Buying first home (Chicago, Joliet, New Lenox: for sale, real estate, mortgage) - Chicago Suburbs - Illinois (IL) - City-Data Forum

firefly000 · 09-17-2010, 10:13 AM

We are in the process of searching for our first home. Although it's exciting, it is also scary. We have been looking in the New Lenox area.
Is there anyone here that can give me some more insight on the area? There seems to be A LOT of homes for sale. I know thats happening everywhere, but wondering is there a more specific reason then just the economy.

So wondering what everyone is thinking.
Would you buy in New Lenox??

Thanks for the opinions

urza216 · 09-17-2010, 10:22 AM

Have you considered Joliet?

http://www.city-data.com/forum/chica...enox-info.html
http://www.city-data.com/forum/chica...y-we-love.html

chet everett · 09-17-2010, 10:35 AM

...when an area goes on a full tilt BOOM, it inevitable there will be a counter BUST about as large.

At the peak of real estate frenzy in New Lenox there were people signing deals that were just way too "exhuberent". There aree too few jobs in that part of the region, too many homes that are too similar, too little infrastructure to be supported solely by propeerty taxes and a shocking lack of concerns that too many people had too small a down payment. Lots of people get very upside down very quickly, and for people with even a little more sense they realized that a new home in a new area is not the be all and end all, thus when prices in New Lenox were topping that in mire established areas lots of people realized they were never going to see their investment back...

Don't get me wrong. There is something to be said for wanting a shiny new house, and prices in New Lenox were way way below that in other areas. Some some people did get a lot of house fo the money. The problem is that some people bit off way more house than they should have, and the lenders were only too happy to let 'em. If you do not mind the distance it might be worth shopping for what may still be a good deal, but unless some radical shifts unemployment happen I just do not believe that New Lenox will even be more than a pretty far flung fringe suburb, and that will not be good for long term values....

firefly000 · 09-17-2010, 10:36 AM

No, we have not considered that area very much. My husband works with a man who raves about the New Lenox school system. We have three children. So we have taken his opinion into consideration. I'm just looking for others opinions of the area and the value of the homes. Trying to avoid buying a home that will decrease in value after a few short years.

Thanks for the links Urza, but it seems they are full of racial arguments. Not interested in that.

BRU67 · 09-17-2010, 11:50 AM

If property values go down in that community, that will impact the quality of the schools via less money per pupil and a more challenging demographic that needs more resources as fewer resources are coming in. That will put downward pressure on test scores, and may create a spiral effect of education minded famlies leaving the community.

I also think new schools built on annexed land are exempt from the tax assessment cap, temporarily providing a boost in that the school will have more resources than those in established areas. But that will not last forever. You may want to check into that insofar as New Lenox is concerned. They also do not need to devote the same amount of resources to facility maintenance and upgrades - again, a temporary advantage.

As Chet implies, you may want to also look at more established areas. A shiny new 'burb may look good at first but, once closely examined, potential near long term drawbacks will surface.

TempesT68 · 09-17-2010, 05:09 PM

I agree with the others new lennox may be a town to think twice about. If you can afford it, near by orland park is a great town to look into to.

urza216 · 09-19-2010, 07:08 AM

What young people who grew up in New Lenox are saying:

You know you're from New Lenox if... | Facebook

GolfLover2 · 09-21-2010, 12:38 PM

firefly000: Although there are parts of what is written here that are true ... New Lenox DID experience a large influx of construction in the last decade or so, it is hardly a "new" town. Just an extreme south suburb that caught much of the migration from the City of Chicago and older suburbs.
New Lenox has much to recommend it, as does the entire area. With three children to think about, you could hardly do much better than to consider the Lincoln-Way High School district for them. New Lenox hosts the original high school campus, LWHS - Central along Route 30, a major corridor for traffic in and out of the Village. The new LWHS - West is found along Gourgar Road and Laraway Roads. The other high school campuses are found in Frankfort (LWHS - East) and Frankfort Square/Tinley, (LWHS - North). This school district takes great pride in the physical maintenance of their schools. The original LWHS - Central campus building is pristeen inside .. and they opened that building in the mid-1950's. The music departments for L-W high schools are amazing, both in band and chorus. Their academic records and test scores are high and they are rated a top school in the nation. The grade schools in each feeder town into the high school district is good too. My children attended the Mokena schools and LWHS and got an amazing education .. so I can speak directly to this issue. Sports is also very important to the area ... so a well-rounded educational experience is available for your children. Frankfort is probably the high-end of housing for this high school district. New Lenox and Mokena in the middle, with Manhattan retaining more of its rural flavor aned not having "boomed" quite like the other feeder school areas as of yet. Housing is probably most affordable there, as of yet. With Manhattan being the most southern village of the 4 major feeder communities, that is somewhat natural.
Mokena, New Lenox, and Manhattan all have commuter trains for commuting to the City and further north. With the extension of I-355 being completed in the last few years, commuting to the north and western suburbs has become much easier ... as it hooks into other arteries, such as I-80, Rte. 45, Rte. 30 (Lincoln Highway), Rt. 57, I-55, I-88, and more. Frankfort has commuter trains nearby in Mokena and along Rt. 45 to the north. Silver Cross Hospital, presently located on the east side of Joliet, is relocating to New Lenox, conveniently right off I-355, Rt. 6, and nearby Cedar Road a main road thru the town. There will be the main new hospital, medical facilities, and a Women's Medical building (already opened) on this new campus. Other hospitals are nearby in each direction. Major franchises have invested in this entire area, so I do not see this area floundering long or at all. Yes, prices are deflated right now and there are many homes on the market. But with the commuter trains still going to the city, the downturn will not last and the area will bounce back. All of the major feeder towns are located in Will County, IL ... and Will has been rated one of the fastest growing counties in our nation now for about a decade. With the I-80 corridor being pinpointed as a major corridor for future commercial growth ... the surrounding areas will benefit.
You have been told to consider Joliet. Joliet has some beautiful older areas .. namely the Cathedral areas that are protected by homeowners' groups. Most of its newer growth was to the west of the city (Shorewood) and north into Plainfield along Rte. 59 and west. Prices of homes cover a wide economic range ... and areas can vary in many ways. So please, if considering any of the areas mentioned above in this comment, please work with a real estate professional well-versed in that area, as they can guide you to what will be a best fit for you and your children. Just my strong suggestion ...
If you need a recommendation for a real estate professional in any of these locations, please do not hesitate to ask and write. I not only grew up in the area, but have been a mortgage professional in Will County and surrounding counties for over 33 years. Please feel free to ask more questions. I'll help however I can. Whatever you decide and wherever you choose to buy .. best of luck to you and your family.

chet everett · 09-21-2010, 02:28 PM

Not sure if golf lover was referring to the music programs specifically, but it seemed to me that "top rated schools in the nation" was meant in general sense, surely that would be easy to verify.

The list from US News fails to list any of the Lincoln Way schools in even the the bronze or honorable mention categories: Best High Schools Search - US News and World Report

To be sure, there are many folks very happy with things in New Lenox, but out of fairness it ought to be clear that academically speaking the schools are not in any uniquely distinguished category.

For lunch I choose a place that has really good sandwiches. Some people might even say they are "amazing" and if there are objective standards of how one would rank sandwiches surely the value of what I got would be excellent. "top rated in the nation"? Not by a long shot...

BRU67 · 09-22-2010, 09:12 AM

Quote:

Originally Posted by chet everett

To be sure, there are many folks very happy with things in New Lenox, but out of fairness it ought to be clear that academically speaking the schools are not in any uniquely distinguished category.

Yea, I do know some Lincoln Wayers and this is definitely the case. They are very, very proud of their school system, to the point where they border on getting on me for living in a "lesser" school district, lol. Nothing wrong with a little pride, I guess. It'll be interesting to see if they're just as happy after their financial advantages dry up and/or they receive an influx of more challenging students to teach. Hopefully they'll be able to swing it.