Back in February of 2007 I characterized East Garfield Park as “flat on its back and barely twitching.” A month later Business Week singled out East Garfield Park as one of America’s hottest neighborhoods.
Business Week’s take apparently prevailed: a newly-built 3 bedroom, 2-bath condo at 3522 W. Lexington St sold for $335,000 in October 2007. It’s now listed for sale with an asking price of $19,900.
Get out of town.
I might just buy that thing and sit on it for about 30 years..
I feel bad for the sucker who bought it for $335,000
Wow Joe – you’ve got to be pretty dumb and/or gullible to believe that the actual selling price for that apartment is $19,900.
Merry Christmas, Sir Isaac.
Do you have any information to contribute about this property?
Good god, that area is a warzone.
I tried to show that property a few weeks ago. Unit boarded shut, but was able to see third floor (serious water damage and all fixtures gone) and garden which was completely trashed. Cats running in and out of the building. Witnessed a drug deal in front of the building. It will be a while before that building/street are worth anything.
It will cost at least $90,000 to bring the property back to the condition it was back in 2007. Factoring that in your cost and it comes out to $109,900, not including past city fines which can easily add up to thousands, possibly $10,000, we were are looking at $120,000. Whomever paid $330,000 was obviously a flipper/speculator. Doing a rental analysis would easily determine that this property was never worth anything near $335,000. $120,000 is a much more appropriate price. Remeber boys and girls, if your rents can’t cover your mortage + taxes, than the property is overpriced.
Joe appears to be happy that this property has slipped in value. What gives?
Wiley,
I don’t know what leads you to believe I’m happy with this outcome. I don’t think anything in my post fairly suggests that.
In fact, I’m never happy to see any property fail to this extent.
This is one of those situations where you either have to buy the whole building or buy nothing.