ChicagoSouth Side

Will massive drug bust boost Bronzeville condo values?

by Joe Zekas on 7/2/12

Unit 4N at 4441 S Indiana just came on the market for $79,900, in the Grand Boulevard neighborhood of Bronzeville.

It seems an attractive price for a condo that sold for $250,000 in May of 2006, and that’s touted by the real estate agent as able to satisfy the “pickiest buyer.”

The property has recently gone through a foreclosure and is apparently bank-owned. Three of the other units in the 8-unit building have been the subject of foreclosure proceedings.

Also fairly new to market, just around the corner, is a lender-owned 2,800 square foot, 3-bedroom, 3-bath at 118 E 45th St asking $41,000.

I visited the immediate area last September, and spotlighted a unit (pictured above) whose value had plummeted from $315,000 to an asking price of $9,900. It sold for $10K in February and resold two months ago for $56,000.

Saturday’s Tribune reported a series of major drug busts, including one targeting an area of 43rd St, just north of the properties:

The relationship between gangs, drugs, and violence is longstanding,” said Chicago Police Superintendent Garry F. McCarthy. “Only a collaborative, comprehensive, and unrelenting approach will diminish it, as we are seeing in our strategies to target drug markets devastating communities affected by gang violence.”

In the Wentworth district, officers “dismantled” a drug operation that yearly sold more than $2.3 million worth of heroin, crack cocaine and cannabis, police said. Police targeted the area along 43rd Street between Michigan and Calumet avenues which were frequented by street gangs.

Using surveillance and covert narcotics purchases, police targeted 23 people in the enterprise and arrested 20 for drug-related offenses, police said.

Does this drug bust have an impact on property values, assuming anyone believes the gangs will move on from the area?

EveryBlock is an easy way to check what’s happening in the immediate area, but you really ought to visit and walk around to get a feel for the scale of the devastation the neighborhood has experienced.

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{ 5 comments… read them below or add one }

benjamon9 July 2, 2012 at 12:55 PM

There are definitely sad stories like this around Bronzeville, but there are also very nice areas nearby as well.

Oakwood Boulevard is a beautiful street and has several sucessful condo buildings along it. There have also been several single family sales on the street for over $300k lately. Here is one example of a less sad story in the area, although even a good unit in a good building like this has lost nearly 1/2 it’s value since its last sale.

http://www.redfin.com/IL/Chicago/558-E-Oakwood-Blvd-60653/unit-4E/home/18920241

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Bronzeville is dying July 2, 2012 at 6:00 PM

I beg to differ. Bronzeville is a crime haven. Everytime you open the paper or turn on the news you hear of a major crime in the heart of Bronzeville. I date a single professional lady who recently short sold her property because the area was sliding south fast. I feel bad for people who bought in that area because they got a raw deal. Also, with the added CHA units that are being set aside for section 8.

It’ll come back but it will not come back as a professional African American enclave. It’ll come back as a mixed neighborhood and unfortunately will not have enough professional AA’s in the area to support strong AA cultural institutions. The crime will force out the professional and working class blacks because that’s what happens in AA neighborhoods and Whites will move-in in large numbers once the crime gets under control. This will probably happen over the next 10 years or so.

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Simon July 2, 2012 at 10:48 PM

Good I hope that happens….I see that as ak good thing.

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Pete July 2, 2012 at 11:07 PM

Another once-vibrant community destroyed by Section 8.

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Joe Zekas July 2, 2012 at 11:20 PM

Pete,

There’s a remote possibility that you’re not a complete know-nothing, but you’re not giving us any reason to believe that you’re not.

It’s been decades since this neighborhood was “vibrant” and Section 8 rentals were among the least of the factors that contributed to its slide.

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