Westchester? Riverside? What will the future hold? (Oak Park, Elmhurst: real estate, townhomes)

[mresera]

My fiance and I are looking to buy a house in the 400-500 range. We have no children and may or may not in the next few years. We prefer not to move again in the near future. We like modern, close to train/highway (290), good schools (just in case), stable area. We have done lots of searches so far, but are having trouble finding the "perfect" place in the right area. We like the towns and schools of La Grange, Western Springs, La Grange Park, Elmhurst, and Oak Park, but are having trouble finding more modern or well kept construction in those areas. A lot of the homes in these price ranges seem to need a lot of work. We saw some homes in Riverside and loved the homes but are a little concerned with the lack of shopping, the river (Does it flood?), and the surrounding areas which aren't as nice. Will the schools and community suffer as a result and be less desirable in the future? We loved some newer townhomes in Westchester but are concerned with the lack of high school. Will this make a poor investment choice in the future? Will this make the community suffer? Are we asking too much for our price range? Thanks for any input

[chet everett]

I am VERY familiar with all those areas. I think you are correct about the need to weigh the various trade-offs / compromises AND I think that will happen REGARDLESS of price range. I know there are some overpriced properties that may be listed in that price range, but if they have been listed a long time and have too many negatives the sellers have to come to grips with the fact that it is extremely unlikely that they are priced appropriately...

I think you have to be very careful about "modern" as to some people that means very different things. The "mid century modern" of California is relatively uncommon in the area, and the best examples of this are 50 years old. Brand new detached construction in any of these areas is going to be quite high, as some of the land costs were higher than your range. That said I would consider any place that has been well maintained and has major systems of relatively recent vintage to qualify as "not a money pit" and homes that have charm / character have broad appeal. These might not be "freshly built" but the VALUE they represent is superior.

The portions of Riverside that are most susceptible to problems with the DesPlaines River / Salt Creek junction are well known. It is unlikely that those patterns will change for the worse -- the continued work to improve regional storm water management is progressing. If you buy in area that has a high probability of problems you will likely get an appropriate discount.

As you move east from Riverside the towns are less affluent, but the big shift is in the schools -- Proviso and Morton schools are far less desirable than RB, though there are plenty of people that prefer Proviso & Morton to the CPS to the east of them, so there is little threat that hordes of people will storm out... Shopping is not a problem per se, with plenty of groceries and such nearby, but the difficulty of 'outsiders' finding the Riverside commercial district is unlikely to ever attract many shop owners.

Moving west of Riverside there are some lovely areas in Brookfield, especially the Hollywood section that shares elementary district with Riverside, where your money will go farther. An excellent and little known area.

LaGrange and LaGrange Park are more costly that Brookfield, again largely becuase of the better reputation of the schools, both Lyons Township High and the elementary districts. If you find a home in your price range it may very well be less improved, but it may represent as good if not better a long term value, as there is strong demand from families and starters.

Even stronger demand exists in Western Springs and the prices reflect that. A great deal of activity took place in the spring selling season and the properties now on the market in Western Springs are not the most desirable. That said, as people's circumstances change (from everything to desire to upgrade to family situations changing to shifts in employment) there are new properties that trickle in all the time. Should you be lucky enough to find a seller that is distressed Western Springs may offer the greatest opportunities in your price range, even if the home is dated. I would not worry about having to do quite a lot of cosmetic work as long as the basic structure and systems are in good order. Such a home will not be a "money pit" but would give you a great opportunity to personalize and update for big gains / enjoyment.

Much of the same is true for Elmhurst, although its larger size means that you really need a real estate agent that is much more tuned into the areas that represent the best value.

Westchester is a different case. The school situation is a detriment to many, and those that do enjoy other features of the town often budget for private schools. The townhomes hold some appeal to those without children, but have a very different feel than some areas. I think the price trends are mostly inline with nearby areas, but the drivers for this may be shifting as the demographics of "empty nesters" is changing rapidly with the aging of the boomers...

I think it is also worth looking at the very most affordable homes in places like Hinsdale and Clarendon Hills. Via the express trains these are no further from the loop than Riverside and the price stability and schools are superior.

[Lookout Kid]

I am searching for a home in the same price range in many of the same areas, though I am less concerned about the home being "modern". Chet covered the bases pretty well. Though I will add that I've seen a lot of good deals in Hinsdale lately in that price range. The area near the Washington Street downtown area has many smaller lots, and I've seen more homes under a half million lately. You just have to make sure you are not buying a teardown, where the value of the home is tied to the size of the lot. This is also a concern in Western Springs and La Grange Park, however.

[mresera]

Thanks to you both for your input. I have looked a little on Hinsdale also, though I am looking closer to the ogden/290 area because even though my fiance takes the train to work, I need to drive to the west side of the city (off of 290). The few we saw in Hinsdale we liked, but they seemed overpriced compared to comparable houses in even Western Springs/LaGrange/Oak Park, etc. While "modern" is nice, the biggest concern we have is that it is well kept and that we don't have to poor 10-100 thousand dollars into it immediately. A lot of the homes we saw need work quickly. While I have been to a few houses that are clearly "teardowns", how do I know which is being sold as a teardown and which is one that needs a lot of work?

[gardener34]

Did you look in elmhurst, although you are not going to get much for that $$ range there, it is a nice and highly regarded town with a train.