Will a middle/upper middle class family fit in to Hinsdale, Glenview, Barrington, Elmhurst, North Shore? (Chicago: mortgage)

[middle-aged mom]

Originally Posted by Lookout Kid

It's actually a pretty smart investment to buy the cheapest house on an expensive block, however! Assuming there's nothing terribly wrong with it, of course.

That's old time thinking......before people started building Mc Mansions, on relatively small lots.

One might be owner-occupied and well maintained. Heck, the owners may have added a lot of bells and whistles. The next one is investor-owned and rented out to anyone who can pay the rent. The structure is not maintained. The grass grows knee-high till the town forces the owner to take care of it. At the end of the day, it's likely both homes will sell for the same amount, the value of the land, if they are located in areas that are prone to tear downs.

The OP is sensitive to being in a place where they fit in. When you live in a house the size of many of your neighbor's garages, it's more challenging to feel like you fit in, regardless of who your neighbors are.

The exceptions are older and smaller homes of some sort of historical or architectural interest. Most older and smaller homes in the mentioned areas tend to be little boxes.

There are many places where the $600's will buy you a nice house, a solid community and good schools.

[Nysee53]

I personally have torn-down very well maintained homes with all the latest appliances, finishes, etc, but the land was worth so much and the house was smaller than what was in demand so I purchased it for $1,550,000 and built a home that sold in 2006 for $4,156,000. Project Location: Glencoe, IL

[mendelman]

Originally Posted by middle-aged mom

That's old time thinking......before people started building Mc Mansions, on relatively small lots.

One might be owner-occupied and well maintained. Heck, the owners may have added a lot of bells and whistles. The next one is investor-owned and rented out to anyone who can pay the rent. The structure is not maintained. The grass grows knee-high till the town forces the owner to take care of it. At the end of the day, it's likely both homes will sell for the same amount, the value of the land, if they are located in areas that are prone to tear downs.

Nope. The thinking is still appropriate.

In your scenario, buying the cheapest house on a nice street prone to teardowns would still be a smarter investment. You buy the place and live in it and not really put any "bells and whistles" into the place and still make more on your investment than the neighbor that did the bells and whistles.

If the interior improvements don't add value, then you're just throwing away money (in a purely added value mindset).

The person putting "less" into the same house as the neighbor will have more money in the end.

Plus, I would be happier with a guaranteed sale at a competitive price than being unsure of a sale at another less competitive price.

[nanannie]

Middle-aged-mom, You always give intelligent, common sense, relevant input here. I wonder if you could let me know your opinion of selling now in Barrington (Hills). Do you find homes still moving ? Often in these price ranges, buyers are not deterred by the Real Estate stagnation in many towns. As with the OP, many people still seem to be moving to the area. Thanks

[lakecountylifer]

I'm sorry but your question makes me nauseas. I grew up in Deerfield and have watched the north shore turn into an obnoxious self absorbed hole. You have 600K - 800K to spend on a house and your worried if Mr. Drysdale, your banker neighbor, will invite you to his party or treat you as the resident Jed Clampett? PLEASE. Look at your priorities and hopefully you'd value a neighbor like I currently have---a guy who plays with his kid in the cul-de-sac and talks to me about the Cubs-Sox Series if we have a minute....

[middle-aged mom]

Originally Posted by mendelman

Nope. The thinking is still appropriate.

In your scenario, buying the cheapest house on a nice street prone to teardowns would still be a smarter investment. You buy the place and live in it and not really put any "bells and whistles" into the place and still make more on your investment than the neighbor that did the bells and whistles.

My sister lives in a nice little ranch on a double lot, in AH. The value is in the land. She has no bells and whistels. She does however, have maintenance, roof, gutters, driveway, furnace, AC.....

The OP has a young family and most families want/need some bells and whistles and may thereofore be happier in a home not subject to the wrecking ball.

[middle-aged mom]

Originally Posted by nanannie

Middle-aged-mom, You always give intelligent, common sense, relevant input here. I wonder if you could let me know your opinion of selling now in Barrington (Hills). Do you find homes still moving ? Often in these price ranges, buyers are not deterred by the Real Estate stagnation in many towns. As with the OP, many people still seem to be moving to the area. Thanks

The high and low ends of the market are moving, in 60010. Two $2MM properties went under contract, on Friday.

It's always slower in June-July and then it picks up in August. I expect this year to be no different.

If you want more detailed information, just PM me.

BTW, did you notice the adorable cemetary house is back on the market?
Barrington Hills for about $500K.

[Anthera]

Originally Posted by middle-aged mom

My sister lives in a nice little ranch on a double lot, in AH. The value is in the land. She has no bells and whistels. She does however, have maintenance, roof, gutters, driveway, furnace, AC.....

The OP has a young family and most families want/need some bells and whistles and may thereofore be happier in a home not subject to the wrecking ball.

This is a very good point. Many young families buy a fixer-upper and while thay may make a lot of money on it in the long run, they will also forgo leisurely weekends playing with their kids, because there is plastering or tiling to do. Many SAHm on the NS turn into virtual general contractors because they are constantly dealing with plumbers, electricians, floor guys, etc.

[maxfischer]

OP here - haven't checked this in a while, but appreciate the additional responses (and some of the invective as I know it is well meaning).

[cainil]

I am quite shocked to read all of the negative comments about Barrington throughout this website! We relocated here from downtown Chicago over 5 years ago and love Barrington - it is BEAUTIFUL, close to the city, has great schools and a lot more to offer.

Before choosing Barrington, we did quite a bit of research on the suburbs on our list:
- read the village websites and demographic reports
- looked at the Chamber of Commerce websites
- looked at homes on line $200k below and $200k above our price range to get an idea of what the neighborhoods and homes looked like
- looked at the school websites

Once we decided on Barrington, we started coming in for day long visits on the weekend - had breakfast, lunch and dinner, and in between visited the library, the local grocery store, walked around the downtown, walked and drove through different neighborhoods, went to the neighborhood parks, drove by the schools, etc. and just hung out to people watch. This was how we got our best information - we got a feel for the residents.

Towns are just like high school - you are going to have clicks and groups that hang together and snobs are in every town. We looked at the same places that you are considering (except the North Shore - commute was too far) and they are all nice. We just decided that Barrington was (and is) the best!

Good luck.

additional thought - in our research, the % of renters vs. home owners was very important to us - this can be found in the demo report