Addison, IL - Lake and 6th avenue (Chicago, Schaumburg: extended stay, foreclosure)

[gr8going]

Hello there,

We are about to make a biggest decision of our life and would appreciate if you can guys can contribute in our decision.

We are looking to purchase a house on lake st and 6th avenue in Addison.

About us :
Me and her are east indian descent, came to usa 7 yrs back, went to loyola for second masters, have steady white collar jobs, a year old kid.

Questions:
People that we know are advising us against this location especially with the drugs/violence in school, gang problems in the area, crime and signifacant blue collar community.

Can someone please shed some lights, our on-line research does not concur completely with this claims.


What would you do? THanks for reading and hope you have a wonderful day today.

TGIF...

[chet everett]

I can't imagine that the house is actually ON Lake St -- that section is quite commercial.
The general density of that neighborhood is quite low -- the areas with more rentals tends to have more problems. http://maps.google.com/maps?f=q&sour...05574&t=h&z=18

The fact is that your money can go further in Addison than pretty much any other suburb in DuPage Co, but as you have already heard from your friends the town suffers from a poor reputation. This is not all deserved, as even the most troubled areas are really nothing like the worst parts of some Cook Co suburbs that have a much more positive reputation, but it does hurt the town.

Personally I would probably spend my money elsewhere. It sounds like you are not "fixer upper" type people so I imagine that your are somewhat smitten by how nice a home you can get in Addison in comparison to homes in the same price category in nearby towns that are probably smaller and / or needing work. (As Addison is truly among the least desirable towns in DuPage Co I know that comparing home to the most desirable areas you are probably spending about HALF...) As you only have one child the space is not really needed (though I am sure it would be nice for guest that may come for an extended stay...) and realistically over time a better neighborhood is worth more than a nice house in a town with a poor reputation.

Without knowing more specifics about where you work and what sorts of long term plans you have it is hard to make a definite recommendation, but in a general sense I always tell people to aim for the nicest town they can afford. The schools are a HUGE driver of value in Illinois, even for those w/o children. If you buy a slightly smaller house in a more desirable area you will not regret it.

[gr8going]

The house is on right on the lake st but few blocks south on 6th ave. Having said that, I appreciate your response to keep us straight on this deal.

One of the driving reason was the fact that my wife works only 3 miles west on Lake.. I work many days from home so thought was to spend some more quality time together.

Plus, we were not looking to stay here for longer period. may be 4-5 years and make some profit on the house. Comparable houses in this area are going for 450k plus, this being foreclousre 20 yrs old property, we were going to get it for 300kish....granted the house is not updated and need of a work.

My personal preference is to move to the city or evanston but it would be too far for wifey.

Which other suburb would you recommend to us, 1) great school matter us a lot although we are considering private education for our kid but having great school in the vincinity will add value to the house.

2) I don't drive ( green bug ). so easily accessible public transportation is priceless for me.

Again thanks for reading and your time..

Edit : Yes, we are not a typically "fixer upper" people but that thought has crossed my mind. Having not done any work in my life, I am motivated to do loads of work, it's my dream to change carpetting, paint the walls etc.. in my home country, i never drove the car to myself.. that luxury has spoiled me but at the same time, new doors have been opened up for me in this great country. Not many ppl will agree with me though

[chet everett]

The problem is that right now it would be irresponsible to suggest that buying anything with a sub 5-7 year timeline might be profitable.

If you have never owned a house and are not familiar with updating I think you would be shocked at how expensive and time consuming it can be to do anything. While I appreciate the fact that a foreclosure might seem like a bargain the reality is that they too can drop in value. There are many instances when undisclosed problems can swallow up any potential for profit. Even with a thorough inspection of the property there are cases where hidden defects that would have had to be disclosed by previous owner go unfound until something fails catastrophically -- the lender simpley will not know if the septic / sewers are proone to problems, if the roof leaked two winters ago or if similar problems were hastily patched in the past...

Further, the neighborhoods in DuPage that have been most impacted by foreclosure are often the more affordable. It is very possible that the 'asking price' of comparables will turn for the worse rapidly. We have yet to see all the foreclosure properties hit the market...


On the plus side, $300K is pretty low price for any habitable home in DuPage Co, even a 20 year old one. If this has access to public transportation that too is a rarity -- I assume that is a bus line that is convenient for you, thought I am sure you know the Metra access is the preferred transit option in DuPage.

A three mile commute is awfully appealing, but I would not get too swayed by this, if you ultimate goal is to sell in about 5 years then you would be giving that up eventually...

The reality is that if you want to spend only $300K in pretty much any suburb or Chicago itself you are going to be making MANY compromises and SCHOOLS are going to be big one. If you were shopping in any towns that have higher rated schools than Addison (and there are lots) that $300K won't go far. Only you can decide if the discount is big enough to compensate , I personally would still prefer another town. The odds of making money on home in a better area are just so much more promising. Of course ultimately if you have a "total budget" that includes far more than $300K, but some of it is for "updating" then you have to be extra cautious in a town like Addison where it would be easy to "over improve". In a more desirable town you can generally do more and get more back...

[gr8going]

You are right... our budget is 450k. That should take us little far in other good suburb too.. I am very conservative when it comes to taking a financial risk. With the current market situation, the less I spend, better I feel.

You are very wiser person, Chet..Your advise are too valuable to me. You have done a great job in almost getting me out of the deal. ( Alright I will give some credit to my wifey too , jst in case she stumbles upon this thread

With this, I think we will take our focus elsewhere - Elmhurst downtown, Mt Propsect town, Schaumburg and Evanston..

Do you see any issues with these choices?

You are the best~!.

[chet everett]

I think you are making a good choice. If you were an experienced DIYer or contractor that could do more yourself I would feel that you might be OK with a foreclosure in a less desirable area. Given that you sound like a person that has ambition but perhaps with talents that are not so much in the building trades I think things will work out better for you in an area where the downside is more limited. The towns you listed are the ones I would have suggested, as well as perhaps others that have Metra connections near them.

Good Luck!

[gr8going]

Thanks Mate..

Knowsing us so far, what other towns would you have suggested? If there are any.. thanks again in advance.

[Aerio]

Indian Trail Middle School is one of the worst junior highs; I know someone who graduated from there and he says it is a bad school.
Fights, children beginning drugs, and I think there was a pregnancy as well.

The same person also graduated from Addison Trail High School.
Again, a bad school--many pregnancies and some fights and drugs (compared to the suburbs).

Overall, not the best school for the amount of money you'll be paying in the area.
Also, the local private school (Driscoll) has closed down due to lack of funds.
Neighboring Addison Trail bought it out, though.

Mind you, this information isn't old: he graduated high school in 2006.

Down the street from your potential house, off of Addison and Lake (behind the Jewel) is a ghetto.
There have been shootings there.

Yes, you can raise a family in the town, but don't expect your child's education to be commendable, frankly.

I recommend moving to Schaumburg, or any town bordering it.
I went to the Schaumburg Township schools, and I know there are many other Indian people in the area.
Better schools, and, depending on what kind of house, 450,000 is sufficient enough (Elk Grove is cheaper than Schaumburg, for the most part).

[susiepoo]

if you want a forecloseure you could give elmhurst a try. normally prices are crazy but you might get lucky. your wife could still drive down lake street or take 290 ext. and exit back onto lake st. schools are very good.before i moved there was a pace bus that came that came into my neighborhood. also have metra train downtown if you need to use it. and you definetely have a better chance to make some money on your house when it comes time to sell. your only talking a few miles east of addison but what a difference.

[PicoHairpiece]

I'd highly recommend Bloomingdale - only a little farther west on Lake Street, quieter, with better schools. The only place I'd avoid is the area down by Glen Ellyn and Army Trail Road- it borders Glendale Heights (terrible place), and there are some townhomes with trashy people and a wastewater plant that stinks.