The world's longest fire sale continues

Real Estate Watch
RealSTATs reported only one transaction in the 13th Ward last week:
7313 Race Street, for $7,000

Explore the county's listing, and you'll discover that:
1) The U.S. Department of Housing and Urban Development foreclosed on this property on February 5, for $1,531; and
2) The new owner lives in New York.

That new owner also bought two of the properties listed in Real Estate Watch last week: 7109 Mt. Vernon, for $6,500; and 586 Rosedale, for $9,500. Three houses in two weeks, for $23,000. Not bad.

I could not count the number of times I have heard Homewood residents express anxiety about the possibility of people from outside the neighborhood taking it over - i.e., buying up the land and buildings - apparently unaware that:

1) It's already happening, and has been for a while; and

2) That is not always a bad thing.

Obviously, if an owner in New York, or Florida, or the U.K. does not take care of their property, or allows criminal tenants to live there, they will make the neighborhood worse. But an owner who does take good care of properties and places good tenants in them, makes a neighborhood better, no matter where that owner lives or what they look like. "Absentee landlord" is not the same as "irresponsible landlord."

Homewood Calendar:
The Homewood-Brushton Community Coalition Organization's Community Day returns Saturday, Aug. 23, with the title, "Catching Up with Family." From noon to 7 p.m., there'll be games, food, music - all the things you expect at a festival. Just come down to Homewood Avenue, and you'll see the fun stuff happening between Hamilton Avenue and Bennett Street. 

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