Flossmoor's Future

[al2323]

Originally Posted by concerned2013again

I actually live in a very integrated area, that has its fair share of crime. What I wouldn't have to do is pay $35k a year in taxes on a $300k home. That's really the point I have been trying, unsuccessfully I figure, to make. If the taxes don't get back in line, and rather quickly, it's not going to be good for the area. You've already had a 70% decline in value on many of the high-end homes. It doesn't take a PHD in finance or urban planning to see that something has to give.

And if this is your central point. As an area resident, I totally agree with you. Overall the property taxes in the area are in line with similar income areas in cook county. But there are a large number of high end homes in flossmoor and olympia fields in particular that have "extremely" over valued property tax assessments. The irony of this is if these high end properties weren't over taxed so much. Then maybe these homes could legitimately be worth what the cook county assessor is claiming they are worth. I do think one way or another this problem is going to be correct. Either the assessments will have to be lowered or the values will start going back up.

This problem existed way before the downturn in the market. Back in 2007 the home in olympia fields that was until recently owned by r kelly. Had a tax assessed value of $8,930,210. And the 2007 property tax bill on that home totalled $258,996. The fact is that home was never worth anywhere near $8.9 million dollars. And should not have ever been assessed that high. So when you say upscale homes in the area have lost 70 percent of there values. Not really the tax assessments were over assessed to begin with. What they've actually lost in real value is pretty much in line with most other housing markets.

[linicx]

It is always a problem when people pay more than a property is worth. If you've lived in the house long enough, you get a new appraisal and take it o the Board of Assessors. And make the case the property has lost value. If the paperwork is in order, and the new appraisal supports your claim you should see a more realistic tax bill. Timing is everything as the Appraisal must be "fresh" and the paperwork returned on time. When I did it, I went to the tax office the first day it was open after Jan 1.

[chgodichotomy]

Moving to any area some of the key considerations if one has a family are:
- price of home & taxes
- quality of schools (diversity of students, college readiness, etc.)
- commute to work/proximity to expressway and rail
- commute should one switch jobs to another suburb or location
- quality of social infrastructure (shopping, fire dept/police, libraries, etc.)
- diversity (if one requires a real world reflectionvs homogeneity)

I was Chicago born and raised, within the city, left for college and work. After moving back as a 30-something professional, I'm now living (renting) in the Skokie/Evanston area. I'm currently looking to possibly move and raise a family (5th grader and for a toddler son). Because getting great value for my dollar is important along with the above criteria I have been looking at the Homewood Flossmor area (in addition to Skokie/Evanston, Oak Park, Hyde Park, etc). I don't trust the stability of the Chicago school system and the myriad issues, the city taxes and quality of life...price points for really nice homes can be absurd too...with Evanston/Skokie, it's hit or miss on diversity at the school and the price points vary widely in specific pockets.

However, knowing some extended family and friends who live out the HF way, I'm a bit concerned. I've noticed that the HF high school's ranking has been in a downward trend. Aside of the economic issues of the recession, the vast listings of homes and short sales seemed to signal an increase in flight risk, which inevitably results in a material erosion to the tax base and services. I very much like the types of homes, and the diversity, and the commute wouldn't be so horrible (as I work in the Loop).

Any insights on the recent trends going on in the area over the last 6-12 months and where things are likely to head in the next 3-7 years. No one can truly predict how stable or unstable things will in fact become, but I would tend to think residents in the area and surrounding communities have a better gauge.
I'd be especially interested in the perspectives of new buyers to the area.

As an aside, it seems that Tinley Park--similar to Oak Park and Evanston--has remained relatively insulated from the fallout that required many ppl to have to do strategic defaults or foreclose. I have noticed that hasn't similarly been the case in HF, Olympia Fields, etc--not that these places have been hard hit; however, the flight out of these areas signals that the infrastructure will not support the burgeoning that these communities were experiencing.

Thoughts????

[prospectivebuyer]

I realize this post is a little dated, but I did find it interesting to read now (2015). For future readers that may stumble upon this post, I thought I would share that I will be closing on a home in Flossmoor later this month. I was attracted to Flossmoor by many of the reasons previously cited: quaint, charming area with great housing stock, easy access to Chicago via Metra, solid school system, and a well-educated/diverse community being the primary factors. Lots of chatter about property taxes which are a real factor, but if you consider that cost vs. a private school education, the costs are actually lower. Our family has 2 young children, and for what it is worth, we just happen to be Caucasian.

I think the concern about how one's town/community/block is going to evolve is a universal one. I for one am excited to join this community and contribute to its progress.

[kgrl21]

Originally Posted by prospectivebuyer

I realize this post is a little dated, but I did find it interesting to read now (2015). For future readers that may stumble upon this post, I thought I would share that I will be closing on a home in Flossmoor later this month. I was attracted to Flossmoor by many of the reasons previously cited: quaint, charming area with great housing stock, easy access to Chicago via Metra, solid school system, and a well-educated/diverse community being the primary factors. Lots of chatter about property taxes which are a real factor, but if you consider that cost vs. a private school education, the costs are actually lower. Our family has 2 young children, and for what it is worth, we just happen to be Caucasian.

I think the concern about how one's town/community/block is going to evolve is a universal one. I for one am excited to join this community and contribute to its progress.

Welcome to the area! Are either of your children school age yet?

[River North]

I moved to the area a little over a year ago from the north side of Chicago, and am mostly happy being down here. We're in Park Forest, not Flossmoor, but happen to find ourselves in the Homewood/Flossmoor area quite often. I like to just drive around looking at the gorgeous houses, it's really a beautiful area.

[leroy217]

I also just found a home in Homewood. I love the area and have seen all races flourishing in the area!