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Old 02-13-2012, 08:21 AM
 
7 posts, read 13,862 times
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Looks like the train ride from Frankfort to LaSalle is an easy ride, anyone think this is not a good option. Looks like many of the houses in the area are about what we are accustomed to in the Cincinnati area (in terms of size and price) and the schools seem to be top quality (I have a middle schooler and a high schooler). Any other feedback on the area would be appreciated.
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Old 02-13-2012, 09:42 AM
 
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I am sure there are people that do use the trains for a daily commute, and LaSalle St Statin is crazy convenient to the financial district.

That said I would disagree that the schools are "top quality" -- the objective data is not there to support that : Illinois Interactive Report Card

I would agree that the contraction in real estate prices and the relative newness of most development in the area means you do get a fairly large house for far less than it would cost in a more desirable area in the suburbs to the north, but I would caution that factors like a potential third airport leave a whole lot more uncertainity for the long term value of the S/SW 'burbs...

Personally I am not a fan of the sorta "rural meets instant strip mall" feel of the S/SW 'burbs and is suspect that the arguments of folks that speak out against rising energy costs, sprawl, auto-centric development, lack of nightlife / local business are factors that will enter into your decision depending on what sort of time frame you have in mind for owning. That said, a well built house at a fair price will pretty much always find at least some buyers.
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Old 02-13-2012, 10:22 AM
 
Location: South Chicagoland
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The high school in Frankfort is huge. It looks like a college..
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Old 02-13-2012, 11:54 AM
 
829 posts, read 1,914,812 times
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Quote:
Originally Posted by chet everett View Post
I am sure there are people that do use the trains for a daily commute, and LaSalle St Statin is crazy convenient to the financial district.

That said I would disagree that the schools are "top quality" -- the objective data is not there to support that : Illinois Interactive Report Card

I would agree that the contraction in real estate prices and the relative newness of most development in the area means you do get a fairly large house for far less than it would cost in a more desirable area in the suburbs to the north, but I would caution that factors like a potential third airport leave a whole lot more uncertainity for the long term value of the S/SW 'burbs...

Personally I am not a fan of the sorta "rural meets instant strip mall" feel of the S/SW 'burbs and is suspect that the arguments of folks that speak out against rising energy costs, sprawl, auto-centric development, lack of nightlife / local business are factors that will enter into your decision depending on what sort of time frame you have in mind for owning. That said, a well built house at a fair price will pretty much always find at least some buyers.
Chet, how would you explain the 2010 median family income in frankfort being $125,214? That's a pretty affluent area wouldn't you say? It's not hinsdale or oak brook, but definitely up there somewhere. Frankfort certainly attracts residents from a higher socioeconomic class than most western suburbs. So what other factors are at play and would explain that?
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Old 02-13-2012, 12:22 PM
 
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Frankfort's ease of access to the financial district is probably a factor - the "old school" pit traders are known more for their athletic feats in high school and ability use the physical confines of the trading floor than relying of computer models / option chains.
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Old 02-13-2012, 02:51 PM
 
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Chet, I would have to atleast say frankfort is a fundamentally solid area from an economic point of view to buy a house.

Even if you believe that housing prices in the western suburbs are justified and will continue to rise at a faster clip from there already high current price levels. Frankfort is still a great deal. I would throw in the only other six figure median family income area far south of chicago which is flossmoor in on that list also. Flossmoor as of 2010 has a median family income of $115,789. In a bad economy it really does come down to areas that have a more solid economic class of residents living there.

Last edited by allen2323; 02-13-2012 at 03:00 PM..
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Old 02-13-2012, 03:15 PM
 
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It's not so much that Frankort is any more at risk of falling off a cliff than other towns -- the retreat in housing prices that is already in evidence is ample evidence of how badly underwater most residents probably are, and some of the things that may have made the area attractive to new home buyers have not really panned out (low taxes, superior schools, rising real estate values).

This sort of "imputed risk" is why I pretty much always prefer an established community over a "boom town".

I guess one could make an argument that Frankfort is now so low priced that much of the downside risk is gone, but even then I just personally prefer towns that are a little more walkable...
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Old 02-13-2012, 03:24 PM
 
829 posts, read 1,914,812 times
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Quote:
Originally Posted by chet everett View Post
It's not so much that Frankort is any more at risk of falling off a cliff than other towns -- the retreat in housing prices that is already in evidence is ample evidence of how badly underwater most residents probably are, and some of the things that may have made the area attractive to new home buyers have not really panned out (low taxes, superior schools, rising real estate values).

This sort of "imputed risk" is why I pretty much always prefer an established community over a "boom town".

I guess one could make an argument that Frankfort is now so low priced that much of the downside risk is gone, but even then I just personally prefer towns that are a little more walkable...
I would say foreclosures have been the biggest driver for price decline in frankfort. The property taxes may have something to do with the higher foreclosure rate and the subsequent price declines. Schools I seriously doubt it. I wouldn't say the schools are any better or worse than they were 5 years ago when prices were sky high. Underwater homeowners, I am sure frankfort still has plenty of those. But If I were a current buyer I would prefer to buy a home in an area that has declined in price significantly during the real estate downturn. Versus buying a home in an area that still has yet to hardly come off of it's peak prices. You really can't predict these sort of things but it just seems like you are really taking a chance doing so. It still is possible to buy in certain neighborhoods at or above 2007 prices. Because the prices have not come down everywhere. I would be very cautious paying 2007 housing prices in this economy. Especially when there are plenty of high income areas where the prices have already come down significantly.

Last edited by allen2323; 02-13-2012 at 03:41 PM..
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Old 02-13-2012, 03:41 PM
 
Location: Lake Arlington Heights, IL
5,479 posts, read 11,195,420 times
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A client who lives in Mokena said this after I commented how her neighborhood looked like something out of Hawthorn Woods,"Yeah, but I bet my taxes are way higher, I'm paying $20K a year"
So, OP don't forget to take property taxes into account.
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Old 02-13-2012, 08:02 PM
 
Location: Will County
179 posts, read 451,512 times
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ridgewayvol: Maybe I can add a little different perspective to this conversation. I'm a lifelong resident of what is called the "Lincoln-Way" area. I grew up in Manhattan, just south of Frankfort ... and lived in Mokena for over 25 years. Have worked in the area my entire business life. My kids both attended Lincoln-Way High School, as my wife and I both did also. Frankfort has always been the most affluent of the villages that feed into the Lincoln-Way School District. That has been the case since the inception of the district back in the 1950's and remains that way now. The Village of Frankfort lies close to main highways. I-80, I-57, I-355, I-55, I-88, Rt. 30 and more are all within easy driving distance. Yes, highways are busy. Widening/addition of lanes are needed. It is impassable? No. Train stations are fairly close in multiple locations/routes. The schools in Frankfort itself are good, as are the Lincoln-Way schools. They always have been. I will not say they are perfect. Every school system has its bugs. But as a whole the curriculums are very good, you can reasonably expect your children will be safe, and they will be have access to a full-menu of extra curricular activities (at this time). Being in Will County, the real estate taxes are not inexpensive. But there are strong/safe park districts, biking/hiking nature trails, golf courses, many churches of all denominations, daycare choices, good restaurants, franchises, shopping of all kinds within driving distance and within the nearby towns, etc.
As a mortgage lender (and former real estate appraiser), I will tell you that the quality of the older homes within the Village/downtown area is good. Many many of the homes have been completely remodeled, contributing to a strong historic district and community. Much of the newer construction are large, higher priced homes. Again, yes .. there are foreclosures. Prices are down. Not what they were a few years ago. IMO, Frankfort will bounce back and most likely be one of the first to do so. It has a wonderful reputation ... especially in the southland region. There are pros and cons to any town or area. Is Frankfort a fit for you? Do you homework on Frankfort and compare what you learn to what your needs, desires, finances, and personality are. Only you can make the final decision. Should you need further information or have questions, please don't hesitate to shout out to me. I'll answer and assist as best I can. Best of luck to you, no matter your decision ...
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