Does anyone think we're entering another real estate bubble? (Berwyn: private schools, kids)

[Lookout Kid]

If the people who think Chicago is the next Detroit just move on already, we'll be a lot better off.

Though to be honest, I'd feel a lot better if our state were run more like Iowa or Minnesota.

[dude1984]

Originally Posted by moderngnome

Or are we just finally catching up to where Chicagoland should be, since we are a major metropolitan area with a large population (like NYC, California, NJ, Seattle)?

That all said, I was just looking at a real estate book from the grocery store today - and homes are so, so expensive. There is no way that the average family can buy even a reasonable home in this market (in a great school district).

What does everyone think?

In Denver there is a huge bubble and they are gouging people on rent. That market is going to collapse at some point because wages don't match the housing cost. This state is going under major Californication...thankfully I am returning to Illinois. I don't see Illinois having a bubble issue.

[moderngnome]

Originally Posted by dude1984

In Denver there is a huge bubble and they are gouging people on rent. That market is going to collapse at some point because wages don't match the housing cost. This state is going under major Californication...thankfully I am returning to Illinois. I don't see Illinois having a bubble issue.

I have a friend in Denver that was just sharing about the bubble there!

I don't necessarily think we're in a housing bubble, but I do think Illinois has major, major issues. We're already a high tax state, and I don't see an easy way out.

There are new bills being put through now (following the failure of SB16) to take away state funding from the wealthier school districts http://senatorandymanar.com/images/2...g_Document.pdf.

[ToriaT]

There again are always people that think Chicago is about to collapse...it has some severe problems but it won't collapse and I don't think taxes will sky rocket.(they are already high to begin with). They are high in all the populated places like NY, NJ, California, etc. Chicago will do what it has done, limp along, with several crisis here and there along the way. There is too much to at stake here for things to go down the drain. Of course your perspective of down the drain depends on where you are....where I am houses are being built and none are vacant. People have good jobs and the stores are filled with people buying stuff. People are selling their homes and others buying them. Even in Berwyn where my two flat is, several buildings on the block have been bought and are being rehabbed and flipped. Its a much less prosperous community than Wheaton. I don't know where the poster lives who thinks housing prices will go down...they have a much different perspective. If people are so concerned and think there is going to be a collapse they should move away to another area.

[ToriaT]

I couldn't find any current articles easily about Chicago being in a current real estate bubble. Apparently several market areas in the country may be in a bubble but not here. In fact one article states Chicago is one of the least likely to be in a bubble because its taken so long for the economy to improve here, the drive up of prices in homes has not really occurred they are still catching up to where they were.

[aga412]

Originally Posted by moderngnome

I have a friend in Denver that was just sharing about the bubble there!

I don't necessarily think we're in a housing bubble, but I do think Illinois has major, major issues. We're already a high tax state, and I don't see an easy way out.

There are new bills being put through now (following the failure of SB16) to take away state funding from the wealthier school districts http://senatorandymanar.com/images/2...g_Document.pdf.

That guy and his bill are disgusting.

[mlh27]

Prices in Oak Park seem insane to me - lots of gut rehabs selling around the $1MM mark in areas where I never would have thought to see that sale price.

[OccidentExpress]

Originally Posted by aga412

That guy and his bill are disgusting.

Short of putting a reasonable cap on the massively inflated salaries and benefits that teachers pull down in the wealthy suburbs, what else is the state supposed to do?

[My Kind Of Town]

Originally Posted by mlh27

Prices in Oak Park seem insane to me - lots of gut rehabs selling around the $1MM mark in areas where I never would have thought to see that sale price.

There are a number of homes for sale in OP for less than $500k that are very nice. I really liked this one. It was priced right and sold quickly. I wonder what the final purchase price will be.

http://www.realtor.com/realestateand...0-31050?row=48

This one is really great too.
http://www.realtor.com/realestateand...9-57732?row=63

Our primary reason for not looking in OP were property taxes. They are bordering on insane. The home prices are reasonable though given what OP has to offer.

[ToriaT]

Not to highjack this but I can't help sharing....this great house for sale in Berwyn at much less. Save the difference and send your kids to private schools.

http://www.realtor.com/realestateand...2_M74817-72276