U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Illinois
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-04-2018, 07:50 PM
 
Location: northwest valley, az
3,076 posts, read 1,835,258 times
Reputation: 4202

Advertisements

Great synopsis Chet, you really know your stuff.
And I totally agree with you re: being saddled with poor resale results..
most of my friends, who have lived in suburban chicago for 10,20, even 30 years are freaking out now, because they see the urgent need to get out of Illinois as soon as they can, but are faced with a giant sinkhole in their homes values..
We actually lost 60k when we sold our house, and that was NOT 60k from the purchasing price, that was 60K that was left of the mortgage!
We paid 500k for the house, and sold it for 340k 13 years after we bought it; great investment, eh?

good riddance illinois and your real estate nightmare...
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-05-2018, 08:48 AM
 
2,361 posts, read 1,389,293 times
Reputation: 1510
Quote:
Originally Posted by wase4711 View Post
Great synopsis Chet, you really know your stuff.
And I totally agree with you re: being saddled with poor resale results..
most of my friends, who have lived in suburban chicago for 10,20, even 30 years are freaking out now, because they see the urgent need to get out of Illinois as soon as they can, but are faced with a giant sinkhole in their homes values..
We actually lost 60k when we sold our house, and that was NOT 60k from the purchasing price, that was 60K that was left of the mortgage!
We paid 500k for the house, and sold it for 340k 13 years after we bought it; great investment, eh?

good riddance illinois and your real estate nightmare...
Wow, what suburb were you in and when did you sell?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-05-2018, 08:58 AM
 
Location: northwest valley, az
3,076 posts, read 1,835,258 times
Reputation: 4202
we were in Hinsdale, and put the house up for sale in april of 2017; it sold in February of 2018..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-05-2018, 01:52 PM
 
Location: Lower East Side, NYC
2,893 posts, read 1,955,752 times
Reputation: 2291
Quote:
Originally Posted by wase4711 View Post
Great synopsis Chet, you really know your stuff.
And I totally agree with you re: being saddled with poor resale results..
most of my friends, who have lived in suburban chicago for 10,20, even 30 years are freaking out now, because they see the urgent need to get out of Illinois as soon as they can, but are faced with a giant sinkhole in their homes values..
We actually lost 60k when we sold our house, and that was NOT 60k from the purchasing price, that was 60K that was left of the mortgage!
We paid 500k for the house, and sold it for 340k 13 years after we bought it; great investment, eh?

good riddance illinois and your real estate nightmare...
Similar in Lisle, IL. Dad bought it in 1993, sold it in 2013. He made 0%. $130k bought, $130k sold. Imagine, that $130k sat throughout the dotcom bust, the housing crysis, and the runup up to 2013. If we would have stayed in Aurora in that cheap apartment that we had and he had bought Apple, Amzn, something... but Lisle had a better school district and hindsight is 2020; I can't fault him for it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-05-2018, 08:06 PM
 
1,620 posts, read 1,596,021 times
Reputation: 3464
Quote:
Originally Posted by chet everett View Post
I know plenty about the broad Hinsdale market, it's been a focus of mine as I live immediately adjacent to it and have both owned investment properties there as well helped many buyers and sellers.

Currently Redfin rates the market as not very competitive for sellers, and I would generally agree. The specifics on what has happened over the past three month, which include the traditional prime selling season is sobering --

I do think that Redfin has reasonable standards for making this sort of conclusion, their "Compete Score" is based on the kind of data that experienced real estate agents have shared with buyers and sellers for many decades, nothing really new about this --

When it comes to the specifics of the Hinsdale market, or frankly any area where there is "diversity of demand" (which honestly is EVERY PLACE these days...) one must keep their focus of "location" as both a macro factor (includes things like schools, tax rates, overall reputation) BUT INCREASINGLY the "micro location" is taking on greater and greater importance. That means being adjacent to busy roads, undesirable commercial sections, having freight trains rumble through your backyard or too near to hospitals can all be huge mistakes. My mantra, "find the worst house in the nicest part of town and fix it up to standards that broaden its desirability" is more important than ever.

I completely sympathize with wase4711, and I have no desire to rub salt in the wounds they may feel about the loss they took. Neither do I doubt what happened to them was a real loss, nor do I have any desire to 'dox' the details of what happened in their specific situation. That said I do feel that folks need to understand that the price they sold for remains far below the median for the area and almost certainly is an illustration of why my mantra about location and 'worst house in best location' is especially importantly.

Lets look more closely at the where in Hinsdale the least pricey sales have occurred -- There are a handful of condos, a category of real estate that I have long advised against except in specific situations (like urban high rise, senior down sizing, or vacation setting), so those are not very relevant to the discussion. The fact too is despite tremendous negative pressure there is still a market for sites being sold for "land value" to developers or home buyers who want to do a tear down and build new in the right location, I'm not going to spend time in this post explaining why "dream homes" are generally a financial nightmare, but neither am I going to say it never makes to sense to build from scratch, though I know for a fact at least some of those "no picture / 'value in the land' listings have been rehabbed inexpensively and THAT might very well be way to sort "not flip yet" for savvy buyers who need a cost effective place to live. The rest of the homes are those that suffer from what even appraisers often deem "irremediable negative" that I already discussed. I gotta assume that was4711 is in the last category. If so the lesson is pretty clear -- "location always trumps every other factor".

Of course the "super macro" of location is ultimately even the hottest parts of Chicago are still very much in Illinois. Which brings up a sort of dilemma that I believe is going to basically spread to essentially every homeowner in Illinois very soon -- if one is faced with having no good choices in even the traditionally desirable parts of most "in demand" city or town, being forced to swallow unconscionably high taxes, does it make sense to buy a home at all when there is near absolute assurance that doing so will saddled you with poor resale prospects? I don't have an easy answer but given that all signs point to Illinois continuing to under-perform the rest of the nation due to the dominance of insiders. Given the somewhat unbelievable criminality that even the current Billionaire Democratic Governor's candidate resorted to in his effort to lessen the bite of property taxes Rex Huppke: J.B. Pritzker's toilet-yanking 'scheme to defraud' is just typical billionaire stuff | Commentary | fltimes.com and the large lead he maintains I would suggest things are likely get significantly worse before they get better...
Why would you use this Redfin snapshot to guage the market instead of using multiple sites by googling "Hinsdale Market Trends" and why are you showing 2016 sales??? Prices are up 8.6% this year, and the average sales price is $950,000. According to the site Realty Times, the average property in Hinsdale, both single family and condominium sold for $900.000 this year and the number of home sales shot up an in incredible 119% -from 131 sales last year to 287 sales this year. Your pontificating doom and gloom and inaccurate posts at times are too much when they are inaccurate!!

Last edited by Yac; 11-24-2020 at 02:16 AM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-05-2018, 08:12 PM
 
1,620 posts, read 1,596,021 times
Reputation: 3464
Quote:
Originally Posted by wase4711 View Post
Great synopsis Chet, you really know your stuff.
And I totally agree with you re: being saddled with poor resale results..
most of my friends, who have lived in suburban chicago for 10,20, even 30 years are freaking out now, because they see the urgent need to get out of Illinois as soon as they can, but are faced with a giant sinkhole in their homes values..
We actually lost 60k when we sold our house, and that was NOT 60k from the purchasing price, that was 60K that was left of the mortgage!
We paid 500k for the house, and sold it for 340k 13 years after we bought it; great investment, eh?

good riddance illinois and your real estate nightmare...
LOL A guy from Arizona talking about properties losing value.My brother lost his shirt on his golf course house in Peoria, AZ having to sell and take a $400,000 loss during the last recession- his house went from $825,000 to $415,000 in Vistancia when he was forced to sell during his divorce. Quit trolling the Illinois site and enjoy your life in Arizona during July.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-05-2018, 09:34 PM
 
Location: Evanston, Lake Forest, and Wrigleyville, Illinois
2,506 posts, read 1,596,678 times
Reputation: 3035
CHICAGO TRIBUNE - Endorsement: Re-elect Gov. Bruce Rauner to give Illinois a fighting chance
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-06-2018, 05:39 PM
 
12,253 posts, read 3,622,017 times
Reputation: 10360
Thanks. I was wondering who they were going to endorse.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-07-2018, 02:13 PM
 
3,979 posts, read 1,799,169 times
Reputation: 4085
https://www.chicagobusiness.com/opin...tzker-governor
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-07-2018, 08:24 PM
 
Location: northwest valley, az
3,076 posts, read 1,835,258 times
Reputation: 4202
Quote:
Originally Posted by Justabystander View Post
LOL A guy from Arizona talking about properties losing value.My brother lost his shirt on his golf course house in Peoria, AZ having to sell and take a $400,000 loss during the last recession- his house went from $825,000 to $415,000 in Vistancia when he was forced to sell during his divorce. Quit trolling the Illinois site and enjoy your life in Arizona during July.
quit being the thread police when you dont have a clue; I lived in chicagoland for more years than you have been alive, so spare everyone here your ill informed insults
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top