Glenview, Glencoe, Glen Ellyn or Wheaton (Chicago, Wilmette: real estate market, rent, credit)

[Amra2008]

Thanks for all of the advice!

Does anyone know how long it takes to downtown on the Metra from Glencoe?

[Nysee53]

It takes about 30-40 minutes from the Glencoe station and slightly shorter from the Hubbard Woods station in Winnetka which serves southern Glencoe. You will love Glencoe!

[Nysee53]

Originally Posted by Anthera

Wrong.

New construction in Glencoe has a 3 year inventory. It is very difficult to sell new construction right now. If you do buy new construction, bargain hard and be prepared to walk away from the bargaining table, the developers will come running after you. They are paying all the carrying costs for unoccupied homes and most developers are being squeezed.

Banks are no longer financing spec houses unless the developers are putting up 50% or more of the costs. Now instead of building spec houses, they are putting sketches of the houses on the MLS and waiting until they have a buyer. Many developers are going out of business.

Actually most of Glencoe's 3 year inventory is gone. Winnetka now has a higher inventory, albeit newer inventory but there is a lot more. I am a home builder and the bank I work with out of Lake Forest gives me 100% construction loans with no monthly payments and most of the homes I have built are in Glencoe. Banks have not redlined Glencoe, and it is still a great place to buy and build in. What is funny is that actually homes like Oakdale and those built in 2005 and 2006 are occupied, they are rented to executives. When you see renderings of homes on the NIMLS those are proposed construction homes. Generally they are under construction. Back before 2006 homes were selling before completion, this is something that has been going on for years.

[Anthera]

Your statements are contrary to the 20 new construction homes on the MLS this morning, statements made to me by the president of one of Chicago's major real estate companies, and the managing director of the largest commercial real estate company in Chicago. I tend to trust their judgment.

New construction homes would not be rented if the contractors had the ability to sell them. You have proved my point. And actually they are not "rented to executives" they are rented to anyone who can pay the rent. Developers are hemmoraging these days. There are new homes for rent on Adams, Randolph, Wentworth, Oak, Eastwood,Wentworth, Carol & Franklin that are available. If they could be sold, no developer would rent them, it just makes them harder to sell.

I seriously disbelieve that any bank would give you 100% financing for a spec house with no monthly payments. Its just not credible.

And no, when you see rendering for new construction homes, and they remain 2 years later with no ground broken, they are not under construction. Banks won't give financing until a buyer is under contract and down payment is made.

BTW - Its the MLSNI, nt NIMLS

Here's an example of new construction not selling: The house on 704 Chestnut in Glencoe. Initailly listed on 5/29/05 at 1,499,000 remains unsold 3 1/2 years later. 2005 was really the top of the market. The price hasn't come down, so it will probably remain unsold. After 3 1/2 years people start wondering why a house is unsold and it can become unjustly stigmatized.

[LadyPleiades]

Let's see, Glencoe's eastern border is Lake Michigan and Glen Ellyn's is the expressway. Glenview's eastern border is Wilmette, whose eastern border is Lake Michigan.

I used to visit a friend in Glen Ellyn and, once you have to leave your own neighborhood, the neighboring communities dictate the difference.

[Anthera]

Originally Posted by LadyPleiades

Let's see, Glencoe's eastern border is Lake Michigan and Glen Ellyn's is the expressway. Glenview's eastern border is Wilmette, whose eastern border is Lake Michigan.

I used to visit a friend in Glen Ellyn and, once you have to leave your own neighborhood, the neighboring communities dictate the difference.

Good point. Many people don't look at the surrounding communities when they decide where to live.

[nanannie]

New North Shore home loans-100%-No interest!!! ?? I want to move to THAT planet!! We are meeting a Lake Forest couple for dinner saturday, he is with "BAYTREE", I have to check this out,we are living in the wrong town.

[Anthera]

nanannie,

She didn't say 'no interest" she said "no payments". I just find it impossible to believe in this market. My RE friends tell me that banks are only financing spec houses with a signed committed buyer and a hefty down payment. There just isn't enough money to go around. Maybe Nysee is leaving something out, like donating a kidney to her loan officer. Your friend should know what his bank is doing.

[nanannie]

Sorry-No payments is what I meant to say. 100%financing with no payments,,,,What a wonderful world.

[Nysee53]

I don't have to make any payments and they are 100% construction loans. It is a great bank!