Oak Park is going downhill fast (Chicago, Wheaton: sales, real estate, to rent)

[4122]

If anything, I think Oak Park prices will sky rocket as many affluent areas have. Don't forget, Oak Park is also next to River Forest, which is very affluent. There's a sketchy pocket of Oak Park, but I don't think crime will get worse nor better. The only thing that will change dramatically is housing prices.

[chet everett]

Originally Posted by 4122

If anything, I think Oak Park prices will sky rocket as many affluent areas have. Don't forget, Oak Park is also next to River Forest, which is very affluent. There's a sketchy pocket of Oak Park, but I don't think crime will get worse nor better. The only thing that will change dramatically is housing prices.

River Forest, despite having larger homes / lots is hardly booming. The heavy tax burden of schools that are not posting results as good as other desirable towns.

It is ludicrous to think that ANY place in Illinois will see other than housing that under performs the national average as the MASSIVE shortfalls in public employee pensions force crippling taxes on home owners.

[Taco1234]

Chet- you seem to be the only person on this board that sees what my husband and myself see in Illinois. We are currently renting because we are feeling like the bottom is going to fall out soon with housing prices and taxes.... how can it be sustainable? In all of the towns we are considering taxes are so high as it is (600-800k prices, 13-18k taxes)... Glen ellyn and Lagrange being the worst. Something has to give! I don't WANT to be negative about IL, but to us the writing is on the wall. It's frustrating... Don't want to leave the state, but don't want to buy for 700k and find out values drop dramatically if taxes go up even higher. So hard to know what to do...

[chet everett]

The scarier part of the economy is lower end, the more skilled workforce is doing dramatically better than those a notch or two down. For towns like Oak Park it means many of the more modest homes in less desirable areas are going to be a much harder sell.

For towns with less appeal than Oak Park (mostly due to schools with even more troubles...) the pressure is readily apparent -- essentially Oak Park and River Forest have long been an small island of relative desirable schools surrounded by towns that even with higher taxes cannot provide a classroom experience that overcomes the problems that kids carry.

The trajectory of schools that do serve Oak Park can be extrapolated from what has happened inside Chicago -- the student population has shifted dramatically toward lower income and non-native English. Those groups need more resources but the money is not available -- State laws demand that pension obligations come first...

The towns with more affluent residents have smaller families, more parents with advanced degrees, fewer non-native English learners and the ability to maintain lower tax rates...

[JJski]

Taco - im originally from detroit. I experienced the city bankrupcy first hand. The breaking point i believe you are thinking... This set legal precedent for other gov entities heading in that direction. It will ravage the pension holders if they go that route. There is a point where that becomes only option but i dont think chicago is there yet. IMO its a world class city and when compared to NY we are still cheap COL.

In detroit post bankrupcy after expenses (such as pensions) got wiped from balance sheet prices skyrocketed. The people that sold in fear of total meltdown messed up/missed out... Ask anyone still living in Detroit...

The moral of the story --- don't try to catch a falling knife.... And Buy in the right Location, Location, Location....

13,000 to 18,000 on 800,000 home is 1.6 to 2.0% --- the % most would say is reasonable... We pay about 1.9% living in LG now on our sfh right downtown...

[sfcambridge]

To the OP, you sound like a neighbor my father spoke to when he moved to Oak Park... in 1975.

I have no doubts Oak Park will continue to thrive and be a popular place to live. In fact, the recent boom in construction in the center of town with several huge high-rise residential buildings (four currently in progress) and increasing attractiveness to younger apartment dwellers who want an easy train commute to the city and like the Oak Park lifestyle makes me wonder how much property values are going to continue to rise.....

[BIG CATS]

Originally Posted by Vasily

People who think this suburb or that suburb is free from the potential of this kind of crime and violence happening are fooling themselves. There are bad people everywhere.

Very true. But look at the numbers alone, mmmkay? A little crime here and there pales in comparison to the rampant crime found in not-so-good areas. Overall Naperville is about as safe as it gets.

[Vasily]

Originally Posted by BIG CATS

But look at the numbers alone, mmmkay?

Is that supposed to be sarcasm, or what?

[Taco1234]

Originally Posted by JJski

Taco - im originally from detroit. I experienced the city bankrupcy first hand. The breaking point i believe you are thinking... This set legal precedent for other gov entities heading in that direction. It will ravage the pension holders if they go that route. There is a point where that becomes only option but i dont think chicago is there yet. IMO its a world class city and when compared to NY we are still cheap COL.

In detroit post bankrupcy after expenses (such as pensions) got wiped from balance sheet prices skyrocketed. The people that sold in fear of total meltdown messed up/missed out... Ask anyone still living in Detroit...

The moral of the story --- don't try to catch a falling knife.... And Buy in the right Location, Location, Location....

13,000 to 18,000 on 800,000 home is 1.6 to 2.0% --- the % most would say is reasonable... We pay about 1.9% living in LG now on our sfh right downtown...

We're on 7th ave... Our neighbors bought their home for 890 in 2012 and their 2016 taxes are 23,900! I looked it up on cook county tax assessor page.

It's crazy. Paying almost 25k a year just to live on land?! That seems insane to me... And we have great secure jobs... I only work part time and could feasibly double my income by taking on more patients... I just don't want to spend 6k a month bc of dumb taxes. It's totally nuts to us!

[Taco1234]

Originally Posted by JJski

Taco - im originally from detroit. I experienced the city bankrupcy first hand. The breaking point i believe you are thinking... This set legal precedent for other gov entities heading in that direction. It will ravage the pension holders if they go that route. There is a point where that becomes only option but i dont think chicago is there yet. IMO its a world class city and when compared to NY we are still cheap COL.

In detroit post bankrupcy after expenses (such as pensions) got wiped from balance sheet prices skyrocketed. The people that sold in fear of total meltdown messed up/missed out... Ask anyone still living in Detroit...

The moral of the story --- don't try to catch a falling knife.... And Buy in the right Location, Location, Location....

13,000 to 18,000 on 800,000 home is 1.6 to 2.0% --- the % most would say is reasonable... We pay about 1.9% living in LG now on our sfh right downtown...

Also, my husband's mom and whole family are from Detroit area. Affluent burbs... His one aunt and husband retired last year and sold their family home that they bought in the 70's and had renovated over the years. It was a beautiful home... Anyhow, they basically broke even when they sold it. Maybe made 20-30k (I forget)... But it was ridiculous.

My husband always says: nobody thinks twice about the investment that buying a house is... And how many people are underwater, or on the verge of foreclosure. What if we buy something for 700k and in a few years it's worth half? Doesn't anyone consider that? Seems like everyone is living in a fantasy land.

We're honestly leaning towards hinsdale (if we can force ourselves to commit) bc many of the homes we're seeing in 7-800 range have taxes around 10k. In Glen ellyn, elmhurst, LG, WS taxes are crazy (IMO). I just refuse to pay 15-20k in taxes.