Tuesday, June 03, 2008

The Block Is Hot

The fallout from the subprime crisis has been all over the news since last summer.

Faithful readers will remember how I wrote about my own personal drama in this forum with my own adjustable rate mortgage.

It would have been easier for me to get into a size ten pair of skinny jeans than to refi nance my mortgage last year.

I know that things are still bad.

I predict that the market won’t straighten out until late ’09 or early 2010.

Despite those grim predictions, I get a feeling that things are looking up for the old hoody hoo.

Realtor’s trying to get rid of excess inventory in this market shouldn’t come as a surprise.

But it seems like there’s a breath of fresh air in recent listings. And when I say breath of fresh air I mean new condo construction.

Not only are there newly built inventory on 65th place, Dorchester and Kimbark but methinks there may be a real estate turn around lurking amidst this downturn.

Obviously it’s not over until the units sells but as a nearly seven year resident of Woodlawn, the price points of the current condo inventory thrill me to pieces.

The new condos behind me are listing from the high 200’s.

For someone who bought her humble little cold water flat for considerably less, when the market does turn around ,those of us who saw Woodlawn’s potential and bought in early will reap the benefits.

And when I say reap I mean raking in the scads of cash when I finally choose to sell.

While I’m not a fan of our city’s Olympic efforts and I don’t think we’ll get the games---if we did, the real estate market for the south east side is going to blow off the map.

But for now it’s all just speculation.

I feel it coming though---change is afoot.

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