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I think you'd have to admit that you are at least a little bitter that you exited this real estate market a few years ago (while probably having the same sky is falling mindset) and missed out on some considerable gains since then. You'd have been better off finanacially selling this spring before your move to ATL rather than having been a renter over the past few years (I believe you said previously that you sold in 2013 before the market really picked up steam).
I think you'd have to admit that you are at least a little bitter that you exited this real estate market a few years ago (while probably having the same sky is falling mindset) and missed out on some considerable gains since then. You'd have been better off finanacially selling this spring before your move to ATL rather than having been a renter over the past few years (I believe you said previously that you sold in 2013 before the market really picked up steam).
2011-2013 was truthfully the best time to buy. My neighbor bought their place in 2012 for 550k. Sold it this year for 800k and bought a SFH in Wicker Park. They did put a bit of work into it, but they made out with a decent amount of cash.
Additionally, to parrot some who say this on the forum -- it's all about micro locations. Schools matter. Commutes matter. We live in an increasingly socio-economically segregated society, and it is completely evident out in the burbs. Some specific homes in certain locales will fare well, while others won't. It's about the specific investment/ home in the specific area. Overall trends do matter, but there will always be anecdotal differences. Always.
I think you'd have to admit that you are at least a little bitter that you exited this real estate market a few years ago (while probably having the same sky is falling mindset) and missed out on some considerable gains since then. You'd have been better off finanacially selling this spring before your move to ATL rather than having been a renter over the past few years (I believe you said previously that you sold in 2013 before the market really picked up steam).
Not at all... the selling price of homes in the area we sold plummeted after that and I looked the other day through dupage tax assessor and saw the tax bill has gone up almost $1000 annually since we sold it
We are thanking our lucky stars we dumped it when we did...
Also had a discussion with my daughter's preschool director today who bought their house long ago in Lagrange and can't sell it. The taxes are 18k... they are in town, walk to train and 10 schools. People are opening their eyes!
Not at all... the selling price of homes in the area we sold plummeted after that and I looked the other day through dupage tax assessor and saw the tax bill has gone up almost $1000 annually since we sold it
We are thanking our lucky stars we dumped it when we did...
Also had a discussion with my daughter's preschool director today who bought their house long ago in Lagrange and can't sell it. The taxes are 18k... they are in town, walk to train and 10 schools. People are opening their eyes!
I bought in 2011 and I could easily sell my home for 25% more today. My tax bill has gone up along with the value of my home, not really anymore than that. But we live in the City.
That's a silly strawman.
There were MANY signs back in 2005-2008 before the Crash that the economy was in a bubble and about to burst. Now of course many people were Ignorant and Oblivious to the signs and got screwed but there were also plenty of people that jumped out of the marked and were spared.
Same thing will happen in Illinois.
Those that live in denial, bury their head in the sand, act like nothing is going wrong in Illinois will be screwed and the best way to deal with them is just laugh at them and say Told You So.
Sometimes you have to play the @ss card to teach the stupid and ignorant a lesson especially since the individual person chooses to be stupid. Nobody can force you to be stupid.
At the end of the day the Smart and Informed will be spared from pain, suffering, and hardship, Hence why they are better off. The stupid and Ignorant will endure pain, suffering, and serious hardship.
I bought in 2011 and I could easily sell my home for 25% more today. My tax bill has gone up along with the value of my home, not really anymore than that. But we live in the City.
I absolutely acknowledge that there will always be exceptions to the rule. I don't think every house in IL has lost value or that there won't be some gains. I do think however that with rising taxes, rising interest rates and the state of Illinois the overall picture for the housing market here isn't great. It's not a place we'd ever consider buying a home, but that doesn't mean nobody will. Some people have no choice, some people are clueless, some in denial.
I absolutely acknowledge that there will always be exceptions to the rule. I don't think every house in IL has lost value or that there won't be some gains. I do think however that with rising taxes, rising interest rates and the state of Illinois the overall picture for the housing market here isn't great. It's not a place we'd ever consider buying a home, but that doesn't mean nobody will. Some people have no choice, some people are clueless, some in denial.
This guy used to post under the name Broadrippleguy. He was banned a while ago and has come back under this new name. He is also likely the person in this story.
Additionally, to parrot some who say this on the forum -- it's all about micro locations. Schools matter. Commutes matter. We live in an increasingly socio-economically segregated society, and it is completely evident out in the burbs. Some specific homes in certain locales will fare well, while others won't. It's about the specific investment/ home in the specific area. Overall trends do matter, but there will always be anecdotal differences. Always.
There are many trends that can, with minimal effort, be traced back decades. The struggles that face folks in the traditional manufacturing sectors are a macro-trend that is HUGE negative for many parts of Chicago and the whole region that were once powerhouses in that sector. The degree to which cities that arguably were even more entrenched in such endeavors have diversified is a big reason that towns like Pittsburgh have been forced to basically give up on steel and back the various effort of banks like PNC and schools like Carnegie Mellon to move into different sectors.
The thing too is that even sectors that added to Chicago's diverse range of employment in the broad "service category" have seen many shifts. Once upon a time it was common for there to be hordes of relatively low skilled clerks literally moving around the paper records that were a HUGE part of the financial markets, internal documentation at powerhouse retailers like Sears, Wards, Marshall Fields and others that had their own INTERNAL charge card systems, and of course the many insurance / health care providers in the region. Those jobs got eliminated not just through technology shifts but major consolidation and more than a few strategic mistakes. Those shifts have been a large driver for GROWTH in places like Texas and the greater Southeast -- arguably those areas that once relied on tobacco, catle or oil have had a more strategic and dynamic cooperation from their internal leaders. The various political factions that still rule Illinois politics are dinosaurs that are routinely blinded by personal power and clueless about strategic cooperation.
It is hard not to thing of how different the economic landscape was in the region not long ago. Back when firms like Discover and Allstate were part of the corporate structure of Sears. The revenues they generated were anti-cyclic and cushioned the core business. One could argue that divestment unlocked share holder value and forced a tighter focus on the core business, but it also makes the core business more vulnerable to competitive pressures. Similar shifts have been happened in many other businesses that were once pillars of the Chicago business leadership, with subsequent dilution of the prominence of firms ranging from First Chicago to Standard Oil and dozens of lesser known firms that once had global reach from the heart of Chicago's business district. Firms that dominated some of the suburban employment centers have similarly seen negative shifts in their businesses -- the core of Oak Brook is soon to a ghost town as McDonalds massively downsizes and move to the West Loop. The decades long shift out of the telecom spotlight for firms like Motorola, Bell Labs / Lucent, Westell and others is still seeing painful shrinkage and weird space re-use. The centerpiece of Lucent's midwest presence is now home to the heavy truck maker who is still downsizing -- Navistar looks to shed half its headquarters space
One would be hard pressed to dismiss the overall negative press that the admitted fringe aspects of gang violence or the truly awful status of fiscal issues relating primarily to pensions has had in harming the image of Chicago -- firms that might consider Chicago no doubt do not want to waste time explaining away such negatives.
The trend of younger college grads starting their careers in Chicago is not really a new experience. Decades ago many of the then top Chicago firms had similar appeal. Unfortunately the sort of pipeline has changed and mostly not for the better. Back when there are were fewer kids pouring out of colleges it made sense for MANY firms to have true "training programs" that took generic college grads and helped them learn the skills needed to be bankers or insurance executives or consultants in large accounting firms. Increasingly those fields now look only a SPECIALIZED college grads, many of whom have done internships and similar highly competitive efforts to win the shrinking number of slots. Firms like Arthur Anderson are gone, collapsed from their own malfeasance and bad press. Not that long ago they were part of the Big 8 that is half that today -- The Big 4 Accounting Firms - The Complete Guide .
The digital page above is another trend that shifts things around -- a few decades back the dissemination of such knowledge was much narrower. Kids that grew up in a rural area would have had ZERO exposure to such info prior to arriving at a good college and finding out from professors or frat brothers what a solid path to good employment accounting might be. Now kids literally in middle schools are able to start prepping for such careers from anywhere they cannot to the internet, which means pretty much everywhere!
Despite this new "location free" access to info the sorts of things that are possible in a densely populated urban area have grown in importance -- entertainment, person-to-person contact, meet-ups, etc. Where once upon a time "production workers" might stop at a bowling alley or tap room to enjoy an adult beverage now the digital generation extends the work day with opportunities for learning new technology, extending their connections to potential employers, and yes having a craft beer or two. While Chicago has had some success in this arena, the literal climate in San Fransisco / Silicon Valley is so much more pleasant that the limits inherent of Chicago are obvious.
The current status of Chicago's pluses against most other midwestern cities is pretty solid -- there are no real threats as far as true leadership. The bigger challenges, against costal cities and other venues in the global range of options, are the sorts of things that will be most negatively impacted by failures to address fiscal and crime related concerns in an expedient manner. Just as bordering areas in Wisconsin and Indiana have aggressively sold themselves to traditional business owners looking for the kind of current and future advantages that come from more certain fiscal conditions so too will the wave of current tech firms look for areas that offer them the opportunity to move to the next level. Folks that ignore this negatives will regret glossing over the uniquely terrible conditions that continue to garner harsh headlines for Chicago --
Last edited by chet everett; 12-16-2016 at 12:05 PM..
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Well not entirely...
