The First Edgewater Glen Teardown

In June or July 2006, the Edgewater Glen neighborhood experienced its first modern tear down. The house at 1229 Norwood was demolished. It was one of Edgewater Glen’s oldest houses, having been built in 1901 for Theodore Schuerman. Interestingly, it was valued by the Cook County Assessor at $70,495. Using the formula of the market value being 10 times the assessor’s valuation, that would have made it a $700,000 house in today’s market. Is this a portent of things to come?