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Old 05-01-2015, 09:48 AM
 
11 posts, read 29,996 times
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Does anyone have any thoughts on the homes being "flipped" in OP- specifically in the NE section of town? Do the flips seem to be mom and pops DIYing or is it real home builder/developers coming in?

We looked at one, seemed nice, but we just weren't sold on spending so much in a sea of much less expensive homes.

Any info is appreciated.
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Old 05-01-2015, 09:59 AM
 
Location: Oak Park, IL
5,520 posts, read 11,978,819 times
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Quote:
Originally Posted by Fullyoak View Post
Does anyone have any thoughts on the homes being "flipped" in OP- specifically in the NE section of town? Do the flips seem to be mom and pops DIYing or is it real home builder/developers coming in?

We looked at one, seemed nice, but we just weren't sold on spending so much in a sea of much less expensive homes.

Any info is appreciated.
Well, its never a great idea (from a financial perspective) to buy the most expensive house on the block.

That being said, the long-term trend in Oak Park has been high price appreciation, to the point where properties further west of Ridgeland are now largely out of the price range of more middle-class incomes. That, coupled with the long-term trend of lower crime rates bodes well for future price appreciation in east Oak Park. Of course I'm biased since I live and own property in Oak Park, so take that with a grain of salt.
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Old 05-01-2015, 10:30 AM
 
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We saw a couple of obvious "flips" in Oak Park further west when we were house shopping a couple of years ago, and I would just say buyer beware... Nothing wrong with the neighborhood or Oak Park in general, but just watch out for hastily-completed flip jobs where the sellers possibly covered up problems with cosmetic solutions. I prefer a home that's been lived-in for a while so I'm not paying for basement finishes that I'll have to rip out after the next major rain event. And while I know a lot of people love "move-in ready", I also hate paying a premium for other peoples' finish choices when I know I could do better.
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Old 05-01-2015, 10:49 AM
 
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BRUTAL taxes mean bad things for folks that buy the most costly home on the block anywhere.

In a general sense the cautions that LK recommend also are worth considering for ANY home that has been obviously "flipped" -- the stuff that smart flippers know gets maximum "bang for the buck" is what is commonly referred to as "visual candy" -- new paint in trendy colors, cabinetry not a high quality but 'sleekly up to date' styles, low cost all vinyl windows that will be hideously popping out of their opening after a few winters & cycles of expansion & contractions that is many times greater than a quality wood window clad in vinyl or aluminum. Really does not matter if it is a DIY flipper or a "real home builder / developer" the economics of "flipping" simply does not work if you are expecting truly top notch materials and techniques.

I would also be sure to validate any claims of price appreciation from independent sources Oak Park, IL average and median listing prices - Trulia.com
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Old 05-01-2015, 12:45 PM
 
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You can always pull building permits on a renovated house to see if the work was permitted and inspected by the Village. If they claim "all new electrical", then there should be a permit for that... And chances are the Oak Park inspectors wouldn't look the other way for shoddy work like their brethren east of Austin Avenue.
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Old 05-01-2015, 02:16 PM
 
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You're correct about the Oak Park building inspectors. Having had plenty of work done on our home, they are some of the most hard nosed professionals out there.

As for the flips in NE Oak Park, you have to judge on an individual basis. From talking with my real-estate agent, I know there are some companies that come in and do an overall good gut rehabs (There's 1 company that's done a lot of homes around Oak Park that are known for their good work, but I forget their name). There are some people that will piece meal things together, so you need to look at the work and the history of the house, which should not be that difficult. If the basement was flooded in the last "100 year storm", and hasn't had preventative measure put in, it probably will again, but if the previous owners have installed adequate flood prevention then it shouldn't be a worry. That info is not hard to get.

As for Oakparkdude suggests, it's questionable whether the most expensive house on the block is the most sound investment. It just depends on what the house offers to its comparisons. As for buying a house in the NE section of Oak Park, I would have no qualms about it.
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