How is Plainfield/Romeoville now w/ housing downturn? (Lakewood: bank owned, short sales)

[POE815]

before I get yelled at, I have searched and found a lot of information on these areas

Reason I ask is my partner and I are looking to purchase a home in Romeoville area (west of Weber, south of 55) or in Plainfield (South of 126, west of 59). I see A LOT of short sales and foreclosures, houses are going for around 150-170k, which is finally affordable for me. Anyone familiar with the area NOW with the recent housing downturn as opposed to a year or two ago?

I have heard various things about both areas. I certainly do not mind diversity, but have heard that neighbors do not care for their homes/lawns, crime, etc. Is either area better than the other? I am actually more inclined to purchase in the Plainfield area as those homes seem a bit larger.

Any input is appreciated.

[ManheimMadman]

Eh, well..

I've lived in an apartment complex in Romeoville for almost 2 years now. My neighbors are awesome, but 95% of them are white-collar professionals. They mostly keep to themselves, etc..

The area of Romeoville you're talking about is much newer than the rest of the town. I'm assuming it's near the Lakewood subdivision? If so, we have friends who live there with no problems at all.

The only neighborhoods I can see some people having a problem with are the older ones that are south of I55 and between Weber and 53. It's a solid working class subdivision, with a good number of black/hispanic.

But yeah. That's just my take on it.

[bas78]

Yep, I'm near those areas and we are definitely feeling the brunt of the market right now with our home values. Lots of foreclosures around us. Our house is worth a lot less than what we bought it for and we moved here thinking the opposite, that our home would appreciate quick. What a bad decision!

We're off of Renwick and 55 so we're close to both your options. Of the 2 choices you've given, I'd prefer the Plainfield location. I like that area a lot. I work in downtown Plainfield. It seems like a nicer area and it's convenient for shopping, etc. They are building a lot on Weber lately though too. My friends just moved out of Lakewood Falls - they didn't like it. They said there was a lot of gang activity and just punks in general in the neighborhood and cops were coming there all the time. So I guess I just get that kind of vibe of Romeville b/c of them

[acdevane]

Best advice is to go through a neighborhood you're considering purchasing during the day, in the evening and on the weekend. Take a walk, drive through. If you feel comfortable it's probably a good fit, if not, I'd move on.

Regarding Plainfield and Romeoville - you're absolutely correct. There is an abundance of homes that are either short sales or foreclosures or Bank Owned properties. If you are a first time home buyer with good credit, there probably won't be a better time than now to buy, especially since the FHA limits will be reduced at the end of the year. The deals are certainly out there, if you can obtain financing, you should take advantage of this oppportunity.

[select605]

Originally Posted by bas78

They said there was a lot of gang activity and just punks in general in the neighborhood and cops were coming there all the time. So I guess I just get that kind of vibe of Romeville b/c of them

Am starting to hear the same thing? Lots of homeowners are NOT happy that this is going on and because of the price drop in homes more trouble may be moving in?

Anyone else see this happening?

[BRU67]

Originally Posted by select605

Am starting to hear the same thing? Lots of homeowners are NOT happy that this is going on and because of the price drop in homes more trouble may be moving in?

Anyone else see this happening?

Possibly, but maybe not in the way you're thinking. Home buyers entering the market now are mostly solid. You have to have stellar credit and a good down payment to get any kind of mortgage now. Put another way, a person who can qualify for a $150k mortgage today is probably a lot more stable than a person who would have qualified for a $370k mortgage just 4 years ago.

This said, a lot of these foreclosures may be snapped up as investment property and then rented out. That temptation may be particularly great in exburbs like Plainfield which do not have a lot of rentals (which means demand for rentals will be potentially strong). I think that's where you will see some issues arise.