Today I worked on a market analysis for a very nice 3 bedroom 2 bath Dutch Colonial in the Norwood Park area of Chicago. Norwood Park is in the far northwest part of Chicago, west of Jefferson Park, south of Edison Park and the suburb of Niles, east of O’ Hare International Airport, and north of the suburb of Harwood Heights.
If you’re looking for a neighborhood in Chicago with lots of green lawns and trees and not your usual grid layout of streets, Norwood Park is the place for you! It has a variety of residential architectures including bungalows, Victorians, Cape Cods, ranches and as mentioned above, Dutch Colonials. More recently, there have been condo developments. The Kennedy Expressway (I-90) cuts through the area, but if you don’t feel like driving downtown, you can catch a Metra train or the “L” Blue Line. Norwood Park is home to the Noble-Seymour-Crippen House built in 1833 and believed by many to be the oldest house in Chicago.
So back to my market analysis…After I found comparable sales in the area, I checked what Zillow, the new online home value estimator, had to say. It went crazy on this one! The zestimate of $359,495 is in the ballpark, but definitely low. Zillow reports the home has having only 1 bathroom (there are 2), only 1 story (there are 2), and only 828 square feet (it has 1,935 sf). After I plugged in the correct number of bedrooms, baths, rooms, stories and square footage, Zillow re-estimated (re-zestimated?) the value at $1,272,453! I WISH!