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Old 03-11-2015, 09:52 AM
 
Location: All Over
3,971 posts, read 4,220,881 times
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I've always thought Chicago homes were overpriced, especially compared to other areas of the country. I can see within the city but suburbs are ridiculous for just being in the vicinity of Chicago.

I don't think were in a bubble though, for years after 2007 or 2008 we've heard how this area of the country is rebounding or home sales are back up in cities like houston and jacksonville and charleston sc and places like that. I think Chicago is just way behind in catching up or recovering from the housing crash.

I have a home I bough for like 88k, I think now its estimated at like 130k. That seems like quite a jump in the past 5-7 years but not too crazy
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Old 03-11-2015, 10:22 AM
 
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Quote:
Originally Posted by RogerMarrino View Post
Which is actually a 40% increase from the previous figure. If there's another 40% increase by 2020, the amount of low-income students could rise to 70%. That's 5 years away. The affluent 'moated' suburbs that surround Chicago better start raising their property taxes even faster so they can afford an increase in the law enforcement budget. They certainly aren't interested in sharing their schools with these kids.
One in three kids in the U.S. is in poverty as of 2012. That is a SHOCKING statistic, and largely due to the aging population, greater birth control use among affluent people, and immigration. The "Great Recession" didn't help things either.

Child poverty in the U.S. is among the worst in the developed world - The Washington Post

This future is already written with this younger generation, and we are messing it up in spectacular fashion. What kind of opportunities will be available to them? How do you think they'll vote in 30 years?
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Old 03-11-2015, 02:08 PM
 
173 posts, read 182,904 times
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Quote:
Originally Posted by Lookout Kid View Post
One in three kids in the U.S. is in poverty as of 2012. That is a SHOCKING statistic, and largely due to the aging population, greater birth control use among affluent people, and immigration. The "Great Recession" didn't help things either.

Child poverty in the U.S. is among the worst in the developed world - The Washington Post

This future is already written with this younger generation, and we are messing it up in spectacular fashion. What kind of opportunities will be available to them? How do you think they'll vote in 30 years?
Exactly to my point that this is a macro issue, not unique to the Chicagoland area. The statistics support themes that are often repeated during political races. This is a real issue, not just typical political hyperbole.
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Old 03-11-2015, 02:53 PM
 
18 posts, read 31,256 times
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Quote:
Originally Posted by agallan View Post
Where do you live Roger?
I was born in the Dupage County equivalent of Yuppieville when it was still a fairly modest suburb. I watched as the McMansions and the people who owned them gradually altered the physical and cultural landscape in what I considered to be a very negative way and got out at the height of the bubble when somebody offered me way too much money for my modest ranch house. Good businesses for me, bad business for him - he lost the house several years after the 'Great Correction' and, with the possible exception of some rodents, the only life it has seen since then are the parasites of finance who wrapped their tentacles around it after he could no longer pay the mortgage.

I now live in a more rural area of the country where real estate is cheap and stable, just how I like it. The only bubbles around here form on the lake near my house when the bass are biting.

That said, I'm currently in Cook County on business, which led me to take a look at this forum. This was the perfect thread for me to vent my spleen because I'm once again surrounded by the issues I ran away from a decade ago. The only difference is that the blight is creeping ever closer to Yuppieville, and they're standing around like a deer in the headlights, hoping they can maintain their soft segregation by circulating increasingly larger piles of money through the cesspool of Chicagoland politics. The end result is what the original poster was complaining about: average families not being able to afford a house in a good school district.
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Old 03-11-2015, 05:34 PM
 
173 posts, read 182,904 times
Reputation: 111
Quote:
Originally Posted by RogerMarrino View Post
I was born in the Dupage County equivalent of Yuppieville when it was still a fairly modest suburb. I watched as the McMansions and the people who owned them gradually altered the physical and cultural landscape in what I considered to be a very negative way and got out at the height of the bubble when somebody offered me way too much money for my modest ranch house. Good businesses for me, bad business for him - he lost the house several years after the 'Great Correction' and, with the possible exception of some rodents, the only life it has seen since then are the parasites of finance who wrapped their tentacles around it after he could no longer pay the mortgage.

I now live in a more rural area of the country where real estate is cheap and stable, just how I like it. The only bubbles around here form on the lake near my house when the bass are biting.

That said, I'm currently in Cook County on business, which led me to take a look at this forum. This was the perfect thread for me to vent my spleen because I'm once again surrounded by the issues I ran away from a decade ago. The only difference is that the blight is creeping ever closer to Yuppieville, and they're standing around like a deer in the headlights, hoping they can maintain their soft segregation by circulating increasingly larger piles of money through the cesspool of Chicagoland politics. The end result is what the original poster was complaining about: average families not being able to afford a house in a good school district.
Can you please explain the part about McMansions altering the physical and cultural landscape in a negative way? I don't understand this perspective and it seems to be a fairly prevelant viewpoint on this forum. I'm currently looking in Hinsdale and the homes sold as "teardowns" are truly eyesores. Deferred maintenance, non-existent landscaping, poor curb appeal, etc. Why would replacing that home with a new, beautiful Nantucket style home be a detriment? I'm really trying to understand this line of thinking. Please explain.
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Old 03-12-2015, 12:34 PM
 
858 posts, read 648,566 times
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Quote:
Originally Posted by destination-unknown View Post
Can you please explain the part about McMansions altering the physical and cultural landscape in a negative way? I don't understand this perspective and it seems to be a fairly prevelant viewpoint on this forum. I'm currently looking in Hinsdale and the homes sold as "teardowns" are truly eyesores. Deferred maintenance, non-existent landscaping, poor curb appeal, etc. Why would replacing that home with a new, beautiful Nantucket style home be a detriment? I'm really trying to understand this line of thinking. Please explain.
I have never understood this logic either. I would much rather live next to this...

https://www.redfin.com/IL/Hinsdale/5.../home/40314369

than this...

https://www.redfin.com/IL/Hinsdale/5.../home/18032964

Seems like a pretty clear benefit to the "physical landscape" if you ask me and I'd rather live next to a "yuppie" who keeps their property up than someone who completely neglects it. Not sure why anyone would prefer otherwise.
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Old 03-12-2015, 01:27 PM
 
70 posts, read 65,373 times
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My biggest issues with McMansions (but not particularly with the one you just posted) is that the houses often seem too big for the lot and out of proportion with their neighbors. Also too many of them seem poorly built.

More private interior family space, less outdoor community oriented space.
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Old 03-12-2015, 01:40 PM
 
166 posts, read 280,233 times
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https://www.redfin.com/IL/Hinsdale/5.../home/18032964
The crappy house is in a better location.

https://www.redfin.com/IL/Hinsdale/5.../home/40314369
That house is in a less desirable location. It's not "in-town" because it's south of 55th street. But the price reflects that.

This is a similar home with an in-town location and walkable to a train stop. It's $400k more.
https://www.redfin.com/IL/Hinsdale/2.../home/18021600

However, it's like comparing two Rolls Royce cars.
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Old 03-12-2015, 01:42 PM
 
166 posts, read 280,233 times
Reputation: 77
As for a real estate bubble, I don't think we are in one in Chicago. However, I think prices will be stagnant for a long time. Wages will increase and when they do, rates will follow which will keep the prices stable.

The coastal cites ebb and flow with foreign money. Chicago and it's suburbs don't attract a lot of Chinese, Russian or S American buyers.
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Old 03-12-2015, 02:02 PM
 
11,972 posts, read 26,909,849 times
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Quote:
Originally Posted by 3Series View Post
Chicago and it's suburbs don't attract a lot of Chinese, Russian or S American buyers.
Chinese investors have been active in Chicago for a while... And not just in the Loop.

http://www.great2behome.com/chinese-...ago-welcoming/

Why Chinese Millionaires Are Investing in Chicago Real Estate | Chicago magazine | January 2015
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