EDGEWATER — A newly renovated 120-year-old home in Edgewater's historic Lakewood Balmoral neighborhood is selling for nearly $2 million after being bought earlier this year for a third the price.
The home at 5510 N. Lakewood Ave. is currently selling for $1.95 million and, as one of the first homes built by Edgewater's original developer John Lewis Cochran, is listed along with other Lakewood Balmoral homes on the National Registry of Historic Places.
The two-story home sits on a 4,136-square-foot lot and has a wide front porch, five bedrooms and 4½ bathrooms.
The lower level contains heated floors, a dog bath and wet bar, while the backyard offers a tiled seating area and walkway.
The Lakewood Balmoral Historic District is bound by Byrn Mawr, Magnolia, Wayne and Foster with roots stretching back to 1890, when Cochran bought the plot of land.
Residents told Crain's last year they were seeing a historic surge in renovations taking place by builders rather than existing property owners, in turn raising the already high-priced homes well into the $1 million-range — now nearing $2 million.
The home at 5510 N. Lakewood Ave. was bought in February last year for $630,000 and rehabbed by a resident of the Lakewood Balmoral area who doesn't live in the house.
The area was built as Cochran's third and last addition to his "original" vision of Edgewater. Cochran is largely credited with founding the neighborhood, which was meant to cater to middle-class families, while his lakefront mansions were designed for the elite.
According to the Edgewater Historical Society, the first homes were constructed in 1893, mostly on Lakewood and Magnolia Avenues, with more structures popping up between 1894-95 and more still in 1898-99.
View pictures of the home below.
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