In June of 2007 a single-family home at 4842 S Calumet Ave sold for $565,000 subject to a $565,000 mortgage. Early in 2008 it went into foreclosure, the predictable fate of very many fully-leveraged homes on Chicago’s South Side.
The home sold in 2009, following the foreclosure, for $122,500. It went into foreclosure again in December of 2011 and was acquired in March of this year for $215,000.
The 4-bedroom, 3 ½ bath home just came back on the market for $389,000. That makes it the highest-priced home west of King Dr in the Grand Boulevard neighborhood.
The listing pictures make the home appear to be very attractive – apart from the vacant lots that flank it. The neighborhood, however, is daunting. Two years ago the police shut down a major drug operation at 47th and Calumet, the location of the above mural. More recently, people who’ve lived in the area for some time told me they’re afraid to walk down 47th St.
Who will buy this home? Has a would-be flipper miscalculated?