11-9-07
Entering Edgewater
It’s time again to take a look at a Chicago neighborhood that might be particularly appealing to actors and artists looking to purchase their first home. This month… Edgewater! Of course, if you missed any of our past neighborhood profiles, you can find them on the left navigation bar under “Owning a Home.”
Edgewater is a burgeoning community with an established theatre scene, welcoming neighborhoods and, most importantly, affordable real estate. Let’s take a look at this North Side locale and what it can offer to prospective homebuyers. For some expert insight, I decided to call on the services of a realtor friend of mine, Jim Barclay of Prudential Preferred Properties.
Defining Edgewater
What is considered “Edgewater,” exactly? Where does Andersonville end and Edgewater begin? Well, actually, Andersonville is considered a sub-neighborhood of Edgewater. (Maybe you already knew that but I didn’t.) Specifically, Edgewater lies seven miles north of downtown bordering the neighborhoods of Rogers Park to the north, Uptown to the south, Lincoln Square to the west and south and West Ridge to the west and north. Even more specifically, Edgewater is bounded by Foster on the south, Devon on the north, Ravenswood on the west, and Lake Michigan on the east.
The Edgewater Theatre Scene
When you talk about theatre companies in Edgewater, the first one that probably comes to mind is the Raven Theatre. This theatre company moved into its beautiful two-theatre complex at 6157 North Clark in 2000. Artistic director Michael Menendian and company have armloads of Jeff Citations to show for their superlative brand of theatre and I have to say that their production of A View from the Bridge a few years back is still the most engaging show I’ve seen in my nine years back in Chicago.
Speaking of being around for 25 years, City Lit Theatre at 1020 West Bryn Mawr was founded in 1980 and is dedicated to producing adaptations of literary works from everyone from Mark Twain to Edith Wharton to (currently) Sir Arthur Conan Doyle. Other theatre companies in Edgewater/Andersonville include Actors Workshop Theatre at 1044 West Bryn Mawr and the Neo-Futurists, best known for their long-running hit Too Much Light Makes the Baby Go Blind, at 5153 North Ashland.
What’s the neighborhood like?
According to Edgewater Chamber of Commerce executive director Sheli Lulkin, “Edgewater is a quieter neighborhood with plenty of established businesses and restaurants. If you’re looking for nightlife, you can easily find it in Andersonville or other nearby neighborhoods.”
On that note, Jim chimes in, “I have yet to meet someone who doesn’t love Andersonville. Seriously. There is tons to do there and the homes are gorgeous. Plus, once you get off the main thoroughfares, you have these quiet, idyllic side streets that just invite you home.” And there are a number of new restaurants (such as Sweet Occasions and Pepitone’s) popping up in Edgewater, a new Target on Peterson Avenue and a newly remodeled Broadway Armory in the works. Millions of dollars are being poured into the Armory, which will be loaded with an indoor soccer field, six volleyball courts, a ballroom and much more when it’s all said and done.
Is Edgewater Affordable?
What excites me most about Edgewater is that the real estate is somehow still very affordable while offering many of the same amenities of pricier neighborhoods. As I’m writing this article, MLS listings reveal at least 10 one-bedroom condos available for less than $125,000. In general, one-bedroom condos range from $140K-$200 while two-bedrooms with parking start in the low $200’s and range up to and above $400K for new construction with high end finishes. According to Jim, “The high-end of the spectrum is fairly comparable to other neighborhoods. However, it’s in the mid to lower priced condos where Edgewater really stands out. You just can’t find that much (or anything at all) in the $150-250K range in Lincoln Square, Lakeview or Lincoln Park.” Sheli agrees, “Edgewater is an ideal place for someone on a tighter budget as we have a lot of small, established condominiums. Because they’re established, this generally means they’re well maintained and they have their reserve funds in shape. You can buy into a building where you know exactly what you are going to get and what your expenses will be.”
Is Edgewater Accessible?
Between the Red Line, the #22 Clark bus, Ashland Avenue and Lake Shore Drive, you should have no trouble getting downtown or anywhere else, with or without a car.
Is It Worth It?
In the past five years, condominiums in Edgewater have appreciated 53 percent while 2-4 flats have appreciated 38 percent. Enough said.
In Summary
I’ll turn it over to Jim to wrap up this article: “Edgewater is a terrific community that features wonderful nightlife, easy access to the lake and public transportation and a variety of affordable housing options. While it’s true that the neighborhood has seen much development over the last 10 years, Edgewater has done a superb job of retaining its cultural and artistic roots. Andersonville, in particular, is home to many of the city’s best independent theatres, dance studios and performance spaces. With its easy access to downtown (via LSD, Red Line or CTA bus,) it’s also a great option for those that work regularly in the Loop.”
So as you are scanning the cityscape for your new home, you might want to spend a little extra time in Edgewater. Here are some other links for your research: For demographics and other vitals, head to www.answers.com/edgewater-chicago. You can find the Edgewater Chamber of Commerce at www.edgewater.org, get to know Alderman Mary Ann Smith at www.masmith48.org and read about an impressive beautification project called “Living 2007” at http://chicagoist.com/2007/08/08/beautifying_chi.php.
In the meantime, if you have any questions, even if you already are a homeowner, feel free to call or e-mail me anytime. As always, please send me any comments or suggestions about this article, and let me know if there are topics you would like to see discussed. Talk to you next month!
Mike McNamara has been an actor in Chicago for the past nine years in theatre, commercials, television and film. Mike is also a Mortgage Consultant and Loan Originator with West America Mortgage Company. He can be reached anytime at 773/398-0021 or findmac@gmail.com. Realtor Jim Barclay can be reached at 773/572-7567 or jbarclay@prupref.com.