“There’s no way any property in this neighbourhood should sell for that kind of money, even if it was in great condition.”
– Emilio Carrasquillo of Neighborhood Housing Services of Chicago, in an interview with Reuters UK about a plague of mortgage fraud working its way through Chicago’s distressed neighborhoods. According to Reuters, the home in question, 5318 S Wood St, “sold in foreclosure for $25,500 in January 2009, then resold for $355,000 in October. In between, a $110,000 mortgage was taken out on the home, supposedly for renovations. This June, the property went back into foreclosure.” (Hat tip to Sabrina at CribChatter — yeah, I said it — for the link.)
This morning I pulled up listings and sales records for the 60609, which covers the New City community area and the neighborhoods of Back of the Yards, Canaryville, and part of Bridgeport. Here’s what I saw:
- 367 homes are listed for sale.
- List prices in 60609 range from $4,900 to $2.8 million, with a median price around $159,000.
- 63 of those 367 homes have sold at least once since January 2008, at a median price around $42,500. The median list price of those 63 homes today is closer to $175,000.
- More than half of those 63 homes are selling at markups of 100 percent or more; more than a third are selling at markups higher than 300 percent.
- 575 homes have sold in the past 12 months, at a median price of $37,000
- Of those 575 homes, 329 sold for $50,000 or less, 156 sold for $150,000 or more, and 77 sold for $300,000 or more.
I’ll just note that the part of Bridgeport in 60609 is Hamburg , which is the nicest part of the neighborhood. It’s the part bounded by the aquaduct, Halsted, 39th and 35th. It’s not uncommon to see new homes in the high six figures or even $1m range. Or to see teardowns/renovations marked up pretty drastically — my guess is that you could buy a run down place for $200k or so, build a new house, and then sell for $600k+, even in this market.
Looking at a data set that combines this area with Canaryville (decent houses are probably in the $150k range) and Back of the Yards (decent houses are probably in the $75k, if there are any — this is a dangerous area), is fairly meaningless.
Thanks, Joe.
Looking solely at Back of the Yards and Canaryville, you get:
– 241 homes listed for sale.
– List prices range from $4,900 to $1.99 million, with a median price around $119,000.
– 45 of those 241 homes have sold at least once since January 2008, at a median price around $33,000. The median list price of those 63 homes today is closer to $169,000.
– 28 of those 45 homes are selling at markups of 100 percent or more; 19 are selling at markups of 300 percent or more; nine are selling at markups of 1,000 percent or more.
– 419 homes have sold in the past 12 months, at a median price around $25,100.
– Of those 419 homes, 289 sold for $50,000 or less, 68 sold for $150,000 or more, and 42 sold for $300,000 or more.