Very weak housing market in Highland Park (Chicago, Hoffman Estates: real estate, foreclosures) - Chicago Suburbs - Illinois (IL) - Page 2 - City-Data Forum

IrishIllini · 08-28-2016, 06:13 PM

Quote:

Originally Posted by Hiruko

My understanding is that District 112 (Highland Park/Highwood) has been struggling with long-term budgetary issues and community disagreement over how to reorganize the school district. A referendum was defeated earlier this year that would have consolidated all fifth- through eighth-grade students, about 1,800 in total, on a single middle school campus in southwest Highland Park where Red Oak and Sherwood elementary schools now stand. Six of the district's schools were slated to close when the new middle school opened, and six schools would be renovated to serve the district's kindergarten through fourth grade students. Essentially, District 112 would follow the model currently in place in Wilmette and other surrounding communities, with neighborhood elementary schools and a district-wide middle school and junior high school. As an outsider, the main issues seem to be that Highland Park residents neither want changes, nor do they want to pay for capital improvements required for the changes to be made. Some parents were upset that they would no longer have a "neighborhood school," an antiquated and harmful concept in my opinion. Currently, the district is mulling closing four of the elementary schools without a referendum.

Jesus, how many schools does HP have? Doesn't HPHS have something like 2k students? Can't imagine the need for more than four or five feeder schools.

4122 · 08-28-2016, 09:21 PM

Quote:

Originally Posted by IrishIllini

Jesus, how many schools does HP have? Doesn't HPHS have something like 2k students? Can't imagine the need for more than four or five feeder schools.

Three middle schools and eight elementary Schools

damba · 08-29-2016, 10:10 AM

Arguably, this means you would get to live in a great, updated home with good schools in an area that you are familiar with. I see few drawbacks for you, regardless of any upcoming school closings.

OTOH, if your plans are to 'flip' something, then obviously, stick to areas with higher returns.

cheers

Quote:

Originally Posted by AdmiralAdama

I am moving back to Chicago after time in Los Angeles and DC -- both cities with housing markets on fire.
Considering moving back to Highland Park, where I grew up. But I am somewhat taken aback by the housing market there, which seems to have buckled.

From what I can tell, housing prices have returned to the values between 2000 and 2005. There is no price appreciation.

From recent sales:

This sold below 2005 prices
https://www.redfin.com/IL/Highland-P.../home/17630339
587K in 2005, sold for 540K

This sold for 7% above 2003 price
https://www.redfin.com/IL/Highland-P.../home/17629881
332K in 2003, sold for 356K

This sold for 17% over 2000 prices, or an appreciation of about 1%
https://www.redfin.com/IL/Highland-P.../home/17625651
204K in 2000, sold for 239K

This sold for 3% over 2005 price
https://www.redfin.com/IL/Highland-P.../home/14197081
500K in 2005, sold for 514K

This sold under 2004 price
https://www.redfin.com/IL/Highland-P.../home/17617507
664K in 2004, sold for 645K

When did the HP market get so bad? It seems worse than the other North suburbs --- why? Are people aware of just how weak it is? Or am I misreading something? What's up?

flamadiddle · 08-29-2016, 10:16 AM

Quote:

Originally Posted by damba

Arguably, this means you would get to live in a great, updated home with good schools in an area that you are familiar with. I see few drawbacks for you, regardless of any upcoming school closings.

OTOH, if your plans are to 'flip' something, then obviously, stick to areas with higher returns.

cheers

I agree, just consider that the homes there are on sale right now. Just make sure the associated schools are rated high and you should be good...

damba · 08-29-2016, 10:46 AM

Some of the 'out the door' prices will no doubt be shockingly low too, given how long some have been sitting with very little traffic.

Quote:

Originally Posted by flamadiddle

I agree, just consider that the homes there are on sale right now. Just make sure the associated schools are rated high and you should be good...

4122 · 08-29-2016, 12:43 PM

Quote:

Originally Posted by damba

Arguably, this means you would get to live in a great, updated home with good schools in an area that you are familiar with. I see few drawbacks for you, regardless of any upcoming school closings.

OTOH, if your plans are to 'flip' something, then obviously, stick to areas with higher returns.

cheers

If I had kids that were in grades k-8, I wouldn't buy in one of the boundaries of the schools that are closing. However, HP has had a history of excellent schools, so if I found a good deal in let's say the Ravinia boundaries, I would buy it. Also, Oak Terrace and Wayne Thomas provide as good of an education as Lincoln or Braeside. I mean it's the same district. The only reason why Oak Terrace and Wayne Thomas have lower test scores is because of the demographics.

damba · 08-29-2016, 01:12 PM

Quote:

Originally Posted by 4122

If I had kids that were in grades k-8, I wouldn't buy in one of the boundaries of the schools that are closing. However, HP has had a history of excellent schools, so if I found a good deal in let's say the Ravinia boundaries, I would buy it. Also, Oak Terrace and Wayne Thomas provide as good of an education as Lincoln or Braeside. I mean it's the same district. The only reason why Oak Terrace and Wayne Thomas have lower test scores is because of the demographics.

I don't really follow that logic since you imply outright that the education is just as good all around. Using your formula, more than 50% of HP would technically be off limits and folks shopping on a budget/looking for slightly more modest non-Ravinia neighborhood type offerings would potentially be left out.