“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.