Oswego looks on the bright side of the downturn

Many a suburban boomtown has become a gloom and doom town in recent years. Not Oswego. According to a recent Tribune article, things in Oswego “have slowed down a bit in the recession, but officials still see bright days ahead.”

A June, 2008 Tribune community profile cast Oswego as a community “working to keep small-town charm.” The current economy will certainly make that task easier.

On the not-so-bright-side for home buyers, a quick scan of price reductions seems to indicate that prices haven’t fallen as precipitously in Oswego as they have in other suburbs. That may be due to a highly-competitive new housing market and large tracts of vacant land that kept prices relatively low during the boom years.

One of the steeper price drops is on a 3-bedroom, 2 ½ bath single-family home at 721 Cornell Dr. The home sold in November, 2005 for $260,000. After over 400 days on the market and a number of price reductions, it’s currently offered at $193,000 as an “approved short sale.”

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