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We're thinking of relocating to the Chicago area from out of state. I'd be working in the South Loop downtown and will have some odd hours, so we're considering Oak Park as a convenient, kid-friendly place to live (we have two small kids, 5 and 1). We'd eventually intend to buy a SFH.
From reading the forums, there seems to be some consensus that you can't get a SFH in Oak Park for less than $350K, but I'm seeing some listings online for around $250K. The houses seem small and vintage, but charming.
I'm just wondering, from those who have experience in the area: Is it reasonable to think we could score a house in Oak Park for $250K? Or are these listings dilapidated money pits?
We're also considering Elmhurst, but running into the same questions of affordability.
We're thinking of relocating to the Chicago area from out of state. I'd be working in the South Loop downtown and will have some odd hours, so we're considering Oak Park as a convenient, kid-friendly place to live (we have two small kids, 5 and 1). We'd eventually intend to buy a SFH.
From reading the forums, there seems to be some consensus that you can't get a SFH in Oak Park for less than $350K, but I'm seeing some listings online for around $250K. The houses seem small and vintage, but charming.
I'm just wondering, from those who have experience in the area: Is it reasonable to think we could score a house in Oak Park for $250K? Or are these listings dilapidated money pits?
We're also considering Elmhurst, but running into the same questions of affordability.
Thanks in advance for your insights.
I think it is possible currently. I think closer to $300 is safer but you might get lucky. It will be small, older, but some of these houses can be quite cute with nice vintage touches. I grew up in one of these types of houses (my parents were in a situation exactly like you), and my father still lives there after 40 years. It was just fine and never became a money pit, but definitely you will have ongoing significant maintenance. Yes, there is always a possibility that old wiring, old roofs, painting issues etc... so do your due diligence and decide what you can live with, what you are willing to fix up on your own, and what you can truly afford on a year to year basis.
Choosing a house in walking distance to all the schools that we needed to attend was the best thing about the choice of house my parents made. The one regret they had was choosing a stucco/wood house instead of a brick house, as the stucco patching/repair and repainting and rebuilding the stairs was probably one of the biggest ongoing expenses.
That's a great tip about the stucco - I hadn't considered that. Our place currently has vinyl siding, so I haven't had to think about repair or repainting.
There are those that foolishly claim every square inch of Oak Park is some hallowed land where the realities of property ownership are not in adhered to but the FACT is that if you buy in a part of Oak Park that has more challenging access to the desirable amenities of the town you will likely not see your investment appreciate.
If you have the ability to find a older home in need of serious updating and it is in a part of town that is closer to the core then perhaps it makes sense to consider but again I would caution that cross shopping the total investment of what your housing dollar could get in other towns that may be just a convenient a commute to work in the Loop, offer more uniform school performance, have better overall balance of amenities and longer term price appreciation trends often at lower property taxes in your price range be a wiser move. Town like Berwyn and Brookfield have a large number of homes in great locations and good condition in your price range. If you shop wisely you may also find terrific values in towns like LaGrange and Elmhurst where the average home is far more likely to pull up the occasional bargain.
Oak Park is appealing because it seems like it has a lot of community spirit, good schools and low crime - as well as a decent commute from the loop. I'll have to have a few late nights and odd hours, so I'm concerned the suburbs that are farther out with express trains during commuter hours would be problematic for my unusual hours. With small kids at home, I don't want 1hr + commute, even as I understand our dollar would go further in a more far flung suburb.
I would hardly call Elmhurst or Lagrange "far flung" -- even non-express the trip on the BNSF is under 30 minutes to Lagrange and the trip on the slower UP-W line to Elmhurst is just a bit more. Brookfield and Berwyn are closer.
The high school situation at Morton West is not great but it is better than anything at Proviso and the efforts of community minded families is far more organized than it has previously been. If high schools are important to you I would recommend Riverside-Brookfield, York which serves Elmhurst or LT which serves Lagrange. For the price you cannot find another town with as many State of Illinois Academic Honor Roll schools as Elmhurst or Lagrange -- Illinois Honor Roll - Academic Excellence Awards 2012 List
The crime rates in various parts of Oak Park does vary and if you worry that your spouse may not be as accepting about having young toughs rummaging around your garage as many who dismiss the property crimes as "no big deal" I would check out the statistics from the Oak Park police which are accurate if a bit less than well organized -- Oak Park, Illinois Village Departments -- Police Department
Oak Park is appealing because it seems like it has a lot of community spirit, good schools and low crime - as well as a decent commute from the loop. I'll have to have a few late nights and odd hours, so I'm concerned the suburbs that are farther out with express trains during commuter hours would be problematic for my unusual hours. With small kids at home, I don't want 1hr + commute, even as I understand our dollar would go further in a more far flung suburb.
Yeah, the schools in Berwyn are iffy. I do really like the housing stock though and it is good value and convenient to the city.
Oak Park does have a really good community spirit, good location, good public transport, good schools and low crime for an "urban suburb". Nice parks, community centers, public libraries and activities for kids.
Have to warn you though that even in the suburbs on the edge of Chicago, it can sometimes take you 1 hr to get to work. If you drive, rush hour traffic can be bad (I rec working slightly around rush hour traffic - so your "unusual hours" may work in your favor). The train can be great, but remember you have to take into account the time it takes to walk to the train in Oak Park (or Berwyn or wherever) and the time to walk to work once you get downtown. But this is true wherever you live.
My Dad now wishes his house was covered with vinyl, and even still considers doing it! Yeah, not the most stylish, but low maintenance.
Oak Park is appealing because it seems like it has a lot of community spirit, good schools and low crime - as well as a decent commute from the loop. I'll have to have a few late nights and odd hours, so I'm concerned the suburbs that are farther out with express trains during commuter hours would be problematic for my unusual hours. With small kids at home, I don't want 1hr + commute, even as I understand our dollar would go further in a more far flung suburb.
Regarding your first question, its very plausible to find a decent SFH for around $250k, especially if you go towards $300k. As mentioned by sfcambrage, this maybe a smaller home in need of some updating, but its likely to find a home where there is space to grow and renovate in years to come. A lot of the smaller bungalows have a lot of potential to build out attic space and basements, which more than double the main floor living area, so just because a smaller home going for under $300k may feel smaller, you have to also look at the potential in years to come. While I'd agreed that it would have been hard to find a sfh here pre housing crisis for $300K that was even a dump, it's quite possible to find a good quality home for that price in this market. Prices have risen a little since many foreclosed homes have been bought up, but good deals can still be found.
Some people who do not have much experience with different areas of Oak Park, typically due to never living here, write off anything that's not a block or 2 away from the center, but in reality, many parts of Oak Park on both then north and south sides have many perks to them that some are just unaware of. The education that can be gained here is great, but like any other place kids have to work for it and parents have to be involved. All the academics, professors, lawyers, doctors, professionals etc... Would not stay in Oak Park if they didn't think their kids were getting an excellent education.
I see a link was posted for the crime blotter, its an ok start, but what it won't tell you are the details. The vast majority of crimes are property crime, but what the blotter won't tell you is that the majority of them happen because someone left their car door unlocked, or garage service door unlocked, or garage entrance open etc... Though I am confused as to how the conclusion that "young toughs" are the ones that will be "rummaging around" was reached, when it could be some older poor guy who walks past an obvious opportunity. Are we to assume that the burglars "rummaging around" the wealthy suburbs further west and north are not "young toughs", but actually are a much higher class of burglar, thus more acceptable? Oak Park also has a great police force. Oak Park has a lower crime rate than Lincoln Park, which is considered to be desirable and safe by wealthy people who want to live in desirable and safe areas. The perception that Oak Park maybe unsafe because it borders a rough area typically comes from people that have never lived here and don't have much real experience with the village, but in reality it wouldn't house as many affluent families with kids as it does (who have plenty of options) if people thought it was unsafe for their kids. The idea that crime doesn't happen, or kids can't be influenced by drug use just because you are further away from the city is far from the truth. It is not without irony, and blindness, that some families move farther and farther away from the city with the belief that they and their children will escape the dysfunctions of the city, only to find their kids driving down 290 to score heroin and/or import it into there communities etc... Oak Park is a safe community.
You are correct about community spirt, there is a strong sense of it, and from my experience living here, neighbours really do look out for each other.
At the end of the day it's important to choose the type of community that you feel fits your family and situation best. We moved here because of the schools, diversity, safety, proximity to the city, the amenities etc... Just to name a few, and we've been very happy with our choice.
Last edited by chitownperson; 03-02-2013 at 09:05 PM..
Chitownperson is absolutely correct. Oak Park has some nice perks for kids of all ages. And its a bit quirky, and a bit tony, too in a nice way. If offers many of the Chicago perks, parks and dog park, library, 4 or 5 types of transportation, walkable downtown and hospital, Trader Joe's and Whole Foods is nearby. You don't have to go far to find what you need orto netwoork with peers. I studied the crime report last year for one year or more. It's put ouf by the police department. The vast majority was bicycle theft, stuff from garages that opens in alleys.. mostly petty crime annoyances.
Most older smaller homes were well constructed. Do have your own home inspector and a mold inspector. Hidden mold can be a large, hidden issues in homes. Generally speaking the things you to update and upgrade like painting, changing lights and facts don't have to be done all at once. It can be done over time. Roof, electrical panels, furnace and air, windows,
some may have to be done soon, but most do not. The home and mold inspection will find all of the problems. It will be up to the owner to fix it or reduce the price of the house. A house on the market for over 180 days will probably reduce the price.
I flipped my share of houses, but not in Chicago. The best deal is owner to buyer. You don't need a realtor and most of the time the owner will give you the realtor commission in a lower price. What you will need is a lawyer to write the Sale Contract, and write the Opinion as to the merchantability of the property - which means he didn't find liens or errors with the legal description. Your lawyer can also do the Closing in his office. The Opinion and Closing should not cost any more than what you pay to a Title Company for the same service. It could possibly save you several thousand dollars. Your responsibility is finding financing, paying for inspections, a year home insurance pre-paid, and usually paying for half the Closing costs. If you can do a direct owner-buyer sale you may be able to buy a larger house.
If I am wrong Drover will tell you. He know the law.
These are great, thoughtful replies. I'm getting cautiously optimistic! Thanks!
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