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Old 06-17-2008, 04:29 PM
 
Location: Evanston
281 posts, read 944,290 times
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Thought I'd start a thread that would bring out the crystal balls. Which specific suburb will show the greatest appreciation in housing prices over the next 15-20 years, and why? (I chose that timeframe because it seems an appropriate horizon for a hypothetical couple looking to plunk down roots and raise a family.)

Only criterion is that the area must be a place that middle- and upper-class people would generally consider living in now, as opposed to a suburb that is in really horrible shape but might turn itself around in 20 years, or might not.
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Old 06-17-2008, 04:38 PM
 
531 posts, read 1,093,618 times
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one that has reasonable commute to city (less than 45min)
one that has a train to city
one that has low crime
one that has high % caucasian
one that currently has high % of college grads (this group has higher liklihood of kids w/degrees that will eventually move home/near home)
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Old 06-17-2008, 07:31 PM
 
409 posts, read 1,344,646 times
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I would say that Glencoe will appreciate rapidly in the next few years. We had a big building boom here in 2004 through 2007 and that made the market collapse. Prices have fallen over $200,000 in many cases. There are homes from 2004 bought for $1,449,000 and listed at $1,275,000. And homes that were completed in 2005 and never sold or occupied, because rental is hard here because builders need at least $7,000 per month in most cases to at least come close to the carrying costs. I am guessing that Glencoe values will soar and be more comparable to Winnetka again, but of course Glencoe for many has always seemed unattractive because it is the farthest north community in New Trier Township and it is quite a driving distance from the city when the expressway is backed up. Many builders have stopped building in Glencoe with only 4 projects scheduled in 2009 so far. This will drive demand but also may hurt Glencoe because it may just end up loosing buyers to the similar surrounding communities of Highland Park and Winnetka. Overall I think Glencoe should expect an appreciation in the next few years of 20-25%, similar to what Wilmette has experienced in the past several years.
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Old 06-17-2008, 09:16 PM
 
Location: Sugar Grove, IL
3,131 posts, read 10,278,117 times
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I think Sugar Grove would fit your criteria. Housing values have appreciated significantly in the 20 years that I have been here. we are 45 min to an hour from downtown chicago. 25 to 30 minutes to naperville. great highway access, Aurora Municipal Airport, great highway location. Our demographics have a good median income and housing values, educated population etc.
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Old 06-17-2008, 11:12 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 6,835,845 times
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Default sugar grove

No way in hell sugar grove is within an hour of the city, except maybe at 2AM and driving 80mph or more. Sugar Grove is an X-burb, which are seeing the most serious declines with bloated inventories.

Itasca is 45 mins during the week from Chicago, 35 min train ride downtown with express train.

Naperville is probably an hour from the city during the week with express trains that will get you downtown in just over 30mins.

Throw Sugar Grove off that list

Aurora Municpal Airport? Get real.

The inner affluent suburbs will do the best, especially with rising fuel costs. 47 is freakin far from Chicago.

I don't know enough about Glencoe to comment. (I financed a number of tract developments in Sugar Grove thru 2005).
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Old 06-18-2008, 12:37 AM
 
Location: Chicagoland
4,028 posts, read 6,228,198 times
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Well this sounds like something that Park Ridge could do very well with. It is 16 miles from The Loop while it actually touches the city. It doesn't have diversity, it's 95% white. While it is ruining the city's history people have been putting up multi-million dollar homes for the past decade. So I'd really like to think that Park Ridge will be close to if not on top in a few years in terms of appreciation.
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Old 06-18-2008, 08:33 AM
 
Location: Sugar Grove, IL
3,131 posts, read 10,278,117 times
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humboldt, you are wrong about sugar grove. the aurora municipal airport is hugely busy! Honda Jet will be locating their facility here along with JA Air. and you can get into the city in an hour. driving at typical highway speeds. maybe not everyday, but not just at 2 a.m. and since we share the western boundary of aurora(illinois' second largest city)x-burb doesn't fit the description any longer.
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Old 06-18-2008, 08:41 AM
 
1,464 posts, read 4,850,780 times
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I could see that with the gas prices and the cost of everything rising without people's salaries going up to match the inflation that people will be moving closer to their jobs... That said, I see areas like Skokie, Park Ridge, Norridge, Morton Grove making a huge turn around and putting themselves back in the spotlight for young buyers once again that wish to live near mom and dad, or grandma and grandpa, yet at the same time will put them at a stone's throw so to say to the Loop and be in a safe neighborhood. Also areas like Oak Lawn and Palos Heights will also be making a come back once again for the same reasons. Kids that were buying up the sided homes like crazy out in Plainfield, Sugar Grove, Joliet, and areas WAY out are starting to realize that paying $40 a day to get to and from work plus the cost for parking, not to mention sitting in stopped traffic for hours on end is not all its cracked up to be. That, and add on the fact that the parents (empty nesters) are still living in the inner ring burbs like Palos Heights, Oak Lawn, Skokie, who can watch the kids while mom and dad are working their butts off just trying to survive and be able to afford the $4-5 a gal gas, rediculos Nicor and Comed bills, the cart of groceries that is now costing $400, and doctor bills and medications??? fahgedaboudit are still living tens of miles away meaning instead of little Billy and Cindy going to their loving grandparent's house to have fun for the day with grandma taking them shopping and to the park and playing grandpa's favorite game of "pull my finger" , they are sitting in a day care facility where once again, more bills will be run up.

So, in years to come you will be seeing people moving in hords back into the inner ring burbs and city.
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Old 06-18-2008, 09:54 AM
 
Location: Phoenix metro
20,005 posts, read 68,003,600 times
Reputation: 10063
Quote:
Originally Posted by Humboldt1 View Post
No way in hell sugar grove is within an hour of the city, except maybe at 2AM and driving 80mph or more
Ive done it in less than an hour, and w/o speeding, too. Come rush hour though? Forget it.
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Old 06-18-2008, 10:06 AM
 
1,156 posts, read 3,232,337 times
Reputation: 485
Quote:
Originally Posted by SloopyJ View Post
Thought I'd start a thread that would bring out the crystal balls. Which specific suburb will show the greatest appreciation in housing prices over the next 15-20 years, and why? (I chose that timeframe because it seems an appropriate horizon for a hypothetical couple looking to plunk down roots and raise a family.)

Only criterion is that the area must be a place that middle- and upper-class people would generally consider living in now, as opposed to a suburb that is in really horrible shape but might turn itself around in 20 years, or might not.
OK, it is your post, and I shouldn't be aggravated by this, but I am.
Why limit out areas that are not already prime? Your post is to ask where people see growth and appreciation, but don't look where things are undervalued to begin with? Makes no sense to me.
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