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Foreclosure Reinvestment Shows Good Signs for Woodridge Housing Market

Look at a few examples of foreclosed homes that were remodeled and later sold for higher values.

The Village of Woodridge is calling attention to some foreclosures in town that were later remodeled and sold for a higher value, a sign officials say demosstrated the value of investing in the community. 

"The past several years have been very difficult for homeowners," according to a village news release. "Like communities across the country, Woodridge has had its share of home foreclosures. However, a positive new trend has emerged in which foreclosed properties are being purchased, renovated and resold at values closer to pre-recession levels."

Some examples include:

8301 Adbeth Ln – This home went into foreclosure in 2008 and was vacant until it was sold in February 2010 for $130,000. Following extensive remodeling including a new kitchen, room and bedroom addition, it was put back on the market and sold in August 2010 for $298,700.

2310 Dalewood Pkwy - This home on Dalewood Parkway went into foreclosure in 2009 and was vacated in 2010.  In December 2011 the property was sold for $112,900 and renovation work began on the home.  Improvements included new siding, roofing and a new deck.  The house was sold in July 2012 for $217,000. 

7213 Bonnie Ct – This property went into foreclosure and the property was purchased in April 2012 for $124,000 and re-sold in September 2012 for $230,000, an 8 percent increase above average home sales in the area. 

8119 Gatewood Ln. – This property went into foreclosure and became bank owned in July of 2010.  The bank sold the property to an investor for $110,000.  The investment company pulled a permit to remodel the kitchen for $8,000 and put it back on the market.  The house was purchased in April 2011 for $191,000. 

Woodridge's community development department has been monitoring properties and requiring banks to address safety issues, maintenance and tall weeds, as well as making sure homes are winterized, secure and up to village code. 

"Through all of these efforts, the village continues its efforts to preserve the quality of life in Woodridge," according to the release. 

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