Teardown burbs situation now (Naperville, Arlington Heights: sale, mortgage, custom home)

[gardener34]

Just wondering what the recent home sale slowdown and mortgage crisis is doing to the "teardowns" markets in the burbs? Burbs like Elmhurst, Glen Ellyn, and others. Elmhurst was the epicenter for those a while back...

What's going on these days? Can anyone weigh in?

[Steve-o]

Looks like its holding off for now. I still see teardowns frequently, but not on the level they were 5 years ago. Naperville and Hinsdale are the teardown capitals of America.

[gardener34]

I saw a slowdown coming... man those things in Elmhurst were nuts. There is a website chronicling them even. But I was just wondering if the developers building those massive "specs" are getting caught with those now? Haven't heard anything about them lately.

[ahava]

I agree. I still see some here in Western Springs and in Elmhurst, but it's nothing like 2005 when it felt like there was one on every block. I think some builders are stuck with huge houses because the teardown across the street from my sister's house has been on the market for at least a year now. It's ugly as hell, I wouldn't buy it, but two years ago a brand new house in Western Springs wouldn't even be on the market for six months, let alone over a year.

[BRU67]

Originally Posted by gardener34

I saw a slowdown coming... man those things in Elmhurst were nuts. There is a website chronicling them even. But I was just wondering if the developers building those massive "specs" are getting caught with those now? Haven't heard anything about them lately.

Boy howdy you ain't kidding! The neighborhood I grew up in in Elmhurst got 1/2 bulldozed. There's now a bizarre mix of the old small '50s style wood frames that the subdivision was originally designed for and new hulking Garage Mahals bursting at the lot seams like Sammy Sosa in a baseball jersey. It looks absolutely weird and, well, disjointed for lack of a better term. No flow man. If it was all starter castles it may look a little bit better but the slowdown in the mortgage and housing market means it's going to stay like this for some time I fear.

[HOWELL_STREET]

Recently, the city of Wheaton increased a BUILDING permit to $4,000 per house. That info was published in a Wheaton City Newsletter some time back. However, in addition to that $4,000 new building permit... I am GUESSING that there is also a $4,000 permit for DEMOLITIONS of the older building.

So if this is true, then in Wheaton, it cost somebody $8,000 in fees even before a new house is started.

About ten years ago, many fire departments would burn down a derelict house for 'you' free of charge. Now, they are willing to play with such a house if you donate it. But then they walk away from it without a total destruction.

This is what is happening in Wheaton, today. So IF this is your scenario where ever you are located - - then walk into your municipal building and have a very close face to face chat with those people before you get started.

Carter Glass

[mendelman]

It's slowing in Arlington Heights. But still is going. There area still a number of individuals that are building custom homes for themselves.

But many of the spec houses built over the last year are languishing.

To editorialize: If you're going to have a problem, teardowns is certainly the problem to have.

[nanannie]

Elmhurst was always nuts with its tear downs. When I was a young girl, I watched them bull doze Carl Sandburgs one time home on York rd. They squeezed in a few newer homes.On that same road,a big, historic farm house on the corner of York and Crescent was downed for a gas station. The new Mcmansions are usually a really selfish move. Over shadows all the other homes,some take away all the sunshine from homes.

[Steve71]

We've been in the potential market for one of the tear downs.

They are still happening but builders are rarely building 'spec' houses and now only accepting projects from customers with downpayments.

The lot prices are still holding fairly well in the Glen Ellyn, Wheaton, Naperville tear down districts. The rate of houses seems to have slowed a bit though.

Some builders with spec houses on the market are getting aggressive with pricing (dropping prices 30-50k at once).

[cw68]

I'd love to see the website detailing the Elmhurst teardowns. That's where I grew up (I now live out in California) and it's crazy returning each year and seeing the difference. One ride down South Street says it all. The husband of one of my high-school best friends is responsible for a large portion of those new homes and it kills me! One of our family friends did one of the first teardowns and we all thought they were crazy for spending $250k for a lot and home, tearing it down and building brand new. But, when you now look at their home compared to the new teardowns, it looks good and makes sense. Huge lot on Hill Street, the house is unique and not huge (though it's not small). That's how they should go, IMO. Not these red brick monsters.

The first house I lived in was on Chatham, a small 3 bedroom ranch. Ugly as all get out. The house next door is HUGE and ugly as all get out, just a different ugly. Definitely doesn't match and doesn't create a cohesive neighborhood feel.