Lake Station set to flip its first home
Post-Tribune (IN)
July 28, 2014
LAKE STATION — The city’s foray into flipping houses it already owns claimed a success Friday after the Board of Works agreed to sell a property city workers fixed up to put on the market earlier this year.
The board expects to sell a home at 4800 26th St., on the city’s east side, for $94,000 after investing $28,000 to fix it up earlier this year. That sale should close within the next 75 days, Mayor Keith Soderquist said.
“I’m told houses these days are selling in 75 to 100 days, so we’re actually better than the average,” he said.
Soderquist declined to name the buyer, saying he believes it is a Lake Station man buying his first home.
The proceeds from that sale will be used to start remodeling another home near 24th Avenue and Clay Street.
City employees did the work on the 26th Street property, which sat abandoned for several years. A divorce by its previous owners left the property unattended and falling apart, including significant water damage. It was part of a bank’s holdings for four years.
The city acquired the property from the bank, paying nothing, and later used a special budget line to begin turning the house around in order to sell it, Soderquist said.
If the city can sell the house near Clay Street after remodeling, those funds will be used for a third fixer-upper.
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