U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-28-2014, 03:44 PM
 
1 posts, read 1,698 times
Reputation: 10

Advertisements

Hello, I'm new to the home buying process and still looking at area's to buy in. I know that parts of Joliet are kind of iffy, where would be a nice place in Joliet to buy? I was also looking into Plainfield, Bolinbrook, Romeoville, Naperville, and some areas around there. Any recommendations or comments?
Reply With Quote Quick reply to this message

 
Old 07-28-2014, 04:19 PM
 
28,384 posts, read 68,046,709 times
Reputation: 18195
The best way to look at this may be similar to a post that was recently done by someone on the Chicago thread talking about why they don't own a car, they rely on ZipCar.

If you work in / near Joliet and want to have a nice short commute it probably makes sense to just continue renting; there is little reason to think rents will increase.

On the other hand if you want to be a homeowner to participate in any kind of "price appreciation" none of the towns listed seem like all that good a choice -- despite some growth in employment there are still a whole lot of homeowners underwater in those towns from the era of 2008 when prices peaked and cratered...

Even in the parts of Naperville closest to Joliet the ready availability of new construction will likely make any new home a less than than wonderful investment...
Reply With Quote Quick reply to this message
 
Old 07-28-2014, 11:34 PM
 
365 posts, read 374,892 times
Reputation: 751
When it comes to buying property there are many considerations one of which is the tax burden that is imposed and will be imposed on the municipality to cover its pension obligations. Not all municipalities are equal in this regard. Of the cities you mentioned Joliet is in dire fiscal condition when compared to Naperville or Bolingbrook. However Naperville and Bolingbrook are far from stalwart themselves. Consider the difference in the ratings for soundness by the IL Policy Institute, they divide IL cities into 5 quintiles. Joliet is in the 5th (lowest rated) quintile, with Naperville and BolingBrook in the 4th quintile (4th worst position).

Naperville and Bolingbrook:

At an extreme risk of property tax increases, cuts to core services and/or pensions benefits being reduced.

Joliet:

At critical risk of property tax increases, cuts to core services and/or pensions benefits being reduced. A critical rating means a city’s pensions systems are reaching levels that are not sustainable.

Compare the above to a city in the first quintile:

Is relatively healthy and has a low risk of property tax increases, cuts to core services and/ or pensions benefits being reduced.

Given the likelihood of additional property tax increases that widely outpace inflation I would be very cautious about buying into these communities.
Reply With Quote Quick reply to this message
 
Old 07-30-2014, 12:15 PM
 
Location: Arizona
3,647 posts, read 5,312,873 times
Reputation: 2229
Quote:
Originally Posted by danners517 View Post
Hello, I'm new to the home buying process and still looking at area's to buy in. I know that parts of Joliet are kind of iffy, where would be a nice place in Joliet to buy? I was also looking into Plainfield, Bolinbrook, Romeoville, Naperville, and some areas around there. Any recommendations or comments?
Of the cities you mentioned people will point you towards Naperville first. However Naperville will likely have higher priced homes and taxes but offers some great communities and one of the best suburban downtowns in the state.

Your cheaper housing will be in Bolingbrook and Romeoville and of the two I would recommend Bolingbrook due to its growth in the past and possibly in the future. Romeoville doesn't have much going for it IMO, lack of growth, not as much shopping, etc.

Plainfield is also a nice suburb that offers a nice downtown and reasonable pricing for houses but may be a bit more expensive then Bolingbrook and Romeoville.

I would also look into Shorewood, Lockport, Darien, Lisle, Woodridge, Aurora, and maybe even Oswego/Plano/Yorkville.

Will you be working in a certain area? Travel time? Children? Budget? Schools?
Reply With Quote Quick reply to this message
 
Old 07-31-2014, 08:41 AM
 
33 posts, read 41,089 times
Reputation: 26
Quote:
Originally Posted by mattywo85 View Post
Of the cities you mentioned people will point you towards Naperville first. However Naperville will likely have higher priced homes and taxes but offers some great communities and one of the best suburban downtowns in the state.

Your cheaper housing will be in Bolingbrook and Romeoville and of the two I would recommend Bolingbrook due to its growth in the past and possibly in the future. Romeoville doesn't have much going for it IMO, lack of growth, not as much shopping, etc.

Plainfield is also a nice suburb that offers a nice downtown and reasonable pricing for houses but may be a bit more expensive then Bolingbrook and Romeoville.

I would also look into Shorewood, Lockport, Darien, Lisle, Woodridge, Aurora, and maybe even Oswego/Plano/Yorkville.

Will you be working in a certain area? Travel time? Children? Budget? Schools?
Shorewood is southwestern burbs best kept little secret. Minooka schools (some parts), reasonable prices, good shopping, and unique construction (some parts)
Reply With Quote Quick reply to this message
 
Old 07-31-2014, 12:41 PM
 
28,384 posts, read 68,046,709 times
Reputation: 18195
Super high taxes also and negative equity are part of the reason to steer clear of Shorewood --

MLS #08686674
Reply With Quote Quick reply to this message
 
Old 08-01-2014, 03:34 PM
 
587 posts, read 1,484,236 times
Reputation: 506
Chet, I normally agree with you on a lot of points, but I think you're quite off base with Shorewood. We actually sold our house in Woodridge (made a nice profit off of it) and are going with new construction in Shorewood. The house you linked to in the Woodridge/Downers area would go for $275-$300,000 and the taxes would be $7500+. My taxes in Shorewood will be about $1200 more a year for a house triple the size and a 50% bigger lot than Woodridge. I'd hardly call Shorewood's taxes bad compared to the majority of DuPage. Sure, some people got in over their heads when the bubble popped as far as negative equity, but that was the majority of the U.S. So solid schools for the area covered by Minooka schools, nice value of housing, low crime, reasonable property taxes, close to I-55 and nice local amenities. Shorewood is a bit more "out there" in the boonies and that's exactly what I was looking for. I have about 5 coworkers who live there and they all absolutely love it. But I would prefer for it to stay a "secret" and let it keep it's smaller town feel.
Reply With Quote Quick reply to this message
 
Old 08-01-2014, 03:50 PM
 
28,384 posts, read 68,046,709 times
Reputation: 18195
Default The challenge when looking at homes in areas where prices really fell off a cliff...

Quote:
Originally Posted by ofcjim40 View Post
Chet, I normally agree with you on a lot of points, but I think you're quite off base with Shorewood. We actually sold our house in Woodridge (made a nice profit off of it) and are going with new construction in Shorewood. My taxes in Shorewood will be about $1200 more a year for a house triple the size and a 50% bigger lot than Woodridge. I'd hardly call Shorewood's taxes bad compared to the majority of DuPage. Sure, some people got in over their heads when the bubble popped as far as negative equity, but that was the majority of the U.S. So solid schools for the area covered by Minooka schools, nice value of housing, low crime, reasonable property taxes, close to I-55 and nice local amenities. Shorewood is a bit more "out there" in the boonies and that's exactly what I was looking for. I have about 5 coworkers who live there and they all absolutely love it. But I was prefer for it to stay a "secret" and let it keep it's smaller town feel.
... is trying to get a handle on the overall picture for not just valuations but also special service areas and of course the needs of the communities as expressed in levies.

My experience is that probably fewer that 5% of buyers do this. When they find a home they "fall in love with" or lock-on to a particular builder's "model home" about 95% of buyers push any thought of how they can afford the long term carrying costs out of the picture and foolishly assume that if a lender "approved" them for some "purchase price"...

Sadly for folks in LOTS of places this tendency also fed into the frenzy that existed about 8 years ago to use very low down payments and/or artificially low monthly payment. When the reality of having an escrow shortage or the loan's balloon is due folks end up with no ability to meet these obligations. That is often what forces folks into "short sales".

The fact is that "boom towns" (and judging by things like new construction Shorewood & Minooka are not nearly as bad as some area...) tend to have been hit harder by these forces than more established areas.

I am also less worried about someone with a relatively stable job in nearby municipal law enforcement and familiarity with previous relatively high Illinois property taxes (which unfortunately are again becoming more and more of a negative for more and more towns...) than I would be about somebody like the OP that is "new to the homebuying process" and not at all clear on why they are looking in the I-55 corridor

Last edited by chet everett; 08-01-2014 at 04:03 PM..
Reply With Quote Quick reply to this message
 
Old 08-01-2014, 04:05 PM
 
587 posts, read 1,484,236 times
Reputation: 506
Oh sure, I know what you're saying. Just the overall quick blurb you gave about Shorewood can apply to about 75% of the suburbs currently. I'm probably just hypersensitive to defending my soon to be new home town. Lol. I agree the reality is that far too often people don't crunch the numbers and reach realistic figures when it comes to the biggest purchase of their life.
Reply With Quote Quick reply to this message
 
Old 08-01-2014, 05:04 PM
 
Location: Arizona
3,647 posts, read 5,312,873 times
Reputation: 2229
Quote:
Originally Posted by chet everett View Post
Super high taxes also and negative equity are part of the reason to steer clear of Shorewood --

MLS #08686674

That's high, even for Shorewood:

Lower taxes-

http://www.redfin.com/IL/Shorewood/3.../home/23188935

Another one with lower taxes-

http://www.redfin.com/IL/Shorewood/5.../home/23304740
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top