U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-26-2008, 05:47 PM
 
Location: Oak Park, IL
5,522 posts, read 12,733,244 times
Reputation: 3866

Advertisements

Quote:
Originally Posted by Lookout Kid View Post
Can you dig that up? I'm skeptical about such a big drop. I own a 2-BR condo in a market saturated with 2-BR condos (north side lakefront), and we've only seen prices drop by $15,000 or so.
Yeah, that seems a little bit high for the Chicago area.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 06-27-2008, 12:22 AM
 
Location: Chicagoland
4,028 posts, read 6,645,339 times
Reputation: 1323
Quote:
Originally Posted by Lookout Kid View Post
Can you dig that up? I'm skeptical about such a big drop. I own a 2-BR condo in a market saturated with 2-BR condos (north side lakefront), and we've only seen prices drop by $15,000 or so.
Lincolnwood dropped by over 200k it says.

http://media1.pioneerlocal.com/multi...7.imageContent

Last edited by thePR; 06-27-2008 at 12:38 AM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-27-2008, 10:42 AM
 
Location: Evanston
296 posts, read 1,013,789 times
Reputation: 143
These numbers are pretty meaningless in terms of actual home appreciation/depreciation. One of the hallmarks of the current environment is that "move-up" buyers are sitting on the sidelines (credit issues, home sale concerns). First time buyers are still in the market, but they're generally buying less expensive homes than the move-up buyers. Condos are still being delivered, which are usually cheaper on average than homes, especially move-up homes, and some are actually being closed on. So yes, Lincolnwood's average sale price dropped, but that probably just means fewer high-end homes sold there in comparison to lower-end stuff. Indeed, the dramatically reduced transaction volume would support that line of reasoning.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-30-2008, 10:10 AM
 
11,973 posts, read 28,769,737 times
Reputation: 4596
Quote:
Originally Posted by thePR View Post
Lincolnwood dropped by over 200k it says.

http://media1.pioneerlocal.com/multi...7.imageContent
This definitely doesn't mean that people's actual home values have dropped by $200K. It's just showing us what price range is actually selling in the area. But it's probably not a good sign. Note that the 2008 numbers are only based on the sale of 17 homes. That's definitely not a good enough sample to get a feel for the market!

By the way, why are homes in Lincolnwood so expensive? I've never really understood that, other than their close proximity to Chicago. I just don't think it's that nice out there... It's just Skokie with more teardowns.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-30-2008, 11:44 AM
 
28,461 posts, read 75,628,025 times
Reputation: 18530
Default Lincolnwood vs Skokie and other "itty bitty" towns next to larger ones...

Quote:
Originally Posted by Lookout Kid View Post
This definitely doesn't mean that people's actual home values have dropped by $200K. It's just showing us what price range is actually selling in the area. But it's probably not a good sign. Note that the 2008 numbers are only based on the sale of 17 homes. That's definitely not a good enough sample to get a feel for the market!

By the way, why are homes in Lincolnwood so expensive? I've never really understood that, other than their close proximity to Chicago. I just don't think it's that nice out there... It's just Skokie with more teardowns.
Smaller towns, bigger lots, fewer apartments, less need for fire/police, lower taxes...

BTW I completely agree that the numbers are horribly skewed in the smaller towns. It does, however make downturns much less likely -- the logic is thus: small town was almost certainly faced with a situation where they specifically incorporated why back when because they did not want to lose their unique / exclusive character to an area that was not "as nice" as the smaller area. Thus there is more competition for the homes, making it very unlikely that any one home becomes run down. Thus prices remain higher. Same thing plays out in Clarendon Hills, Wayne, Homer Glen, Campton Hills.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-30-2008, 12:34 PM
 
220 posts, read 680,876 times
Reputation: 66
Quote:
Originally Posted by chet everett View Post
...Homer Glen...
Though, to be honest, Homer Glen is not exactly small. It's roughly 20 square miles. It's the South Barrington of Will County.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-04-2009, 01:30 PM
 
Location: Chicago
721 posts, read 1,634,509 times
Reputation: 449
Lincolnwood and the southern part of Skokie have the towers, which are all million dollar houses. I think the Skokie-Lincolnwood-Morton Grove-Glenview Area will boom again. Morton Grove and Glenview have the METRA, Skokie has the yellow line, and Lincolnwood is basically surrounded by Chicago. The schools in the area are better than most, and if diversity is what you're looking for, the area can definitely offer that.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago Suburbs
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 11:57 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top