Saturday, August 19, 2017

Crain's: Rehabs stabilizing market in this South Side neighborhood

Via The Chicago Neighborhoods
You might have seen this over at Worlee's Concerned Citizen's of Chatham fb page. Perhaps this is the expected outcome that we've been waiting for with Chatham referred to by Dennis Rodkin as "a longtime center of Chicago's middle-class black population":
In the past 12 months, nearly one in four of the houses sold in the neighborhood have been recent rehabs, typically by builders and investors, according to Crain's analysis of Midwest Real Estate Data records. Of 199 houses sold in the period, 48 were rehabs.

That's 24 percent, a far higher proportion than in other South and West Side neighborhoods that were hit hard by the downturn. Rehabs were fewer in nearby neighborhoods South Shore (15 percent), Park Manor and South Chicago (both 17 percent) and Auburn Gresham (19 percent).

"You're watching Chatham get rejuvenated," said Virgil Landry, a rehabber and Kale Realty agent.

In January, Landry paid $39,000 for a house on 90th Street that had recently completed a seven-year foreclosure process. He put the four-bedroom house through a rehab that included repairing a faulty foundation and installing new flooring, kitchen appliances, furnace and air conditioner. Landry put the 2,000-square-foot home half a block from Tuley Park on the market in late July, asking $199,000.

The median price of a house sold in Chatham has jumped this year, largely because of the higher-priced sales of rehabs. At the end of June, the median sale price of a house was slightly more than $120,000, up 42 percent from the year-earlier figure, $85,000, according to the Chicago Association of Realtors. That's not evidence of skyrocketing home values but of the shift from a market that was heavy on bargain-priced foreclosure sales last year to resales of improved homes this year. Data provided by Renovo Financial, a Chicago-based lender that funds many rehabbers' projects, shows that rehabbed houses in Chatham are selling at an average of nearly $212,000 this year.

Chatham was hit hard in the foreclosure crisis. At its worst, in 2009, the neighborhood had 4.2 foreclosure filings per 100 properties, according to the Institute for Housing Studies at DePaul University. Some neighborhoods, including Burnside, Chicago Lawn and East Garfield park, peaked at more than seven filings per 100. Yet like most of the South Side, Chatham saw a stark slide in home values. By November 2011, they had dropped 57 percent from their December 2007 peak, according to a study Crain's published last fall.

Not all of the rehabs are former foreclosures. Some are homes that longtime owners sold at depressed prices.
Unfortunately I'm not a real estate buff nor do I have any connections to the real estate business. With that said I wonder how many of the people who bought these rehabbed homes plan to put down roots in Chatham. Here's hoping we got new residents who plan to grow old in this longtime center for Chicago's Black middle class.

Friday, August 18, 2017

The vandalism of an Abe Lincoln bust...

DISCLAIMER: The Sixth Ward blog or sixthward.us is written by three bloggers who aren't associated with any public official in Chicago. If that changes there will be full disclosure of that fact. With that being said let's talk about something unusual that recently happened.

Recently Worlee was contacted by a reporter for RT America looking for a comment - likely from an Alderman and we can't help with that - regarding a bust of President Abraham Lincoln located at 69th & Wolcott being vandalized recently. Ironically the first time hearing about it was on John Ruberry's Marathon Pundit yesterday. Friday, Ruberry shared a segment from FOX News' Tucker Carlson Tonight where he discusses the Lincoln bust. [VIDEO]
So why is this in the news now? As you see in the above video there are people in the nation who want to eliminate primarily statues of prominent Civil War Confederates. As we all know the Confederate States of America is very controversial because we largely know them as the side that wanted to preserve slavery. And now that this bust of Abraham Lincoln - popularly known as the President who freed the slaves - is a target of those same individuals who want Confederate statues removed.

Wednesday, August 9, 2017

Thursday: 6th ward senior ice cream social

6th ward senior ice cream social
Thur. August 10th, 2017
11:00 AM to 1:00 PM
706 E. 79th St.
Chicago, IL

For more information contact the 6th Ward service office @ 773.635.0006 and visit the website of www.6ward.com

Also refer to flyer below.

Tuesday, August 8, 2017

Seaway Bank Farmer's Market

Seaway Bank as a division of Self-Help FCU is hosting a farmer's market every Wednesday from Aug. 2 to Sept. 20, 2017 from 9 AM to 2 PM. at the main branch located at 645 E. 87th Street. Refer to flyer below for more details or click this link for a printable flyer.

Tuesday, August 1, 2017

Hinz: City projects lowest deficit in a decade


So perhaps Rahm Emanuel finally has displayed some financial acumen:
In a statement, Emanuel praised the moves under his direction to end the use of one-time revenues, gradually restore actuarial funding levels to the city's four major pension systems, exchange variable-rate debt for fixed-rate securities, trim spending (Emanuel claims $600 million in cuts) and phase out by 2019 the use of "scoop and toss" financing, in which the city delays repayment of both loan principle and interest.

"We are more financially secure today than we were six years ago," said Emanuel, who took office in 2011 and soon will have to decide whether to seek a new term in the 2019 election.

Emanuel has had the benefit of a much better economy than predecessor Richard M. Daley did. City Hall says vacancies in city factories are at the lowest rate in 15 years and occupancy of downtown office space at the highest level since 2008—though Crain's reporting shows that market is softening.

Still, the city faces some continuing fiscal headwinds: It needs hundreds of millions of dollars more each year by early in the next decade to completely stabilize the four pension funds, and city sales tax revenues are slowly decreasing.

Beyond that, city labor unions can be expected to try to benefit from the better times, and the mayor will be under continuing pressure to spend money to try and curb the city's horrific murder wave.