South Elgin Info? (Chicago, Rockford, Naperville: appointed, short sales, real estate)

[Morgan1121]

Hello,

My husband and I are looking to relocate to the suburbs from the city. We've searched different areas (we are originally from out of state), and found South Elgin offers a lot of what we are looking for.

At first, we fell in love St. Charles and Geneva...but we both work in Mt. Prospect/Elk Grove, and we determined that distance was slightly further than what we were looking for.

We have found a section of South Elgin (Thornwood sub) that goes to St. Charles schools and the home prices are right in our range.

I haven't heard a lot about the South Elgin area...any opinions or thoughts? Would it be a good area to raise a family?

Thanks!!

[chitown85]

South Elgin is fine. Mostly Kane County, some Cook. If you are in St. Charles schools, I would not worry too much. Don't know much about Thornwood, but the school system really drives a suburban community. Just make sure that it is a St. Charles High School, not U-46 in Elgin.

[chet everett]

I actually had a friend that lived in Thornwood. Nice area, and the school situation makes it a very different proposition than U46, but honestly that is a HAUL to EGV or Mt. Prospect. While I know there are folks coming from way out in Rockford to work in the NW 'burbs these days, I wonder if you really have checked out all the options between South Elgin and EGV. What exactly are you looking for? Those are LARGE homes and they are not cheap. Do you currently have kids? What is your price range? Why does South Elgin appeal to you?I

Why were you even shopping St. Charles / Geneva? That is a looong way from Chicago OR EGV. Do you have a connection to the Fox River Valley? Family? Friends? Recreational interests?

Personally the combination of work situation and your other desires should be fleshed out before you focus on something...

[Morgan1121]

We never actually looked for homes in STC/Geneva, we just really love the area and have family that settled out that way. South Elgin appealed since it offered the proximity to STC, without being quite as far from our work. Getting more home for our money/newer construction, plus the excellent STC schools were a few of the big draws. We are used to a lengthy commute since we currently make the drive from the city.

Again, not being from IL and only living in the city thus far has made it a challenge to find suburbs other than the ones we work in that have what we are looking for. We've found that we just don't get as much house/upgrades for our $ in closer burbs, like Arlington Heights. Our range is approx. 400-450.

Other options that we looked into were West Dundee/Algonquin, but I have heard mostly negative reviews of their school district. We plan to start a family soon, so schools are key for us. If you have other suggestions, I'd be happy to hear them!

[chet everett]

The price range makes some sense, but honestly I know of more than a few foreclosures /short sales out there that really but pressure on that whole development. My fear is that it is so far and has the negatives of the Elgin employment hanging over it that prices are much less stable than in other areas.

While I completely understand the perception of "getting more for your money" the fact is that with the amount you have to spend and your desire to put down roots I would really like you to lock in some value for the long term. If you place a high importance on being close to family that is in the Fox Valley that could a big plus when you have little kids, so I never discount that sort of thing, but the financial aspect of home buying is tricky right now.

My inclination would be to try and find a real value priced place in a desirable spot in DuPage Co -- the towns with the best schools and the best odds of having something in close to price range are not all that much closer to EGV than South Elgin, but the price trend is much more positive. Wheaton, Glen Ellyn, Naperville, Downers Grove all have some sellers that you could work with. If you truly want "upgrades" that will make the task doubly hard,so my suggestion is to buy a place that has lots of positives from day one AND the potential to accept the kind of upgrades that you want down the road without too much hassle.

I'm also assuming that you are going to try to put down 20% and stick with a loan that will help you build equity. That way should you decide you really want that big paver patio or a tricked out kitchen a sane home equity loan will be a real option.

I know the "feel" of some homes built 20+ years ago is a bit different than the use of space that has become popular more recently, but the quality and stability of value in a the towns I am suggesting will really pay off in BIG way for folks in your situation:

1450 WALES Dr, WHEATON, IL 60189 | MLS# 07272067
http://www.redfin.com/IL/Wheaton/111.../home/18126411
195 N Park Blvd, GLEN ELLYN, IL 60137 | MLS# 07325563
4928 Middaugh Ave, DOWNERS GROVE, IL 60515 | MLS# 07411687
1082 COLLINGWOOD Dr, NAPERVILLE, IL 60540 | MLS# 07449180

Really any of those homes would be a awesome choice for your price / situation and if you wanna go DIY or even hire contractors now or in the future you could put in the "dream kitchen / bath / yard" and see equity shoot through the roof.

The sorts of troubles that could drag things further west into a long term downward spiral MIGHT make sense IF your have a great reason (and as I said close family would be a big one) but on the "financials " of it the odds of stable prices in the towns with great amenities and train service are far more durable

The same could probably also be said for Arlington Heights, but since your did not express much desire for its semi-builtup 'downtown' and other amenities I think you ought to broaden your search a bit.

Spend some time in each of the areas too -- if there are resturants or other attractions that appeal to you those kinds of things can add value to others in your position, and that sort of thing helps to stabilize prices too. I lived through the real estate melt down that followed the OPEC crisis and really lots of lessons were learned in towns like Naperville that have helped to make it a better place. The surrounding towns that have followed some of the same principals are doing pretty well. Towns that try to apply 'generic anywhere' building practices make things easy on the builders but will suffer...

Clear?

[Morgan1121]

Wow -- thank you for the your time and the information, it's certainly very helpful. Especially for people who are new to exploring the chicago-suburb market. It's a world of a difference from Metro Detroit (in more ways than one!) You gave us a lot of food for thought.

[BeckyfromIL]

I've lived in the St. Charles/South Elgin/Elgin area most of my life, and although I do like the area, the commute to EGV and Mt. Prospect is not a fun one. You're looking at 45-1hr during a good rush hour. Throw in weather or some other problem and you'll be wishing you lived closer. Being close to the expressway (I90) makes a HUGE difference too. Even from the properties that Chet listed in Glen Ellyn/Wheaton/Naperville you're looking at a 45 minute commute at least.

[chet everett]

Originally Posted by BeckyfromIL

I've lived in the St. Charles/South Elgin/Elgin area most of my life, and although I do like the area, the commute to EGV and Mt. Prospect is not a fun one. You're looking at 45-1hr during a good rush hour. Throw in weather or some other problem and you'll be wishing you lived closer. Being close to the expressway (I90) makes a HUGE difference too. Even from the properties that Chet listed in Glen Ellyn/Wheaton/Naperville you're looking at a 45 minute commute at least.

No argument on the commutes. As I said I am not really looking for the most convenient, but the best value for a "put down roots and build long term value" situation.

With the OP already stating they were disappointed in AH (which would be closer) I did not bother to mention the similar towns like Mt. Prospect or EGV itself.

Further, although Elmhurst would be closer I don't think the combo of value and current school performance is present, and there is NO discount for that fact, as Elmhurst remains one of the PRICIEST parts of DuPage. Other towns that would be even closer (like Wooddale and Bensenville) DO present a somewhat better price point, but I would be little hesitate to say the schools are even on a par with St. Charles, let alone something like Naperville North.

It is kinda rare to have someone be able to kinda scan the area, but EGV is central enough that there alot of possibilities that are still within an acceptable commute range (which I would peg at under 60 minutes barring disaster) and the road building in central / north DuPage has helped with travel options to EGV much more so than the lack of similar efforts in Eastern Kane / extreme NW Cook...

[pvande55]

I used to know someone who lived in South Elgin, and he said that most everyone in South Elgin works in Elk Grove Village. I don't know if there are car or van pool opportunities. I would think so.

[chet everett]

Really. My friends in South Elgin worked in Hoffman Estates, much more manageable commute. If you care about about van pools Pace has info: Pace Bus - Vanpool Driver Requirements

There is little tol prevent further price erosion in that area, as the overall employment situation is likely to remain poor for an extended period, and the patterns of growth are not encouraging. A few of the major firms with office in that corridor have hinted recently that they may be making changes.