Monday, December 12, 2005

Won't You Be My Neighbor

There she stands in all of her majestic red brick glory. A beautiful girl, no?

While you’ve read of the trials and tribulations of our association you also know, kind souls, that a great deal of work has been done to put us on the straight and narrow. As an association we’re about halfway through our journey. A large portion of our fate rests in the hands of the future owners of the foreclosed upon units.

We need good, honest to God resident owners. No investors or speculators, just people who understand the definition of community.

As we all know, good neighbors are the lifeblood of any population. While it’s my biased impression that I live around some dedicated and wonderful people, the future owners of the foreclosed upon units will hopefully integrate into our buzzing little hive.

Nonetheless, I need some help on this one.

I need you kids to spread the word about the units that are on the market. Refer people to this blog and most importantly to the links at the end of this post.

I have well documented the problems that the association is facing and has faced in terms of the porches and the electrical. Nonetheless we will have brand new porches before the summer of 2006 and we’re continuing the process on how to best approach our electrical situation. Both are significant undertakings so I’m sure all of you understand that it will take some time before each are resolved.

But to borrow a phrase from a famous print ad: “We’ve come a long way baby.”

My previous post was about the positive press the ‘hood got from the Chicago Tribune Real Estate Section. In another five years, people will be slapping themselves that they didn’t buy in sooner.

The units are prices at $176,900 for a two bedroom, one bath and $174,900 for the three bedroom one bath.

I haven’t seen the condition of the two bedroom unit but I can honestly say that the three bedroom property needs painting (three kids are rough on walls) and the carpets in the bedroom are trashed (I like hardwood floors throughout anyway). Someone will have to put some TLC into that unit but I think the effort will bring out a diamond in the rough.

Don’t forget---these foreclosed upon units were CHAC rentals you know.

More importantly the price on the three bedroom dropped from $198,000 to its current price. Methinks that means that the mortgage company wants to get out of the real estate business and back into the mortgage business.

A good price got better and I’ll garner that even a novice negotiator would be able to get them down several thousands of dollars more based on the condition of the unit. Due diligence from the realtor would be able to uncover the price reduction and a good home inspector would be able to provide evidence on the condition of the porches and the electrical.

All in all a pretty strong position to start a potential negotiation.

Tough times don’t last---tough people and buildings do. This old girl has been around since 1909. Barring anything major, she’ll hopefully be around for quite a while to come.

Any building that can go through a neighborhood’s sharp decline, years of neglect and an urban rebirth deserves more quality people that will take care of her.

Boy oh boy if those walls could talk.

So tell your friends, co-workers and don't forget about the paper boy. Hell, if you want to be my neighbor take a look see for yourself.

Bonus good neighbor points will be given if you like to garden.

1501, #1
6511, #3

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