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Old 06-24-2008, 08:38 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,224,977 times
Reputation: 1189

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Skye,

I disagree with you bigtime about comparing Oak Park to Homewood or Flossmoor.

Oak Park has much higher incomes and better housing stock, except for some parts very close to Austin.

Maywood is next to River Forest, not Oak Park and River Forest cops do not allow the overflow from Maywood and the riff raff from Maywood do not dare cross the Des Plaines River as a result of this. Remember my story about the black man who was made to stand at the corner of Thatcher and North by the River Forest police with his shopping cart full of electronic goods he had stolen from houses in River Forest as a testament to those who would even think of stealing from River Forest.

Oak Park is insulated somewhat by Forest Park as well and Galewood to the north as a whole is okay until you get east of Ridgeland.

Oak Park is much closer to downtown than Flossmoor or Homewood, so comparing them seems silly.

Homewood and Flossmoor aren't bad, just nothing like Oak Park.
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Old 06-24-2008, 08:45 AM
 
1,424 posts, read 1,493,218 times
Reputation: 3171
Red face Simple formula

I have owned two houses in the past 17 years, and have, according to zillow, have an incredible amount of equity in my home. Why? I think the formula for making money as far as appreciation is the following formula:

Choose a well located suburb fairly close to Chicago on a train line; a home within easy walking distance to a train; in a town with a good number of tear downs which over time will make the neighborhood support the value of your house just for the cost of your land; choose a home that needs cosmetic work as opposed to perfect condition; choose a home in a very good school district; choose a land locked town that is older and close to expressways, tollways, and employment; choose a town with something unique about it, such as older character; and choose a house which is on the lower end of the price range for the neighborhood, on a side street as opposed to a busy street.

Try looking a the price pulse section of the Tribune. You will see that towns that fit this description keep on going up, as opposed to the far flung suburbs. Hinsdale, Clarendon Hills, Western Springs, Wilmette and most of the north shore are all areas that keep on increasing despite the market downturn. Towns such as Elmhurst and River Forest fit this description as well. If you spend $600k on a house in these areas on a lot that is bigger, you will definitely see appreciation once the market, and teardowns, start up again in earnest. Just my two cents.
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Old 06-24-2008, 08:52 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,224,977 times
Reputation: 1189
Default Justabystander

I agree with you. Add to that list, Itasca, Glen Ellyn, Park Ridge and Oak Park of course.

Don't trust Zillow.
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Old 06-24-2008, 10:12 AM
 
37 posts, read 143,932 times
Reputation: 23
Nannie,

I think that Flossmoor is a well established community, and has been for awhile, that the surrounding areas won't effect it all that much.

In terms of growth I don't think there's much to expand in Flossmoor. It has plenty of mom and pop stores, most within walking distance of one another, that I think is part of it's appeal.

As far as desirablity I think it's really a hidden gem in the south burbs. In no way does Country Club Hills or whatever turn me off from wanting to live there. If I could I would. Plus, the Metra is established right in the heart of it's downtown making everything in close proximity of one another. To me, it's a perfect community if you commute downtown everyday by train. I think that would attract plenty of home buyers.
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Old 06-24-2008, 10:41 AM
 
1,424 posts, read 1,493,218 times
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Default I Disagree with you Park Forester

Judging by your title, I am sure that you are pretty convinced that where you live is a great place, and it probably is. But not if you believe in significant price appreciation. In fact, if you had lived in Flossmoor for a significant length of time, you would have suffered economically because other places in the west and north suburbs far outpaced you in price appreciation,. Why? Because of the lack of significant employment around Flossmoor, the gradual downgrading economically of places such as Olympia Fields, Chicago Heights, and Homewood, and the loss of people to southwest sububs such as Orland Park and Frankfort. While Flossmoor is beautiful, I beg to differ with you as far as it being a place of the future, and a place to have a home with significant added equity down the road. Sometimes people are blind when their little corner of the world is up for discussion, but all you have to do is look at home price statistics ( like those found in Chicago Magazine each year ) to know that what I am saying is happening.
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Old 06-24-2008, 11:13 AM
 
37 posts, read 143,932 times
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Justabystander

I could care less where people are moving to. You want to move to Orland Park or wherever go right ahead. Me, I'll move to Flossmoor, thanks.

For the record, I never said "it's a place of the future." Read my post.
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Old 06-24-2008, 01:19 PM
 
11,973 posts, read 28,678,617 times
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Quote:
Originally Posted by Justabystander View Post
JWhy? Because of the lack of significant employment around Flossmoor, the gradual downgrading economically of places such as Olympia Fields, Chicago Heights, and Homewood, and the loss of people to southwest sububs such as Orland Park and Frankfort.
Since when is Homewood going downhill? I'm saying that it isn't, but just that this is the first I've heard of it.

Pretty soon people are going to have to stop writing off the South Suburbs. If the end of cheap oil really does spur a metropolitain contraction of sorts, gentrification will truly become a suburban phenomenon in the inner ring. The worst thing that could happen to these inner suburbs would be for CPS to get its act together (thereby stemming the flow of parents leaving the city for schooling).
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Old 06-24-2008, 01:39 PM
 
1,156 posts, read 3,408,048 times
Reputation: 487
Quote:
Originally Posted by Humboldt1 View Post
Skye,

I disagree with you bigtime about comparing Oak Park to Homewood or Flossmoor.

Oak Park has much higher incomes and better housing stock, except for some parts very close to Austin.

Maywood is next to River Forest, not Oak Park and River Forest cops do not allow the overflow from Maywood and the riff raff from Maywood do not dare cross the Des Plaines River as a result of this. Remember my story about the black man who was made to stand at the corner of Thatcher and North by the River Forest police with his shopping cart full of electronic goods he had stolen from houses in River Forest as a testament to those who would even think of stealing from River Forest.

Oak Park is insulated somewhat by Forest Park as well and Galewood to the north as a whole is okay until you get east of Ridgeland.

Oak Park is much closer to downtown than Flossmoor or Homewood, so comparing them seems silly.

Homewood and Flossmoor aren't bad, just nothing like Oak Park.
Flossmoor compares rather closely, actually, when you look at the numbers (from city-data, Illinois Interactive School Report Card & realtor.com).

Pros:
Flossmoor's crime index is 118 vs OP's 296.
Median HH income: Flossmoor 100K, OP 63,100

Surprisingly Similar:
Racial Mix Flossmoor 66W/22B/5H; OP 65W/27B/2H
High School performance: H-F HS 67 % meet or exceed in all subjects, OP-Riverside 67% meet or exceed in all subjects
Educational attainment Bachelors Degree or higher: Flossmoor 61%; OP 62%

Cons:
Train ride downtown: 40 minutes from Flossmoor, 25 minutes from OP
Average home OP - 353K vs Flossmoor's 331K, both have nice homes, but of course Oak PArk is quite unique in its housing stock. However, Flossmoor has really wonderful wooded areas and a more suburban feel.
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Old 06-24-2008, 01:49 PM
 
28,461 posts, read 75,137,154 times
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Despite the fact that CPS does have a handful of schools with outstanding results the overall problems are unlikely to be completed eliminated.

Even if CPS was magically transformed into a place where each child could grow like a greenhouse flower families with kids would still be drawn to the larger quieter homes where one's money goes much farther. The delivery of City services is fairly dysfunctional and when one factors in all the quality of life issues most suburbs offer more to families.

Chicago has its place, younger people and all kinds of people of means can choose to live in much different circumstances.

I have my doubts about any wholesale "rebirth" of any inner ring suburb. Sure some of these places will save you commuting costs, but if the structure itself and its mechanical systems were last updated when oil was a dollar barrel you might need to stuff dollar bills into the ancient storm windows or light cash to heat the place...

Towns like Homewood and Flossmor do have some things going for them but somehow I don't see other towns in Dupage Co, Lake Co, or N/NW Cook giving up anything to 'em.

If there were some sort of showcase effort to address all the energy / maintenance issues and perhaps even redevelop some of the really obsolete rental units that could be a game changer. The upfront costs might be something that one could hope for a grant from the State of Illinois or some sort of federal partnership, but somehow things don't seem to moving in that direction.

I don't mind to imply that ANY suburb is exclusively troubled by this kind of thing. Once upon a time I had an partnership interest in a mid sized (14 unit) building in Elmhurst. It was in good repair and located conveniently to the hospital and transportation. As people's lifestyles changed the configuration of the building really did not attract the kind of renters that were desirable. We sold it for a profit to a firm that was not as emotionally involved with the tenants. I know that it would cost a fortune to rebuild the place to modern standards. Of course that is not really economically justifiable...
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Old 06-24-2008, 02:55 PM
 
Location: Oak Park
142 posts, read 392,956 times
Reputation: 57
Quote:
Originally Posted by cdc3217 View Post
Flossmoor compares rather closely, actually, when you look at the numbers (from city-data, Illinois Interactive School Report Card & realtor.com).

Pros:
Flossmoor's crime index is 118 vs OP's 296.
Median HH income: Flossmoor 100K, OP 63,100

Surprisingly Similar:
Racial Mix Flossmoor 66W/22B/5H; OP 65W/27B/2H
High School performance: H-F HS 67 % meet or exceed in all subjects, OP-Riverside 67% meet or exceed in all subjects
Educational attainment Bachelors Degree or higher: Flossmoor 61%; OP 62%

Cons:
Train ride downtown: 40 minutes from Flossmoor, 25 minutes from OP
Average home OP - 353K vs Flossmoor's 331K, both have nice homes, but of course Oak PArk is quite unique in its housing stock. However, Flossmoor has really wonderful wooded areas and a more suburban feel.

I know you had it listed as a con, but you have to be more accurate on "train ride downtown". OP is 15-20 min. to downtown on the Metra depending on the route, compared to Flossmoor taking 42 minutes on an express route. Call it nitpicking, but you can't get loose with facts like that.

Add to that the fact that OP has the Blue and Green lines that get downtown in roughly 25 min. depending on the stop, and Flossmoor can't compete with OP's downtown accessability.

Makes me wonder where you got your other facts, to be honest.
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