Housing and economic stability in Oak Park (Chicago, Madison: foreclosures, house)

[tomfoolery7]

[Apologies that this is a duplicate post to a thread inadvertently started in the general Illinois forum; new to using this . It was recommended I move the thread here. And thanks to those who responded already.]

It seems there's a vibrant Oak Park entourage here and I was hoping to get some recent information and advice. We're looking to move to Oak Park in next few months. We visited the area few months ago and it seems to offer all we're looking for: walkability, relatively safe (for being close to city), ethnic restaurants, proximity to Chicago and western suburbs (where I'll be working), vibrant shopping district with independent stores, high taxes (just kidding!), and an openness to diversity. We're looking to buy a house (aiming now in the mid 200s unless our current house sells) that is likely to appreciate in value within 5 years. My wife is an author who writes from home, so safety and ability to walk to coffee shop/artsy/independent stores within short distance are important. We don't plan on kids, so schools are not an issue.

Like most places, I know prices, foreclosures, and neighborhood conditions have changed a lot lately, and I wondering if you had any advice on safety, housing conditions, and stability, especially in areas north of Division, east of Ridgeland, and south of Madison (and especially S. of 290). (These are the areas we're most able to afford unless our house sells, as there are many foreclosures there.) Have these areas been hit especially hard? What are the chances of a bottoming out soon? increase in crime? etc.? How is the Harrison St. arts district developing? Would these areas be a good place to invest? THANKS!!

[kindrakindra]

I love the Harrison Arts District. I think that would be a wonderful place to live and work, and certainly close to parks, coffee (Buzz Cafe and Eastgate Cafe), public transport. There are some good restaurants there too.