North Suburban Pricing Rebound? (Northbrook, Libertyville: homes, employment, buyers)

[SBD]

I'm wondering about a few suburbs around north shore and if they will experience a faster rebound than others. The ones I am thinking about are Lincolnshire, Northbrook, and Deerfield. Does any one have any thoughts when the housing market rebounds which of these would likely recover the quickest? Thanks in advance.

[Avengerfire]

Nope.

[Chummy Waters]

This housing "crisis" will last a loooong time.

[chet everett]

Given that the relative health of many of the largest employers in those areas is pretty good (ABT - Abbott Laboratories - Google Finance BAX - Baxter International Inc. - Google Finance WAG - Walgreen Company - Google Finance) I think that the housing prices will remain pretty stable. I don't think big 'rebounds' are in store, some of the upwards price pressure came from competition with the more expensive North Shore areas, and employment there is (was) more driven by the financial markets. Things are still tough for the investment bankers and such...

[cohdane]

The Associated Press: Walgreen will cut 1,000 management jobs in 2009

Walgreens is not holding as steady as you think, although the drug companies seem to be okay (for now). I've been looking in the Northern Suburbs for the last 12 months and in the last 12 months have seen pretty dramatic declines in asking prices.

Personal opinion: I'd be leery of Lincolnshire. We were looking there, but the proximity to Libertyville, Vernon Hills, and other massively overbuilt areas (including parts of Lincolnshire), plus increased traffic and mega malls, makes me think the area is going to feel less "luxury" over time. They're also the longest commute into downtown. A negative in terms of number of buyers who will consider them.

Deerfield gave me pause because they seem to have no zoning commission whatsoever on residential remodels and new construction. Seriously. Some very screwed up buildings (including a "home" so narrow as to be uninhabitable and a freak show) built recently next to what I'm sure are very pissed off abutters. I've never seen as many what-the-hell-were-they-thinking, what-the-hell-is-THAT remodels in an affluent area in my life. As a buyer with at least some money, I took Deerfield off the "possible" list out of fear of what the village would allow my neighbor to do that would effect my views and property values. (Drive around out there if you don't believe me.)

Northbrook also has proximity and involvment with heavy recent overbuilding. However, the existing housing stock is cute and anything new or remodeled doesn't seem to stand out as awful. If I had to bet on one of the three holding value better than the others, I'd bet on Northbrook.

Or-- just go with homes that are walkable, but not "hearable" to commuter rail. Those are always a good bet.

In order of rebound potential (which I agree is a long way off):

1. Whoever tanks the fastest and hardest first.
Then guessing:
1. Deerfield
2. Northbrook
3. Lincolnshire

[Disclaimer: I am nobody. Personal observations. Do your own driving around and get the word on the street.]

[madeit07]

What do you think about Round Lake - it seems to be one of the only real area's left with a little bit of country feel to it? Are people moving up hear? I hope so - this is where I bought.

What about property taxes - how can we as a city get these lowered?