Which 'burb will appreciate the most?

[oakparkdude]

Originally Posted by Lookout Kid

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.

Yeah, that seems a little bit high for the Chicago area.

[thePR]

Originally Posted by Lookout Kid

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.

Lincolnwood dropped by over 200k it says.

http://media1.pioneerlocal.com/multi...7.imageContent

[SloopyJ]

These numbers are pretty meaningless in terms of actual home appreciation/depreciation. One of the hallmarks of the current environment is that "move-up" buyers are sitting on the sidelines (credit issues, home sale concerns). First time buyers are still in the market, but they're generally buying less expensive homes than the move-up buyers. Condos are still being delivered, which are usually cheaper on average than homes, especially move-up homes, and some are actually being closed on. So yes, Lincolnwood's average sale price dropped, but that probably just means fewer high-end homes sold there in comparison to lower-end stuff. Indeed, the dramatically reduced transaction volume would support that line of reasoning.

[Lookout Kid]

Originally Posted by thePR

Lincolnwood dropped by over 200k it says.

http://media1.pioneerlocal.com/multi...7.imageContent

This definitely doesn't mean that people's actual home values have dropped by $200K. It's just showing us what price range is actually selling in the area. But it's probably not a good sign. Note that the 2008 numbers are only based on the sale of 17 homes. That's definitely not a good enough sample to get a feel for the market!

By the way, why are homes in Lincolnwood so expensive? I've never really understood that, other than their close proximity to Chicago. I just don't think it's that nice out there... It's just Skokie with more teardowns.

[chet everett]

Originally Posted by Lookout Kid

This definitely doesn't mean that people's actual home values have dropped by $200K. It's just showing us what price range is actually selling in the area. But it's probably not a good sign. Note that the 2008 numbers are only based on the sale of 17 homes. That's definitely not a good enough sample to get a feel for the market!

By the way, why are homes in Lincolnwood so expensive? I've never really understood that, other than their close proximity to Chicago. I just don't think it's that nice out there... It's just Skokie with more teardowns.

Smaller towns, bigger lots, fewer apartments, less need for fire/police, lower taxes...

BTW I completely agree that the numbers are horribly skewed in the smaller towns. It does, however make downturns much less likely -- the logic is thus: small town was almost certainly faced with a situation where they specifically incorporated why back when because they did not want to lose their unique / exclusive character to an area that was not "as nice" as the smaller area. Thus there is more competition for the homes, making it very unlikely that any one home becomes run down. Thus prices remain higher. Same thing plays out in Clarendon Hills, Wayne, Homer Glen, Campton Hills.

[mendelman]

Originally Posted by chet everett

...Homer Glen...

Though, to be honest, Homer Glen is not exactly small. It's roughly 20 square miles. It's the South Barrington of Will County.

[Dncr]

Lincolnwood and the southern part of Skokie have the towers, which are all million dollar houses. I think the Skokie-Lincolnwood-Morton Grove-Glenview Area will boom again. Morton Grove and Glenview have the METRA, Skokie has the yellow line, and Lincolnwood is basically surrounded by Chicago. The schools in the area are better than most, and if diversity is what you're looking for, the area can definitely offer that.