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Flipping Boosts South Side Home Values
House flipping has had a positive effect on property values on the South Side, according to figures from Attom Data Solutions. A decade ago, the 60629 zip code—including parts of Chicago Lawn, West Lawn and Marquette Park—was the scene of hundreds of home foreclosures. Today, the spread between the downturn-era flip and a home’s resale may be in the tens of thousands of dollars, indicating that improvements were made to the property.
The 60629 area has seen 692 homes flipped over the past decade. “At that level of density, flipping creates real potential for rejuvenating a neighborhood,” Jeff Bartow, executive director of Southwest Organizing Project, a community action and development organization, told Crain’s Chicago Business. “It’s a concentration of investment that people can see, (and it tells) them that this is a neighborhood where the trend is up, not down.”
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