Friday, March 16, 2018

Crain's: House flipping is changing the South Side - for the better

I've been meaning to post this article from Crain's this week. Dennis Rodkin of Crain's discusses how "house-flipping" in some south-side neighborhoods are changing them for the better.

When you think about it better this than a number of homes boarded up. I almost mentioned the foreclosure crisis, however, when that crisis hit that was over a decade ago. Perhaps the house-flipping is another after effect of that economic crisis that usher President Obama into the White House.

Anyway here's a bit of the article:
Ten years ago, a map of ZIP code 60629, a swath of the city just east of Midway Airport, was filled with hundreds of red dots indicating foreclosed homes. Now, thanks to a decadelong wave of rehabbers flipping distressed homes, that same area has homes that have been refreshed and resold.

In 60629, which encompasses parts of Chicago Lawn, West Lawn and Marquette Park, 692 homes have been flipped in 10 years, the most in any Chicago-area ZIP code, according to figures provided exclusively to Crain's by Attom Data Solutions. The data cover about 300 ZIP codes in the region, for 10 years, 2008 through 2017, a period in which more than 41,900 Chicago-area homes were flipped.

Five ZIP codes—four on the city's South Side and one in suburban Bolingbrook (see the chart)—emerged as the epicenters of home flipping, each of them with more than 500 properties going through the process in the past 10 years.
If you see the graphic above we see the zipcodes that include Auburn Gresham, Roseland, and West Pullman are among those neighborhoods with the most homes flipped.
Are there houses in your neighborhood being flipped? Are there houses in your neighborhood worth flipping?

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