Why is everyone so down on Homewood/Flossmoor?

[scotty40]

No doubt that the owner of that 8200 square foot home is taking a massive loss. To be fair, anyone who built a custom 8000+ square ft. home in the early 90's and hasn't spent an equally sizable amount updating (this house should be on it's second round of updates) should expect a haircut. This house looks like it hasn't been touched since the day it was built. One might argue that the owners shouldn't update when they saw property values in the area flat-line, but that's left this home at a tremendous disadvantage. The new owners have a massive renovation project on their hands.

So, why would someone buy it? Even at $450k, $27k taxes and a $200 monthly HOA, this house comes in at under $5k a month. The mortgage alone on a $1m house is more than that, not including the tax bill. The neighbors have similarly nice houses and you're living among people in the same income bracket.

We went through a similar exercise when we bought in Flossmoor. All told, I'm in a very reasonable mortgage (taxes included) in one of the most aesthetically pleasing neighborhoods south of Oak Park. I walk past a Keck & Keck and a Wright house on a regular basis. We were able to get rid of a car because the train is an easy/convenient walk. Restaurants are just as convenient. Both kids have done very well (objectively measured- individual MAP scores) at Western Ave. (which they also walk to).

Am I under some illusion that we're going to rake in home equity living here? Not really. But I feel like I get a lot of value for my housing dollar. It's a niche, but Flossmoor tends to attract those who value inclusivity, arts, architecture etc. There is really nothing like it nearby.

[kgrl21]

Originally Posted by scotty40

No doubt that the owner of that 8200 square foot home is taking a massive loss. To be fair, anyone who built a custom 8000+ square ft. home in the early 90's and hasn't spent an equally sizable amount updating (this house should be on it's second round of updates) should expect a haircut. This house looks like it hasn't been touched since the day it was built. One might argue that the owners shouldn't update when they saw property values in the area flat-line, but that's left this home at a tremendous disadvantage. The new owners have a massive renovation project on their hands.

So, why would someone buy it? Even at $450k, $27k taxes and a $200 monthly HOA, this house comes in at under $5k a month. The mortgage alone on a $1m house is more than that, not including the tax bill. The neighbors have similarly nice houses and you're living among people in the same income bracket.

We went through a similar exercise when we bought in Flossmoor. All told, I'm in a very reasonable mortgage (taxes included) in one of the most aesthetically pleasing neighborhoods south of Oak Park. I walk past a Keck & Keck and a Wright house on a regular basis. We were able to get rid of a car because the train is an easy/convenient walk. Restaurants are just as convenient. Both kids have done very well (objectively measured- individual MAP scores) at Western Ave. (which they also walk to).

Am I under some illusion that we're going to rake in home equity living here? Not really. But I feel like I get a lot of value for my housing dollar. It's a niche, but Flossmoor tends to attract those who value inclusivity, arts, architecture etc. There is really nothing like it nearby.

This. Agreed. We've been here for almost 3 years now and I still like to drive around the different areas just look at all the various architecture.