With a large stock of single-family homes that cost a fraction of what they would a few miles south and a growing number of comparatively affordable condominium conversions, Edgewater has become a popular alternative for those priced out of other lakefront neighborhoods. Condos have shown similarly sharp appreciation. In a hot real estate market, Edgewater has become one of the hottest neighborhoods on the North Side. Property values have increased dramatically. New construction is at an even greater premium than resales, partly because it's so rare in the landlocked neighborhood.
Few sites are available for residential development.
Marion Kennedy Volini, broker-owner of the Lakefront Group and a former 48th Ward alderman, is selling one of the few brand new construction projects in Edgewater, the Rowhouses of Lakewood Balmoral, in the 1200 block of Bryn Mawr. And these are brand new homes, with granite and marble, stainless steel appliances, hardwood floors, high ceilings, fireplaces. They're just across from the historic district. Lakewood-Balmoral, an area roughly bounded by Glenwood, Broadway, Foster and Bryn Mawr, is perhaps the most exclusive pocket of Edgewater. Its streets are lined with large historic homes - prairies, greystones, Victorians.