I think now is a great time to buy in Pullman, if you're game...
No, you're not crazy; I also think that it would be a great place to move to, and if I were relocating back to Chicago, I would definitely buy in Pullman. Metra trains will take you right into the Loop, if that's where you work... It's very convenient to the Ryan, or to the south 'burbs if you like big box stores (I don't) or Trader Joe's (I love it, can't help it...)
Pullman has an annual walking tour in the fall, October, I think, and in 2006 I went and some really innovative things that folks were doing with their homes. To give you an idea, one couple--an architect husband--just bought a townhome for their two sons to live in and did some crazy (good) things, so that each young "dude" could have their own floor, their own bathroom, and they got/salvaged a great stainless steel sink in a wild, sort of boomerang shape from the monkey house at the zoo, so the kitchen was great. Another couple relocated from Bucktown, and with their upscale tastes chose a big, heavy, heavy AGA cooker (those porcelained British ranges that are always "on" or hot--which might be great in these old houses in the winter). Other people with tighter budgets were doing less "magnificent" things, but really putting their heart/soul into their homes.
My feeling from talking to all of these homeowners is that there is a real sense of community, a real sense of pride, and people love being there. They love Pullman, that's it. You have folks who have been there for generations--their families worked for the Pullman company and they're still there. They seem to welcome the new people who are loving Pullman architecture and want to be part of the community.
Will it gentrify and change the diversity? I hope not, because that's one of the great things about it, I think.
The State of Illinois (IHPA) is the owner of the Florence Hotel, and they are restoring it. This could be bad--I think it's too soon to tell. When it was operated locally, they had happy hour in the hotel bar and had a regular Sunday brunch, and it was beautiful. But they didn't have the $$$ to really restore the building and make it the jewel that it could be. IHPA will invest the funds, but they will not run a restaurant, so I think the happy hour/Sunday brunch days are over. I hope I am dead wrong about this.
For information on Pullman community groups and available real estate, look at these websites:
http://www.pullmanil.org/
http://www.pullman-museum.org/
http://members.aol.com/pullmanil/index.html
http://members.aol.com/pullmangreen/
http://hometown.aol.com/PullmanRowHouses/
That last website is for real estate tips, etc.
The one thing that I think is good about Pullman is that the City of Chicago's Landmarks Commission has landmarked the neighborhood, so you are restricted as to what you can do OUTSIDE, if it's visible from the street. It might seem fascist, but I think that's good in term of keeping the historic fabric intact. This has NO jurisdiction over INSIDE the house, so you can do whatever you want.... But still, some owner HATE Chicago Landmarks and hate having to get approval to install new windows, things like that.
currently in Pullman:
Solon S. Beman: Architecture in Illinois Exhibit. Ongoing thru May 31, 2007, Sponsored by the Illinois Historic Preservation Agency. Contemporary and archival photographs by historian Paul Petraitis featuring archival images and materials from his collection "Pullman Research Group" and recent donations to the Pullman archives available at the Pullman State Historic Site. The research library has the only collection actually available to the public. Hotel Florence, 11111 S. Forrestville Ave. Monday-Friday, 10:00 am - 4:00 pm. For more information, call (773) 660-2341.
"The Landscape and Gardens of the 'World’s Most Perfect Town,' Nathan Barrett's Historic Landscapes." Sunday, March 25, 2007, 3:00 to 5:00 pm. Sponsored by the Historic Pullman Garden Club—Winter Lecture Series, co-sponsored by the Pullman State Historic Site. Arthur Pearson will share his extensive research of landscape architect Nathan Barrett and his plans in the Town of Pullman in the 1880s. Hotel Florence, 11111 S. Forrestville Ave. Open to the public at no charge. For information, call Norma Zarris at (773) 568-2441.