9/07/2006

Vinyl Dreams

While preparing a larger post about "Vinyl Victorians" - stay tuned - I found myself on Monroe Street the other day.
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On the left is 241 Monroe. It's currently in Housing Court - Index #757/2005 - and has appeared before Judge Nowak 13x since July 2005. Look closely. I found the front door wide open. It was purchased for $69,100 in the Spring 1993. On the right is 536 Monroe. It was first occupied in July of 2002 and was purchased for $87,500. Nothing in Housing Court, yet. If you any history involving these two properties, please let me know.

Some "vinyl victorians" in my Masten neighborhood were first "photo-shopped" into the urban landscape in the mid 90's. They were quickly sold to the first occupants for prices ranging from 70-80K. Recently, at least six of these sold for less than 25K after the first round of ownership at foreclosure. Probably close to their real value.
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1 comment:

thestip said...

This is what happens when you just plop new houses in a completed depressed neighborhood. It does very little to bring the neighborhood back since there is little density to the development as well as complete lack of services in the surrounding neighborhood. There is very little planning involved with these projects for the surrounding neighborhood, so, surprise, surprise, when someone goes to sell the house it is worth 1/5 of its build price. I won't even get into the way these homes are subsidized, since that is a highly flawed program. Yet we still do this, since we haven't learned from our mistakes.