The Vintage Brick Bungalow in Hot Edison Park: 6514 N. Olympia
Edison Park was just named one of the 20 great towns and neighborhoods to live in by Chicago Magazine.
This 3-bedroom brick vintage bungalow at 6514 N. Olympia has been on the market for 11 months.
It has been reduced by $55,000.
The house sits across from Olympia Park. It has hardwood floors and the kitchen has granite counter tops with white appliances.
Built on a 43×125 lot in 1926, it also has a full basement, central air and a 1-car garage.
Two of the three bedrooms are on the main level, however, with a third upstairs.
The house is just a few blocks from the Edison Park Metra station.
Michael Stangel at Keller Williams Realty Partners has the listing. See the pictures here.
6514 N. Olympia: 3 bedrooms, 2 baths, 1 car parking
- Sold in March 1988 for $125,000
- Sold in April 1997 for $190,500
- Originally listed in April 2009 for $445,000
- Reduced
- Currently listed for $390,000
- Taxes of $4228
- Central Air
- Bedroom #1: 15×10 (main level)
- Bedroom #2: 11×10 (main level)
- Bedroom #3: 15×15 (second level)
The theme of the day here on CribChatter is places with hot-tubs…
Taxes seem kinda low?
“Taxes seem kinda low?”
2009 AV is almost 20% below 2008 AV. Taxes will be down, at least relatively.
Also, 6514 doesn’t “exist”–official house number is 6516.
“Taxes seem kinda low?”
welcome to the NW side of chicago Edison park taxes are around 5k for a standard lot 4br brick bungalow.
low taxes, low crime, low walk-ability, good hood feel, good ELEM schools, good neighbors, good you will be saving on taxes to pay for private HS
Nah, no need for a private high school. Simply sell the house and move a few blocks west into Park Ridge when junior reaches 13.
“good you will be saving on taxes to pay for private HS”
“Simply sell the house and move a few blocks west into Park Ridge when junior reaches 13”
screw that for the same house a few blocks west you pay double the price and triple the taxes.
no thanks i will move to Palatine 🙂
“Simply sell the house and move a few blocks west into Park Ridge when junior reaches 13.”
How you going to make the DP for that house after you’ve lost $100k on your Edison Park house?
If you’re heading northwest, why stop at Palatine? Johnsburg and Woodstock are literally steals right now.
“#Groove77 on March 23rd, 2010 at 3:25 pm
“Simply sell the house and move a few blocks west into Park Ridge when junior reaches 13?
screw that for the same house a few blocks west you pay double the price and triple the taxes.
no thanks i will move to Palatine :)”
“low taxes, low crime, low walk-ability, good hood feel, good ELEM schools, good neighbors, good you will be saving on taxes to pay for private HS”
Low walk-ability? Obviously not living in in Bucktown or something, but for being surbabanish, pretty decent walk-ability (5-10 minute walk to metra, bars, grocery store, parks, etc).
“How you going to make the DP for that house after you’ve lost $100k on your Edison Park house?”
I don’t think you’ll be losing 100k on an EP house. May not make money, but thanks to Chicago residency rules, I think there will always be pretty constant demand.
I love watching people become financially ruined who bought into the whole “Chicago address proper premium” during the peak and are now F’d beyond belief.
Guess that was a more expensive status symbol than the Bimmer in the driveway..huh?
ANON(TFO) r u saying this house will drop another $100k? no way!
#
anon (tfo) on March 23rd, 2010 at 3:25 pm
“Simply sell the house and move a few blocks west into Park Ridge when junior reaches 13.”
How you going to make the DP for that house after you’ve lost $100k on your Edison Park house?
These dumb young people wanted to prove so much that they were on the up and up in society so they just had to own. They also wanted to shout out to the world that they weren’t like their boring parents in the boring suburbs so they just had to own in the city.
They also couldn’t reasonably afford a decent downpayment on overpriced city real estate so they used low downpayment mortgages to “own” a piece of real estate that was priced well beyond their realistic means.
The banks that made these risky loans quickly sold off the secondary liens to the investor marks who had no idea what the heck they were buying, distancing themselves from this toxic mess. And walla, here we are today.
“If you’re heading northwest, why stop at Palatine? Johnsburg and Woodstock are literally steals right now”
HD, you missed the running CC joke in that there 🙂 I once ate at a culver’s in woodstock.
“I love watching people become financially ruined who bought into the whole “Chicago address proper premium” during the peak and are now F’d beyond belief.
Guess that was a more expensive status symbol than the Bimmer in the driveway..huh?”
Bob,
i forgive you cause your from Ohio 🙂
Edison park, i will have to say, is about 80% teachers, policemen, and Firefighters. of my close friends that are cops all of them are in edison park except one that was in beverly.
“These dumb young people wanted to prove so much that they were on the up and up in society so they just had to own”
Bob,
are you pulling a laura L and not reading the listing or posting in wrong thread? last sale was 1997 for 190k!
“r u saying this house will drop another $100k? no way!”
Dude, I’m saying that double value in 13 years shouldn’t happen in a stable ‘hood with no major change in the property. It’s not like Edi Park has changed much since ’97 and it doesn’t look like they reno’d anything other than the kitchen.
If you use the 88->97 appreciation (too high at 4.7%) you only get $350k. Use 3.5%, it’s $297k, which feels about right (and would lead to it being snapped up, I’m sure). Sure, they put in some $$ updating the kitchen, but there’s no way they spent the $150k they’d’ve needed to to expect $90k back out.
I think this will go for $350-370K. Nice house near a nice park in a quiet friendly safe area, easy walk to the Metra station. There have to be quite a few couples out there expecting the first kid, not totally underwater on their 2/2, who still want a city address but can’t swing a SFH in the green zone.
Edison Park seems to be a very popular spot for fireman/policeman, I’m guessing since it’s as close as you can get to the burbs, while still being in the city. Not sure how the assessment can be made about young people purchasing there to be cool, but okay.
Bungalows bum me out. They just depress me for some reason.
And regarding Woodstock vs. Palatine. There is actually a small belt of coolness in the far west suburbs. Especially in older towns along the Fox River (i.e. Geneva, St. Charles, etc.) and places like Woodstock.
I have friends who live out there in super-sweet mod homes with forested lots. They still rock out on a regular basis too.
Woodstock is lovely. Also Geneva with all its cool historic homes and farmhouse homes. They are WAY out there but cool.
“And walla, here we are today.”
Walla?
“Not sure how the assessment can be made about young people purchasing there to be cool, but okay.”
I have a friend who lives on the SW side with a kid and his wife. He mentioned to me he is quite pleased they actually still live within city limits. I am assuming there are people in EP who think similarly who are pushing up RE values for the “city proper address” premium that he places value on.
No I don’t know anyone who lives in EP but I am assuming it is similar, another out of the way far from downtown ‘hood that has prices far higher than adjoining ‘hoods outside the city limits simply because the mailing address doesn’t say Chicago on it.
Seriously look at Evanston real estate vs. that in Rogers Park for an idea of what I’m talking about. Night and day.
I’m surprised this house hasn’t sold; seems reasonably priced for house and lot. Perhaps something unphotographed in listing is lurking there.
Edison Park is the white-collar City of Chicago neighborhood haven. However, reading “Second City Cop” blog-site, I’ve noted several posts complaining about spikes in crime in EP. Taxes seem appropriately-priced for non Green Zone neighborhood with decent property values. Unless you shop the little strip along Northwest Highway (Happy Foods), you need two cars to serve a family household in Edison Park.
Meant to say “white collar/supervisory/professional rank City of Chicago employee” haven.
Bob: my impression from multi-listings is that Evanston home prices are significantly higher than Rogers Park and West Ridge prices. (With exception of one west Evanston neighborhood which has small, poorer maintained homes, lower household income, etc.)
There are a handful of more expensive RP and WR houses that have been renovated and retain their architectural character, but these houses are usually “one-offs” on blocks that have houses that aren’t renovated or so highly priced. WR was recently identified as Chicago neighborhood with highest percentage of foreclosures for condo units. Neither neighborhood is particularly stable, particularly when compared to many Evanston neighborhoods (again excluding west Evanston low-income neighborhood).
Evanston is SIGNIFICANTLY more expensive than Rogers Park. Evanston is on par with Chicago greenzone prices if not higher in some cases. There are a few crappy pockets in Evanston, but in general, Evanston is not cheap by any means.
I dunno I just searched SFHs and there appear to be 41 SFHs for under 250k in Evanston and a whopping 1 in Rogers Park.
That tells me Evanston isn’t as overpriced relative to Rogers Park as both of you seem to claim. Or am I missing something?
250-300k SFHs in Evanston: 6
250-300k SFHs in Rogers Park: 1
300-350k SFHs in Evanston: 18
300-350k SFHs in Rogers Park: 2
Total SFHs under 350k in Evanston: 65
Total SFHs under 350k in Rogers Park: 4
“Or am I missing something?”
exclude WEST evanston its should be its own city its like night and day over there.
A good friend, who long since moved to LA to become the next greated freestyler turned actor, lived in west evanston. we would hang out on his porch in the summer but when he drove me over to the purple line it was a totaly different vibe and people.
someone may know better but i think that dividing line is ridge?
Uhh Groove if the dividing line is Ridge (and only 1 of those SFHs is east of Ridge but a couple are close) than that excludes 75% of the landmass of Evanston.
You’re about as guilty as those who claim that Lincoln Park proper is east of Halsted. Also I doubt 75% of the landmass of Evanston is significantly worse off than Rogers Park.
South Evanston might as well be called Rogers Park, it is avoided like the Plauge by local citizens. Just look at Oakton school, most city schools score higher.
Even worse is north west Evanston, until you hit the river. Definetly don’t want to walk around there are night.
Only about 40% of Evanston is an amazing place to raise your family, that being the north side by Wilmette and the property east of Ridge to the Lake.
West Evanston doesn’t make any sense to me. The area bounded by Asbury to McCormick and Howard on the South side is solidly lower middle class. In addition, there are a few pockets that count as impoverished with all the usual issues you’d see in Chicago’s worst neighborhoods. The area around ETHS has gone down hill in the last 20 years. Evanston used to have a strong manufacturing base, so many of the lower income households in this area came about because of an abundance of blue collar factory jobs a generation ago.
But other parts of “West Evanston” are great. North of McCormick, west Evanston is like Wilmette. Good elementary school (one of the best in the state) and nice older homes. Central street has a reasonably good commerical offerings.
The difference between the two Evanstons is nearly as great of a difference as that between Malibu and Compton.
“Uhh Groove if the dividing line is Ridge (and only 1 of those SFHs is east of Ridge but a couple are close) than that excludes 75% of the landmass of Evanston”
I am not trying to disprove your rodgers park evanston theory, just trying to guide you to be able to compare apples to apples.
think of west evanston and the rodgerpark evanston border area as the west side of chicago, and look at north and east evanston as East LP (or a more fun willmette).
also rodgerspark is lacking the amount of physical SFH in comparison to EV. RP is like *70% multifamily buildings
*70% is a visual guess not a factual one
Anyone have a general perspective on how SFH prices in the “good” parts of Evanston (however defined) have fared the past two years? Have they taken a big hit, or a more modest hit like LP/LV etc.?
During the bubble, equivalent houses in West Ridge/WRP were about 1/3 more than a couple blocks north across Howard, however the taxes in Evanston were nearly double. West of Western, WRP is mainly SF with a few two & three flats and row houses, except for the huge Winston Towers complex at Touhy.
I know a lot of young couples with kids moving to the NW side, so Edison Park is probably a place they would look as well – though a lot of them wanted el access rather than Metra.
If the Evanston property taxes are significantly higher that would probably explain a bit of the discrepancy.
“though a lot of them wanted el access rather than Metra.”
We see it all the time here at CC. Yet none of the yuppies with this preference are willing to move to the Kimball area or other non-gentrified areas near el stops. Theres plenty of el stops.
Not to mention if the El was really up in Edison Park do they not realize it would take like 90mins to get downtown?
“Not to mention if the El was really up in Edison Park do they not realize it would take like 90mins to get downtown?”
bob you do know where Edison park is located?
“bob you do know where Edison park is located?”
I think he’s contemplating an imaginary Edison Park (notso) Swift hooking up to the Brown Line. Which would take 90 minutes.
“I have a friend who lives on the SW side with a kid and his wife. He mentioned to me he is quite pleased they actually still live within city limits. I am assuming there are people in EP who think similarly who are pushing up RE values for the “city proper address” premium that he places value on.”
I like that your “one friend” that lives on the SW side has lead you to believe that everyone who lives in EP think similiarly. That is just a dumb comment. Most people who live there have to live in the city limits for their jobs or they want to live close to the city but can’t afford Park Ridge which is more expensive then EP.
Bob said, “I dunno I just searched SFHs and there appear to be 41 SFHs for under 250k in Evanston and a whopping 1 in Rogers Park.”
You might want to recheck for SFHs under 250k. There’s one on CC right now for about 17k.
rk–thats a condo not a (S)ingle (F)amily (H)ome.
It’s 23 minutes on the metra. It’s a 20 minute drive with no traffic. It’s a pretty tight community up there with lots of families and it’s safe to walk around. It has lots of professional upper income and middle income households to socialize with and drink beer and watch football with your neighbors on Sunday. It’s located near the el, and near 90; and near shopping in the suburbs. You can buy a whole brick house for less than for $400k in a safe neighborhood! Amazingly, not everybody wants to spend $400k to raise a family in a 2/2 in lakeview next door to a bunch of big 10 college grads; nor does everyone UMC couple have
“Not to mention if the El was really up in Edison Park do they not realize it would take like 90mins to get downtown?”
$700k for a worker’s cottage int he ‘green zone’, nor do they want to commute from Arl. HTs or naperville.
sorry, near metra, not el
homedelete I know a lot of transplants & I’ll honestly say Big10 grads are maybe 40% of them. And I’ve never met one Penn State grad here too.
I think you just generalize big10 as the most obnoxious bars in LP/LV tend to all be aligned with a big10 school.
Theres a whole bunch of transplants from all over: just barhop around hoops time (now) or football season and you’ll see that there’s an awful lot of people from other schools as well. And many are equally (if not more) obnoxious.
A lot of people move up from the south, a lot of people move from further out west like Nebraska, etc.
“nor do they want to commute from Arl. HTs or naperville.”
Well, then, they’re just throwing their money away on pointless “status” of a city address! They’ve been brainwashed by the hordes of Big 10 grads into believing the city offers something more, when it’s actually less for more money! Check out the foreclosures available in Palatine.
ps: seriously tho, congratulations, or hope things get better, whichever applies, hd.
“And many are equally (if not more) obnoxious.”
You mean the Dukies, right?
homedelete,
According to the Metra website it is 29 minutes to EP.
According to Google if you drive with traffic (not sure when this without traffic time is) it is 30 minutes.
Just want to make sure you’re not fudging the numbers.
Dan,
Ok on I-90 at Harlem it’s about 18 minutes downtown with no traffic (20 mins from Cumberland), add a couple of minutes to get to your house, sorry about that.
And I see a 6:30 p.m. Metra leaving the C&NW station (Olgivie Station) arriving in EP at 6:55 p.m., sorry about that two minutes there, plus a 5-10 minute walk home.
So give or take a few minutes
If you want to live in Barrington like all the partners where I work, it’s a 6:25 p.m. from C&NW to Barrington at 7:18 p.m. with the express and then more realistically the 7:30 p.m. C&NW arrives in Barrington at 8:32 p.m.
The no traffic part assumes early morning, late evening, and weekends which is when I do most of my ‘driving’ anyways. otherwise it’s public trans during rush hours.
“You mean the Dukies, right?”
I’m actually hoping they win this weekend as I want them to be eliminated by my team in the semi’s. Its such a privilege to knock Duke out and would be the bestest icing on the cake to a title.
“I think he’s contemplating an imaginary Edison Park (notso) Swift hooking up to the Brown Line. Which would take 90 minutes”
With the huberman running the CTA i believe that could have been built!
I think it was swift to blue and mid-city transit way, not the the brown…
We would LOVE to purchase in EP; however, I’m not a fan of the bungalow floorplan w/the main floor bedrooms.
EP is the home of Tony’s market, which has some killer meatball & italian subs! For this alone, I would move there.
“And many are equally (if not more) obnoxious.”
Tops in the irritating March madness crowds are the Duke, Michigan, Arizona, and Kansas grads that grew up in HP and Glencoe. Ugh, the most boorish, obnoxious LP/LV little punks that exist.
Dan on March 24th, 2010 at 12:07 pm
homedelete,
According to the Metra website it is 29 minutes to EP.
According to Google if you drive with traffic (not sure when this without traffic time is) it is 30 minutes.
Just want to make sure you’re not fudging the numbers.
seems high at 29 minutes to DT on the Metra. Your talking a few stops: Norwood, Jeff, Irving, Clyborn and Ogilvey after Edison Park. I’ve done a bunch of times and it never seems to take 29mins.
Driving – depends. You can make it to the loop with limited traffic in 20mins.
In regards to Bob. I think he is the same guy who said there was no value in being close to the Metra in Edgebrook. LOL Enough Said
Just looked at the listing.
Its on Contingent status.
http://www.redfin.com/IL/Park-Ridge/718-S-Prospect-Ave-60068/home/13639380
Similarly priced and designed home just a few blocks west in Park Ridge but over 2x the taxes.
$385k sold in Jan.
GoCubs: I’m pretty sure that I’m going to have a tough time getting to the Loop in 20 mins from the North Ave entrance of 90/94 in just a few days with the additional construction being lined up.
Traffic is going to be bad for everyone, everywhere this summer. I’d stick with the 25 minute metra to Edison Park and walk home from there. That beats the 55 minute train ride to barrington with a 15 minute drive after that. The don draper – home in Ossining at 9:00 pm after an hour train commute from downtown – lifestyle is slowly fading away, which is why we have a resurgence and interest in million dollar
“Wicker on March 29th, 2010 at 2:48 pm
GoCubs: I’m pretty sure that I’m going to have a tough time getting to the Loop in 20 mins from the North Ave entrance of 90/94 in just a few days with the additional construction being lined up.”
homes in bucktown and half a million dollar homes in Logan.
Nice call JP$
May 19, 2010 Sold (MLS) (Closed Sale) $370,000 — Inactive MRED #07412615
Jan 11, 2010 Listed (New) $390,000 — Inactive MRED #07412615
Dec 31, 2009 Delisted (Cancelled) — — Inactive MRED #1
Nov 16, 2009 Price Changed * — Inactive MRED #1
Oct 27, 2009 Relisted (Reactivated) — — Inactive MRED #1
Aug 17, 2009 Price Changed * — Inactive MRED #1
Jul 21, 2009 Price Changed * — Inactive MRED #1
Jun 30, 2009 Price Changed * — Inactive MRED #1
May 15, 2009 Price Changed * — Inactive MRED #1
May 06, 2009 Relisted — — Inactive MRED #1
Apr 04, 2009 Listed * — Inactive MRED #1