Elgin, IL-Update for investors
June 8, 2009
A single family home in Elgin at 646 Wellington Ave was listed by a Realtor for $30,000 a few weeks ago, marking a new low price in the city of Elgin.
Before anyone asks, no, this home is NOT habitable, and needs a total gut/renovation job to make it livable. However, it should be pointed out that cash investors will be looking at making offers and possibly driving up the price over list due to the low starting point. Aside from the fact that there are now 29 properties available in Elgin that are UNDER $75K and 44 more single family homes between $75K-$100K gives the investor an excellent opportunity to find great deals with a lot of space in Elgin.
657 Wellington Ave is listed at $42,800, which is the next lowest price property in Elgin currently available.
A 10 multi-unit at 52 N Crystal is also on the market at an un-heard of asking price of $425K, sold in 2007 for $410K and 4 out of 10 units need total rehabbing, the rest need updates. Keep in mind that the next listed 10-unit is priced at $900K. An investor special is available here, and anyone looking for a piece of Elgin history will get these two buildings at an extraordinary price. The owner is very motivated to sell these properties due to a job loss.
Follow the Fox to ElginFoxValley.com
Jennifer Kinzle, E-PRO Realtor
Keller Williams Fox Valley Realty