Bellwood’s in the Homebuilding Business | Area Home Prices Still Below Pre-Crash Peak — Crain’s

Caption and photos from Crain’s: “Bellwood officials built the new, larger homes on Englewood Avenue that complement the smaller 20th-century offerings on the same street.”

Thursday, October 20, 2016 || By Michael Romain || @maywoodnews

Bellwood resident Chimanga Williamson, a CTA employee, told Crain’s Chicago Business that she had her eye on buying a home in Westchester or Hillside before considering the town where she now resides.

What fixed Williamson’s gaze were the homes. Not the thousand-square-foot, mid-20th Century homes that dominate Bellwood’s landscape, but ones that are twice as big and that were built by the local government within the last five years.

“It’s good for the village to have these more spacious houses available,” Williamson told Crain’s, which recently published an article on Bellwood’s foray into homebuilding.

“Five years ago,” Crain’s reports, “Frank Pasquale, mayor of west suburban Bellwood, found he had two overlapping problems on his hands.

People were leaving because the houses were too small, but builders wouldn’t build in the town. The solution, Pasquale found, was for the village to build the homes itself.

Since 2012, Bellwood has built and sold eight new homes, with prices starting at around $260,000 for three-bedroom models. And another 20 could be on the way. Pasquale said the program has, so far, been a success.

To read more on Bellwood’s homebuilding plans, click here.

Home prices in area zip codes still well below the pre-crash peak

West Suburbs.png

The average percent change in price of a single-family home in the west suburbs since Sept. 2006.

In another Crain’s report from earlier this month, “Home prices in the Chicago area peaked in September 2006, dipped infinitesimally in October and soon started a downward path that didn’t reach bottom until March 2012.”

“Chicago’s home prices,” the publication notes, “at times among the slowest recovering in the nation, have returned to their decade-ago peaks in only a few neighborhoods and suburbs.”

Unfortunately, Bellwood, Broadview and Melrose Park weren’t among those fortunate few (Maywood’s zip code wasn’t included in Crain’s analysis, which looked at data provided by the S&P CoreLogic Case-Shiller Home Price Indices).

The following charts track the “average percent change in price of a single-family home in” zip codes in Bellwood, Broadview and Melrose Park. “Using September 2006 prices as a base, the line shows the percent change from that point to any other month, through May 2016.” (Visit the full Crain’s interactive by clicking here).

Percent change in home prices

Bellwood

bellwood

Melrose Park

melrose-park

Broadview

broadview

Bellwood among worst performing zip codes in Chicago-area market

uneven-recovery

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