its been a few months since i did) most places in edison park are only getting a 10k haircut of list. and the list in edison seems to be high and hold high for reason i dont get. maybe less “fully” foreclosed homes in the market to battle with?
also park ridge foreclosures are selling about 50k above foreclosed list price. again i dont get why?
What is holding up the market there then? I noticed there are 2 parts to the market – old unfixed up places with small footprints mainly below $300K, and then the updated places which are $450K and up.
“What is holding up the market there then?”
to me i looked at few places in edison, just couldnt wrap my head around the high prices and smaller homes. and if it was a home that started as a ranch and a second floor was added, they were looking for 450k-500k.
and yes the granny places were high too and needed a bit of a spruce up and update. they were soild and well taken care of but cost of updating and the oddly high price for the home threw me off.
again its a queit very peaceful and safe hood with good schools and nice dining strip on NW Hwy and in Park ridge.
for me the small homes were priced too high.