560 Lakeridge Drive south Elgin: Beautiful "Flipped" Thornwood home

I speak with many clients who want to flip houses. It seems so easy on those HGTV shows.

I thought I would show you a real life Thornwood example in this flipped home at 560 Lakeridge Drive.

This house was purchased as a bank owned REO in 

4-11-14 for   $214,524 and completely rehabbed (unfinished basement) and sold on 

10-8-14 for   $355,000. 

While the  NET numbers are not public information, the retail numbers reveal  more than 52% return and less than 6 months time  purchase to close. 

I'd be happy to email you more photos so you can see the beautiful interior finishes on this rehab. 

What would a  complete rehab on a 2800 square foot home cost? I'm guessing at least $50,000...still a nice profit. 

But is it worth the risk? .... the stress? 

It's not for everyone but if flipping is your goal, be sure to choose a desirable  and very marketable neighborhood like Thornwood where your turn time will be minimal.

REO/distressed  properties occasionally  come up in Thornwood. Click on the link on the right side of this column to search for homes or contact me directly to have properties sent right to your in box. 

New Thornwood Listing $409,000! 3150 Sf with a finished basement

This great home sold in 5 days for $404,000.  98% of list price!!

581 Terrace Lane, South Elgin  MLS # 08760465

New Pulte subdivision across from Randall Road at Silver Glen

Thornwood residents...FYI    A new Pulte subdivison is under construction in South Elgin with St. Charles schools. Proposed is 127 approximately .25 ac lots with pricing in the high $300's to the $400's. Read more at the Pulte link below.



New single family subdivision "The Trails of Silver Glen"

Cal's Angels 5 K coming up September 13th

This charity; Cal's All-Star Angel Foundation created to honor the life of Thornwood resident Cal Sutter is close to the hearts of Thornwood residents. The extensive community support is testimony to the wonderful neighbors within and around the Thornwood neighborhood. Check them out and support if you are able.

Elementary School Boundaries for Thornwood

Thornwood is part of the Saint Charles district #303 school system. The assignedhHigh school is
Saint Charles North and the assigned middle school is Haines Middle. However, the neighborhood is served by two elementary schools: Corron Elementary and Ferson Creek located on Bolcum Road
Here is a link to the map at the district #303 site to show which streets are assigned to which  elementary school.

Inventory Levels in Thornwood, South Elgin

Housing inventory supply is at 10.2  months for the detached single family homes in Thornwood
while the supply of town homes is only at 5.5 months.
The Kane county numbers are a  parallel to  these with 9 months supply of detached single family homes and only 6.8 months of attached housing units.

Does this mean there more downsizers in this market???

Students in Thornwood attend St. Charles North High School

US News and World report ranked  district #303 in St. Charles as one of Illinois' best.



St.Charles North High School ranked #26 in IL