Which 'burb will appreciate the most? (Chicago, Skokie: sale, condo, credit issues)

[dherkes]

Originally Posted by Lookout Kid

I'm saying the zoning laws will be changed in my ex-urb apocolyptic scenario. If there is no more demand for large single-family homes and the people that own such homes do not live there anymore, the government will respond to the wishes of property owners. More than likely you'll have a bunch of old McMansions that are empty and deteriorating due to the poor construction quality--or have been torn down. Perhaps the vast open spaces will return to nature or farming.

Aurora existed as a town before it became a Chicago suburb, so it's a different scenario from the ex-urb cornfields of western Will County. I have a feeling that places such as Aurora will simply densify around public transportation nodes. It's almost it's own population center, after all.

I agree with the first paragraph, except the zoning committees are public forums, and at least in Sugar Grove, the meetings are well attended and very contentious. The McMansions, as all things that rot, will return to the elements from which they came. Thanks Lavoisier!

Aurora was a stand-alone population center, as were Elgin and Joliet. When I was a kid they were called the "three sisters." They are just suburbs now. Aurora was a major manufacturing center before the decline of manufacturing industry. Seriously, I made more working at Caterpillar, night shift - when I was in high school, than I do now in real dollars. Those jobs are gone and will not return anytime soon. The decline of Aurora, for example, matched the loss of those good jobs.

[mendelman]

Originally Posted by dherkes

"down"zoning.

Just to quibble - you are not using the term "down zoning" correctly.

In land use (ie zoning) speak, down zoning is changing the zoning of a property from a more liberal zoning classification to a more restrictive one.

Down zoning is changing the classification of a property from commercial to single family residential (for example).

Allowing more dwelling units in a previously single family structure would be an "up zoning" - allowing for more intensive use of the property.

And as an aside - those houses you refer to on the near east side of Aurora were probably allowed to be converted to multi-family by the underlaying zoning district. If you look at the City's zoning map for the area, alot of it is actually zoned multi-family - http://www.aurora-il.org/documents/g...Map%20Book.pdf

[dherkes]

Originally Posted by mendelman

Just to quibble - you are not using the term "down zoning" correctly.

In land use (ie zoning) speak, down zoning is changing the zoning of a property from a more liberal zoning classification to a more restrictive one.

Down zoning is changing the classification of a property from commercial to single family residential (for example).

Allowing more dwelling units in a previously single family structure would be an "up zoning" - allowing for more intensive use of the property.

And as an aside - those houses you refer to on the near east side of Aurora were probably allowed to be converted to multi-family by the underlaying zoning district. If you look at the City's zoning map for the area, alot of it is actually zoned multi-family - http://www.aurora-il.org/documents/g...Map%20Book.pdf

Thank you for clarifying the up and down zoning. Those houses were converted to apartments without the knowledge of the city in many cases. I had a friend whose parents turned their parents house into a three flat without benefit of inspection. I remember them laughing about how many people were doing it. The city later tried to rectify the situation by changing the zoning. Not too successfully either. The area was already blighted in the late sixties when I was starting high school. It has not gotten any better either.

[cdc3217]

So since I'm being schooled on the west burbs, how about Berwyn?
I keep seeing it popping up as an up-and coming inner suburb. Good housing stock, near metra, near the city - will it appreciate?

[Lookout Kid]

Originally Posted by cdc3217

So since I'm being schooled on the west burbs, how about Berwyn?
I keep seeing it popping up as an up-and coming inner suburb. Good housing stock, near metra, near the city - will it appreciate?

Good question... It's tough to get a clear picture of Berwyn's future. It's sort of on the cusp of working class, and it seems like it could go either way. I know more than one professional type who has moved there in the last decade, so there is a trickle of gentrification. And it's also a destination for Hispanic families who do well enough to leave the city and own a home. It all depends on what happens with the schools and oil prices, I believe.

[Lookout Kid]

Did anyone see that oil hit $140 a barrel today? Even the more cautious analysts are predicting $150-170 a barrel by the end of the summer. Some analysts at Goldman Sachs are predicting $200 a barrel by the end of the summer (Goldman Sachs raises possibility of $200 a barrel oil - MarketWatch). Just to give you an idea, this would eventually translate to gas at $6-$7 per gallon...

If this happens, my bet is DEFINITELY on inner suburbs making a turnaround. I almost want to go buy my house in Oak Park, Evanston, Skokie, or Park Ridge now while prices are still low...

[oakparkdude]

I can't wait for my OP house to double in value. Ha, ha, ha!!!

[Anthera]

Originally Posted by Lookout Kid

Did anyone see that oil hit $140 a barrel today? Even the more cautious analysts are predicting $150-170 a barrel by the end of the summer. Some analysts at Goldman Sachs are predicting $200 a barrel by the end of the summer (Goldman Sachs raises possibility of $200 a barrel oil - MarketWatch). Just to give you an idea, this would eventually translate to gas at $6-$7 per gallon...

If this happens, my bet is DEFINITELY on inner suburbs making a turnaround. I almost want to go buy my house in Oak Park, Evanston, Skokie, or Park Ridge now while prices are still low...

I absolutely agree with you. The inner rings will shoot up as this continues. (Not to mention all the $$$$$ you can make renting your house out if the Olympics come to Chicago)

[thePR]

Originally Posted by Lookout Kid

If this happens, my bet is DEFINITELY on inner suburbs making a turnaround. I almost want to go buy my house in Oak Park, Evanston, Skokie, or Park Ridge now while prices are still low...

Ugh, the paper said that the average price for a home in Park Ridge has dropped over $110,000!

[Lookout Kid]

Originally Posted by thePR

Ugh, the paper said that the average price for a home in Park Ridge has dropped over $110,000!

Can you dig that up? I'm skeptical about such a big drop. I own a 2-BR condo in a market saturated with 2-BR condos (north side lakefront), and we've only seen prices drop by $15,000 or so.