Lincolnshire sell off? What's the story? (Chicago, Evanston: real estate market, foreclosures, mortgage)

[cohdane]

Hi everyone--

Moved here about a month ago and have been poking around in the northern suburbs for a house. One job at Abbott, one downtown. After looking in Highland Park, Deerfield, Libertyville, etc., we just discovered Lincolnshire and really like the area near Spring Lake Park.

However, one realty website I checked showed a HUGE turnover of homes in that area in the last two years, on both sides of Riverwoods Rd. I know there's a flood plain nearby because of the river, but is there something else going on? Ferocious mosquitos, horrendous traffic, bad village management, school collapse, frightening overstock of new homes-- what? Just trying to figure out why so many people are moving out.

On the other hand, I'd also like info about the area in general in terms of livability-- pros and cons.

Thanks for any insight!

[ahava]

That is a really nice area and I'm surprised to hear about the high turnover. I can make some educated speculations as to why, but a realtor would probably know for sure. I think the most likely reason is an aging population. Stevenson HS's population peaked two years ago and is now on a decline which is expected to continue for about ten years before leveling off. What this means is that a lot of homeowners became empty-nesters, and probably moved to smaller homes and/or places with lower taxes. Other possible reasons are the influx of new construction in Riverwoods and over in Long Grove. People may want an upgrade over the 20-40 year old homes in Lincolnshire. Traffic is bad on Rt 22, but that's been true for over a decade, and now that the construction there is complete (was completed last year) it's actually a lot better. The schools there are consistently excellent; I wouldn't be concerned about that. In general, I think it's a beautiful place to live, and the schools are definitely a pro. Retail development is booming nearby so you have a lot of nice shopping options. Cons would be that it's the typical suburban experience of having to drive everywhere, and the major roads through the town (Rt 22 and Milwaukee Ave) are very heavily traveled. Rt 22 is better than it used to be but it's not great, mostly because the speed limit is only 35 mph through Lincolnshire.

[code10t]

Some relatives of mine lived in a great house in Lincolnshire until a few years ago. Their house was bought by a developer and razed to build a new larger home, and I was told that was the case for several of their neighbors as well.

It's still a great area, with the exception of notoriously slow rush hour traffic.

[vester72]

I'd bet on mortgage fraud, sub-prime mortgages and hybrid mortgages - not necessarily in that order.

But, a great area to buy (unless it is a flood plain) - and prices will rebound (in 5-7 years), so if you find a steal, jump on it - or wait to see if prices keep dropping. But this year is a great time to buy (unless you are looking to flip a place) - especially with rates where they are at.

[brenty]

People who reside in Lincolnshire are more likely to be affected by Mortgage Fraud, Sub-Prime Loans and Hybrid Mortgages. It is mostly middle and upper-middle class and that group is the more likely to be affected than the people in the lakefront suburbs. Lincolnshire and Long Grove have tons of mediocre construction that is very hard to sell. If you want a stable market and a guaranteed return, I would look to Glencoe, Northbrook, Winnetka, Northfield, or Glenview. I am curious as to why you chose Lincolnshire if you wanted something between Chicago and Abbott. Lincolnshire is an awful commute into the city. Depending on your price range look into the ones I metioned and look over Highland Park and East Deerfield again. Wilmette would also be a great option because you can avoid the expressways, but it might not be good for the Abbott person. Anything north of Highland Park or Deerfield will give the city commuter a headache. But, you are looking at the most expensive regions of Chicago. What is your price range and what do you want in a community? That would help everyone out a lot.

[middle-aged mom]

Originally Posted by brenty

People who reside in Lincolnshire are more likely to be affected by Mortgage Fraud, Sub-Prime Loans and Hybrid Mortgages. It is mostly middle and upper-middle class and that group is the more likely to be affected than the people in the lakefront suburbs.

This is a curious statement. Care to elaborate?

[sammy22]

I agree - not sure where Brenty is going with this and on what basis this comment was made. And Northbrook and Glenview are "guaranteed returns"?!?!? I'm looking for a home in Lake Forest, Northbrook, Lincolnshire and/or Glenview right now and know that nothing is "guaranteed" at this time.

Looking at some of Brenty's previous comments she is obviously a realtor from the North Shore and is discouraging anyone from looking at any places outside of Glencoe, Wilmette, Winnetka, Northbrook, Glenview, etc... she's posted dozens of unfounded criticisms on Western Springs, Oak Park, Barrington and now Lincolnshire (never with any data or substance) - I would ignore her comments in general.

[reppin_the_847]

You wrote about brenty:

"I would ignore her comments in general."

My response:

lol (laughing out loud)


And I have to agree with you sammy22. Lincolnshire is basically a Lake County extension of western Glenview & western Northbrook. It's all near the Milwaukee Avenue corridor that continues up into southern Lake County from northern Cook County. And Lincolnshire/Long Grove undoubtedly feeds into one of the top high schools in this state, Stevenson.

Originally Posted by sammy22

I agree - not sure where Brenty is going with this and on what basis this comment was made. And Northbrook and Glenview are "guaranteed returns"?!?!? I'm looking for a home in Lake Forest, Northbrook, Lincolnshire and/or Glenview right now and know that nothing is "guaranteed" at this time.

Looking at some of Brenty's previous comments she is obviously a realtor from the North Shore and is discouraging anyone from looking at any places outside of Glencoe, Wilmette, Winnetka, Northbrook, Glenview, etc... she's posted dozens of unfounded criticisms on Western Springs, Oak Park, Barrington and now Lincolnshire (never with any data or substance) - I would ignore her comments in general.

[brenty]

I am not a realtor. I am a real estate investor, salesman, and former salesman for Toll Brothers in California. I live on the North Shore and am proud of it. I recommend places that I know about. I am very close to a realtor in Glencoe, who helped me find my home in Evanston. Glenview and Northbrook are well established communities. They are also close to the city. They have much less inventory than Linconshire and Long Grove. Most of Long Grove has been built in the 2000's. Lincolnshire after the 1970's. I have not critisized Western Springs. Many compare the western suburbs with the North Shore suburbs and there is just no comparison. I did not critisize Oak Park. I just do not find it to be very family friendly and many will agree. Along with Oak Park's rougher sections are rougher than Evanston's transitional neighborhoods. If you want to live in Loncolnshire or Long Grove go ahead. But, it is not going to be as steady as the North Shore suburbs. Glenview, Northbrook, Glencoe, Winnetka, Northfield, Kenilworth, Wilmette, Golf, Highland Park, Lake Forest, Lake Bluff, Mettawa, Evanston, and Skokie are all guaranteed returns over time. Sure you might get lucky and see a huge return in Lincolnshire or Long Grove. But it is highly unlikely since their real estate market just had a major run up a few years ago. The closer in Northern Suburbs are always more stable and always have less development, they are also considered more appealing. I am just stating the facts of the Northern Suburbs, the North Shore is very stable. Lincolnshire and Long Grove are like Barrington. Rapidly developed, New Money communities.

Brent

[cohdane]

Thanks for the perspective-- we did notice a lot of evidence of recent tear downs. Including some truly HUMONGOUS homes among modest, older ones (what were the builders thinking?....). The area we like is very wooded, big lots and all original older homes (mostly nicely designed ranches) with very few McMansions.

We looked at Lincolnshire because it's just about a 20 minute reverse commute to Abbott and about an hour train ride from the Prairie View Metra station. The Highland Park commute isn't markedly better when you take into consideration how much less yard/house you can get. Although we think the Ravinia/Braeside area is also beautiful with lots of trees and ravines. As far as price, we're all over the map. Can't decide with the looming recession if we want to buy low and camp out or take advantage of the low interest rates and buy as much as we can responsibly afford.

I've stated in other posts that I might be bucking the trend, but in case anyone who builds is listening-- I prefer consistent looking streets to streets that are a patchwork of McMansions, little vinyl boxes and everything in between. (Saw a lot of that in Deerfield. Looks like their zoning commission was asleep at the wheel.)

My wish is that a builder in the northern suburbs would pick a good school district and build some smaller, EnergyStar rated homes. But seeing as Illinois is one of only FOUR states without energy efficient home building codes, I think I won't hold my breath.

Sorry to hear that people think Lincolnshire might be home to some foreclosures-- I'd bet that's everywhere, though. Really glad to hear that people who have been there have good recollections of it. It looks like a great place.