The Tribune recently wrote about a lawsuit brought by the CHA against board members of the master association at the Enclaves of Galewood Crossings in the Austin neighborhood. The CHA had contracted to purchase a number of townhomes in the community, and recently closed on the purchase.
The lawsuit alleges that the adoption of limits on renting homes in the community was motivated by racial discrimination, despite the fact that the community is largely African American and Hispanic and several board members are African American.
Whatever the facts might prove to be, it’s clear that homeowners at Galewood Crossings have taken a beating on resale values. We posted on that topic a year ago in April, and resale prices haven’t improved since then.
A 3-bedroom, 2 ½ bath single-family at 5331 W Galewood that sold for $479K in April of 2008 resold this April for $190K. A 4-bedroom, 3-bath townhome at 5246 W Hanson sold new for $328,500 in July of 2008, resold for $70,300 in December of last year and resold again earlier this month for $155,000.
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