Opinion on Condo in Northbrook (Chicago, Wheaton: 2014, to rent, HOA)

[chicagodesi]

Hello All,

We are considering a condo in Northbrook, either Pheasant Creek or Salceda on Valencia. one of the big factors is great schools such as Hickory Oak, Shabonee, Maple, and GBN. We'd love feedback from anyone familiar with the area on the schools, namely elementary schools and also if it's a good investment to get our foot in the door in Northbrook as the condos we are looking at are below $200k. We do like the Northbrook/Glenview area and strong school district is a great appeal. Sincerely appreciate honest feedback, thanks!

[IrishIllini]

Originally Posted by chicagodesi

Hello All,

We are considering a condo in Northbrook, either Pheasant Creek or Salceda on Valencia. one of the big factors is great schools such as Hickory Oak, Shabonee, Maple, and GBN. We'd love feedback from anyone familiar with the area on the schools, namely elementary schools and also if it's a good investment to get our foot in the door in Northbrook as the condos we are looking at are below $200k. We do like the Northbrook/Glenview area and strong school district is a great appeal. Sincerely appreciate honest feedback, thanks!

I prefer Glenview to Northbrook, but that's just me. Glenview feeds into GBS though and is more diverse as a whole. The schools up that way are excellent. It'd really be splitting hairs to say which is better.

[chicagodesi]

Originally Posted by IrishIllini

I prefer Glenview to Northbrook, but that's just me. Glenview feeds into GBS though and is more diverse as a whole. The schools up that way are excellent. It'd really be splitting hairs to say which is better.

Thanks for the advice, any particular elementary schools that you recommend us to check out?

[IrishIllini]

In my opinion, all the schools excellent. There's Northbrook District 27 and Glenview/Northbrook District 30. The schools you mentioned are in NB27. Northbrook schools have higher test scores, so if that's what you're after you're better off getting into 27 or the part of district 30 that feeds into GBN. GBS is larger than GBN by nearly 1,000 students, but neither have an issue with overcrowding or class sizes. If you find a unit you prefer but it feeds into GBS, I don't think you should pass on it, but that's just me.

[chet everett]

I would caution that the "great investment" aspect of condominiums is highly suspect. The history of condo prices in all but "exploding" areas like recently gentrified parts of Chicago suggests that between property taxes, shared HOA /maintenance fee and general upkeep of your own units (things like your own appliances...) is it is unlikely to see any upside compared to renting... The NY Time has an outstanding interactive calculator that allows you to make input values and use sliders to see the impact of changes in initial conditions -- http://www.nytimes.com/interactive/2...alculator.html There are many good articles that they host as well.

The general trend for condo ownership in the region is not encouraging -- demographic trends are likely to continue to make it choice favored primarily by those downsizing and even that group is not likely to be motivated by things like quality schools. The trend for folks with school aged children in both the suburban areas and the city itself is driven by single family homes...

[4122]

I agree that Glenview or Northbrook would be a good choice. Just Watch out for the HOA a fees. For Glenview, Try to stick to the Attea middle school boundaries and in Northbrook stick to the maple or wood oaks middle school boundaries.

With Northbrook, be aware that there are multiple K–eight districts and One has a school that is K–two, and another that is 3 to 5, then they go to wood oaks.

[chicagodesi]

Appreciate the advice from everyone, we were leaning towards it due to low taxes and most HOA's cover utilities, even though they're generally about $400-500.

[ToriaT]

We recently sold a condo that was purchased in 2001 in Wheaton and we basically got what we paid for it no more no less. I do think condos serve a good purpose. The HOA takes care of most services, and taxes are generally lower than what you would have in a house. But as an investment, no.

[chet everett]

Originally Posted by ToriaT

We recently sold a condo that was purchased in 2001 in Wheaton and we basically got what we paid for it no more no less. I do think condos serve a good purpose. The HOA takes care of most services, and taxes are generally lower than what you would have in a house. But as an investment, no.

Those who "profit" from condos are almost always developers and the handful of folks who spend the perfect amount of time in a "hot" neighborhood -- that timing aspect is all but impossible to predict with any certainity!

My gut says the negatives of nearly all suburban condos in the region are high and getting worse as employment trends are not favorable. There are a handful of spots where the right kind of condo might be less negative but even then the speculative aspects are too uncertain.

Frankly the long history of even famous condo developers leaving a trail of dissatisfied contractors in their wake as is evidenced by the focus the media has on Trump goes a long way to exposing how unseemly the business often is...

[ToriaT]

I do think that condos serve a good purpose for people who are downsizing, getting up in years and want to sell their big homes and reduce property taxes. Its maybe a good bet instead of renting. I've sold a few condos have not lost any money on them yet but don't buy at top of market. I know quite a few single women and elderly that like condo living too as there is more security than if living in a house and no yard work. When my mother was alive she loved her condo which was in an elevator building. So if it suits your lifestyle I'd say go for it but look into the association and make sure you are not getting a pig in a poke.