Homewood vs. Flossmoor (updated information) (Berwyn, Oak Park: middle-class, house prices, luxury)

[allen2323]

Regardless of what some on this board may be imagining. The current reality of the real estate market in homewood seems to be holding up quite well. Majority of the homes are selling in the 140k-260k price range. With a few higher and a few lower sales outside of that range. Homewood's median home sales price peaked out in 2007 just under 200k. So current prices haven't slipped by much since then. I think homewood was more appropriately priced and didn't see as much bubble price run up or a big collapse following it. There aren't many of the more expensive newer construction homes that are in homewood currently on the market either. Which is a very good sign, in my opinion.

Chicago Tribune Cook County - Illinois Property Transfers

[Chuckity]

Homewood saw a HUGE increase in prices. HUGE. Homes that in 2000-2001 were selling in the very low 100s (100-115k) had jumped by 2006-2007 to 170-180k.

That's a big increase in only 6 years - dare I say, quite bubble like.

When it comes to Homewood, I believe there's still quite a bit to go until it bottoms out.

[Humboldt1]

What are those 180k homes selling for now?

[Chuckity]

Originally Posted by humboldt1

what are those 180k homes selling for now?

$140k-$150k.

[allen2323]

I think in homewood do to the lack of major property value increases in the 1990's because of white flight, the current prices are very attractive. You have to remember, the 2000 median sales price for homewood was essentially the same median sales price as 1990. Even as median household incomes in homewood steadily rose as more professionals moved into the area, the homes built on Mallard Lane for example. Yes, prices did go up in tandem with the rest of the market in the early-mid 2000's as homewood began to stabilize from white flight, but not enough to make up for the huge price gap created in the 1990's.

[Chuckity]

Originally Posted by allen2323

I think in homewood do to the lack of major property value increases in the 1990's because of white flight, the current prices are very attractive. You have to remember, the 2000 median sales price for homewood was essentially the same median sales price as 1990. Even as median household incomes in homewood steadily rose as more professionals moved into the area, the homes built on Mallard Lane for example. Yes, prices did go up in tandem with the rest of the market in the early-mid 2000's as homewood began to stabilize from white flight, but not enough to make up for the huge price gap created in the 1990's.

Home prices were flat across the board during the 90s - and had absolutely nothing to do with white flight.

In fact, demographics in Homewood were fairly constant until 2000 - it wasn't until the last 10 years that Homewood's demographics began to shift more dramatically.

[allen2323]

During the late eighties and early 90's homewood experienced more classic white flight in many of it's residential areas. These were the first middle class blacks to move into homewood in large numbers. In certain areas of homewood where most of them were moving to, whites headed for the door fairly quickly. The area around dolphin lake for example. At that time before all of the newer homes were built in homewood, the area around dolphin lake was considered the nicest neighborhood in homewood. It was even known back then as "homewood estates" which it had a large wooden sign stating the name when you entered the subdivision. That area was the most middle class neighborhood in what was at the time largely blue collar mostly white homewood, and "homewood estates" still is a very nice middle class subdivision by the way. In the early 1990's the neighborhood around dolphin lake then known as "homewood estates" went from being overwhelmingly mostly middle class white to majority middle class african american almost overnight. The 2000 census bears this out. By 2000 homewood was 17.5 percent african american. Just a decade earlier there were almost no blacks living in homewood.

[Chuckity]

Originally Posted by allen2323

During the early 1990's homewood experienced more classic white flight in many of it's residential areas. The area around dolphin lake for example. At the time before all of the newer homes were built the area around dolphin lake considered the nicest area in homewood. It was even known back then as "homewood estates" which it had a large wooden sign stating the name when you entered the subdivision. That area was the most middle class neighborhood in what was largely blue collar mostly white homewood and "homewood estates" stil is a very nice middle class subdivision by the way. In the early 1990's the neighborhood around dolphin lake went from being overwhelmingly mostly middle class white to majority middle class african american almost overnight. At the time this was the most expensive neighborhood in homewood. The 2000 census bears this out. By 2000 homewood was 17.5 percent african american. Just a decade earlier there were almost no blacks living in homewood.

One neighborhood does not full on white flight make. In fact, I would venture to say that up until the very late 1990s, 9 out of every 10 homes sold in Homewood, was sold to a white family.

Irregardless, what what we were talking about was your claim the lack of ginormous appreciation in Homewood during the 1990s had to do with white flight. It didn't. We were in a recession, interest rates were pushing 10%, etc. ... all in all, for a large chunk of the 90s, real estate was flat.

Oh ... and FYI - in 1990, blacks accounted for 7% of Homewood's population. That's not really "almost no blacks living in Homewood".

[allen2323]

Before the late 80's there were hardly any blacks living in homewood. I never thought that white flight being baked into the prices in the area was ever a disputable issue by anyone on this board. Countless others have mentioned the difference in home prices from other comparable income areas. Some even saying that they sold there home that they bought 20 years prior for basically the exact same price. Others have also presented evidence that clearly showed that in the 1990's this area saw a huge disparity in rate of appreciation from other comparable areas as white flight took hold. This trend did not reverse itself until the 2000's when homewood and several other far south suburban areas began to stabilize from white flight and home prices began to move back in tandem with the rest of the overall market. But, the price gap compared to similar income areas still remains.

[linicx]

After reading 188 posts in this thread it seems that the only people who live in Floomore and Homewood are poor, black, ignorant and live in substandard or Section 8 housing, send their kids to black failing schools and suck government provided services thereby wasting taxpayer money.

API is discounted, affordable homes are isdiscounted, COL is discounted, any success is discounted, facts are discounted and so are the people. If a black family moves in a lily white 'hood it is the ruination of the town. The white grab their undies and run for the hills in mortal terror. Sec. 8 and CHA plogects have to to follow; the town is doomed it has to fail because somebody said it is not possible for black and white to live in the same town. The people had to move there for the cheap hpusing because they can't afford to live in Berwyn or Oak Park or Lincoln Park. They have to live in ghetto because they don't have any money and they don't have any pride. I DO NOT BELIEVE IT.

Why can't a family move to HF becauase the like the area? What exactly is wrong with affordable housing? I have yet to see anyone explain why that is wrong? I know what is wrong with over-inflated house prices. I know what is wrong with a ARM? I know what is wrong with arrogant realtors, racist bankers. and crooked Title companies. Been there, done that and have the shirt ti\o prove it along with the Ex-Parte order for the realtor who stalkied me.

After 188 posts I still do not what is actually wrong with these two cities. Change is constant and so is a population shift. The economy is like the ocean with ebb and flowl. What is acutally wrong with HF?

Why can't a genually nice person be black?