Chicago's North Shore: Buyer Beware? (Naperville, Evanston: fit in, real estate, house prices)

[lakecountylifer]

Originally Posted by Nysee53

Thank you for your concern. My oldest is working on an MBA so he can be CEO of the family business. I would pay for my grandchildren to live in the township. New Trier kids tend to live up to their expectations, they don't have a choice.

The MBA will be obtained for the "Family Business", so its not like he will have any competition for the CEO position like in the "real world"? My kids earned everything on their own merits---not default by bloodline.

[cubssoxfan]

During the 80's I worked retail in Winnetka for 4 years. The clientele were friendly and down to earth. Some of my co-workers would let me know who the "well known" families were. Without my co-workers telling me, I would not have noticed. I can only recall 1 really snobbish customer and one or two that were just plain strange. I remember helping Mrs. Dallas Green and the Wirtz family. Just nice, regular people in my dealings with them. I also worked in Skokie for 3 years and I ran into more rude people, there than in Winnetka. I went to College with several North Shore kids and they were polite and as down to earth as anybody else.

I think we all like to critisize rude, arrogant people-especially when they have wealth and appear to flaunt it. This, in my experience, is such a small minority in the North Shore. It is an UNFOUNDED, FALSE stereotype!!

I'm sure there are a few who move to the North Shore, at the expense of everything else, to keep a certain lifestyle. Guess what? This happens in Buffalo Grove too and all across the country. If not, we may not have had the housing bubble.
Most of us on this forum are probably too smart to mortgage our future just to live in a certain zip-code. There are so many good communities to live in that one does not have to forgo a sound financial lifestyle to afford a nice home with good schools.

[teamrns]

If yoo're consieering Highland Park (which is a nice suburb), there are nicer north suburbs.

However, if you're considering a hefty contribution to a 401 (k) as an alternative, just as good buys can be found in Northbrook-for less. So much of Highland Park, Kenilworth, and Glencoe is in the name. Granted, they're all nice suburbs, but Wilmette, Winnetka, Northbrook will give you good value and you can make a more important 401(k) contribution. Isn't the retirement more important?

Annie

[lakecountylifer]

Originally Posted by teamrns

If yoo're consieering Highland Park (which is a nice suburb), there are nicer north suburbs.

However, if you're considering a hefty contribution to a 401 (k) as an alternative, just as good buys can be found in Northbrook-for less. So much of Highland Park, Kenilworth, and Glencoe is in the name. Granted, they're all nice suburbs, but Wilmette, Winnetka, Northbrook will give you good value and you can make a more important 401(k) contribution. Isn't the retirement more important?

Annie

Yes, retirement is more important. If one funds there 401K to over $1 million dollars living in Buffalo Grove and reaches retirement---that person has the Buffalo Grove home and 1 million + in liquid assets. If another person invests solely in a North Shore home for say $800,000 and reaches retirement----they are praying that the bubble doesn't burst and scratching their heads on how to maintain 75-80% of their pre-retirement income. But I suppose that person could enjoy the "architecture" of the North Shore before being foreclosed on when they are 65.

[Paige65]

Originally Posted by lakecountylifer

Yes, retirement is more important. If one funds there 401K to over $1 million dollars living in Buffalo Grove and reaches retirement---that person has the Buffalo Grove home and 1 million + in liquid assets. If another person invests solely in a North Shore home for say $800,000 and reaches retirement----they are praying that the bubble doesn't burst and scratching their heads on how to maintain 75-80% of their pre-retirement income. But I suppose that person could enjoy the "architecture" of the North Shore before being foreclosed on when they are 65.

Your basic assumption is that many on the North Shore are foregoing retirement saving for the "architecture" of the North Shore and I don't think you've proven that to be true. Have you met lots of people who have told you that they have no savings/investments and are banking on the equity of their home now or when they retire? The NS has not been immune to foreclosure, but to paint the entire area with the broad brush that you have is misleading and unfounded.

Your original question was something close to "does the value live up to the hype?". My short response is that the NS has the lake, that's what sets it apart. It also has natural beauty, great architecture, great schools, small town atmosphere, family friendly communities, low traffic. It does live up to the hype. That's not to say that other places aren't nice and don't live up to their own hype and don't have their own positive attributes. Whether one chooses to live on the NS, or somewhere else, is up to them. If they don't live on the NS, they aren't sacrificing a good education by living somewhere else either. As numerous posters have stated, hopefully, people will live where they feel comfortable and not sacrifice too much to do it. I think the NS is pretty much like everywhere else in that regard.

[lakecountylifer]

"Your basic assumption is that many on the North Shore are foregoing retirement saving for the "architecture" of the North Shore and I don't think you've proven that to be true."


Thats not my orginal assumption......I was asking a question about whether people considering moving to the NS would be better off putting everything into their house on the NS or move to an area with a more realistic price tag and fund their 401K.

I know its hard to be challenged and the natural reaction is to defend a lifestyle.....don't take it so personally and I'm sure you didn't mean to twist my original question.

[Paige65]

Originally Posted by lakecountylifer

"Your basic assumption is that many on the North Shore are foregoing retirement saving for the "architecture" of the North Shore and I don't think you've proven that to be true."


Thats not my orginal assumption......I was asking a question about whether people considering moving to the NS would be better off putting everything into their house on the NS or move to an area with a more realistic price tag and fund their 401K.

I know its hard to be challenged and the natural reaction is to defend a lifestyle.....don't take it so personally and twist my OP.

You're correct. I reread your original post and see that your original question was more general. My apologies. My intention was not to twist your OP and I do not feel personally challenged. However, I probably overstepped a bit as I don't like the image that people conjur up about the NS Joneses mentality. I do think there are later inferences in this thread that many on the NS are buying without regard to their financial future and I don't believe that to be true. When it all comes down to it, I agree with you, no one should buy a home that does not allow them to adequately fund their retirement.

[ShelleysXJR2]

Please, What's with this NS hype. People are people. The NS people shop in the same stores, and eat the same food as everyone else. And as for being snobbish. No they are not snobs. No, not everyone who lives on the NS drives a Rolls Royce or Mercedes Benz.

The only real difference living on the NS shore, means your taxed to death for that big old house, that no doubt costs a small fortune in utility bills every month. Not to mention the constant upkeep and repairs. At one time. 40/50 years ago, or so. It was THE address to perhaps have. Now with multi million dollar homes all over north Lake and Cook County. And so many upscale newer communities. That far exceed the so called NS, Winnetka, Northfield, Northbrook & Lake Forest area zip codes.

[vester72]

Originally Posted by lakecountylifer

I was asking a question about whether people considering moving to the NS would be better off putting everything into their house on the NS or move to an area with a more realistic price tag and fund their 401K.

I think the issue is, if you have to bypass your 401k, you can't afford to live there so you shouldn't. That being said, there are homes on the North Shore that are just as affordable as those in other nice burbs, but you just don't get as much house for the $$ compared to a lot of other suburbs.

The upside is proximity to the lake and great schools, safe communities, etc., but some of those can be found elsewhere, just not all of them in the same place.

But, no areas have so much upside that one should not fund their retirement in order to live there.

Some of my very close friends live there and it is a great area - they live in Highland Park, Kenilworth and Glencoe FWIW. While they are great, beautiful, etc., they are not the end all be all for everyone. Personally, I can afford to live there but chose not too and love where I live, but that is just me. My friends can afford it and chose to live there and would not live anywhere else in the area. Basically, it is a wonderful area, but it is pricey and your housing $$ does not go very far, but for a lot of people the other amenities make it worth it.

[Nysee53]

You can buy a new home on the North Shore. Winnetka is over 10% new housing and Glenview is becoming close to 30%. Then you may avoid all those energy and upkeep costs. I have lived in two old homes, the energy costs in my rental were ridiculous, and the other one was a 1914 American Prairie and it was hell. Everything continued to fall apart even after a gut rehab. On top of that it was in Evanston so the taxes were twice as much as a home of the same value in Winnetka, or similar. There are good options on the North Shore if you want more bang for your buck. Highland Park is good, Lake Forest is even a better deal, Knollwood in Lake Bluff, Glenview/West Northbrook, and West Wilmette all offer good prices per square foot. East Glenview is very expensive though. It is not good for a house unless you have $1.5+ million, but your $1.5 goes a lot further than your $1.5 in New Trier or Evanston.