Things haven’t been pretty in West Pullman. The South Side neighborhood was home to 435 foreclosures in 2009 and another 97 in the first three months of 2010. As of this morning, 65 of the 217 residential properties listed for sale in West Pullman were priced at or below $50,000, and 49 homes were characterized as short sales.
Three recent listings show just how quickly a property’s value can slide in a time of distress:
- 110 W 117th St: A four-bedroom / one-bath home that sold in October 2004 for $111,000, listed last week for $6,800.
- 309 W 116th St: A four-bedroom / one-bath home that sold in August 2004 for $118,000, listed last week for $7,000.
- 11952 S Lafayette Ave: A three-bedroom / one-bath home that sold in February 2007 for $145,000, listed last week for $8,000.
Apparently developers can rehab these things in a hurry and put them back up for sale at major markups, as evidenced by three new listings in the neighborhood. The following homes all sold earlier this year for less than $50,000 combined, and now are back on the market for $90,000 or more.
- 12439 S Emerald Ave: Sold in March for $11,000, listed over the weekend for $90,000. A three-bedroom / two-bath home with 989 square feet, featuring a new roof, windows, walls, copper plumbing, and wiring; central air; hardwood floors; a kitchen with granite countertops and stainless-steel appliances; stone / ceramic baths; and a 2.5-car garage.
- 12005 S Perry Ave: Sold in April for $18,500, listed over the weekend for $129,900. A three-bedroom / two-bath home with 1,037 square feet, featuring a new roof, walls, hardwood floors, copper and PVC plumbing; central air; a kitchen with 42-inch cabinets granite countertops, and stainless-steel appliances; stone / ceramic baths; washer / dryer; and a 2.5-car garage.
- 825 W Vermont Ave: Sold in February for $18,750, listed over the weekend for $109,500. A three-bedroom / one-bath home with 1,066 square feet, featuring new doors, windows, trim, and paint; refinished hardwood floors; baths with new tile and vanities; a kitchen with new cabinets, granite countertops, and full-wall granite backsplash; and a remodeled detached garage with new doors and siding.
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