Dyer Subdivision (Schererville, Munster, St. John: for sale, real estate, insurance)

[svillechris]

So I live in Schererville, and have no real intent on moving, but I was looking at the listed properties in Dyer just out of curiousity. First of all, it's CRAZY how much more you can get for the same price and much lower taxes in Dyer than you can get just 5 mins north in Munster. We've had that debate though, and that isn't the purpose of this post.

While looking through Dyer's listings, I noticed a lot of homes in the Prairie Trails subdivision. Most are about a quarter million, and look like really nice homes. Does anyone have any idea as to why this area has so many homes for sale? Is this is an example of overbuilding with no buyers right before the recession started? It's a desirable area right by the IL border with quick access to IL, and the taxes are incredibly low (under 2k). It's Lake Central schools as well, not Hanover.

Any ideas/thoughts? I just don't understand how Dyer can be so affordable with such close proximity to Chicagoland. What am I missing?

[slow_nerve_action]

How to put it delicately - Phillipe Brothers is sitting on a good amount of land. They have to move those. They have five developments they are tryint to move land on, plus two commercial developments. They're a good builder, and have weathered tough times before, but everyone is anxious to cut exposure.

Just because Dyer's taxes are low now, doesn't mean they will be a year or two from now. That, and I am always wary of areas where property taxes seem too low. Also, Prairie Trails a community where people have to pay fees for common ground insurance, lawn care, everything else. The less people actually living there, the higher their fee will be. Why pay into such a situation, when you are not sure.

Communities like that, along with ones in other far outer rings in Elburn, Crystal Lake, are seen as the crest of the bubble. People don't want too invest in it.

That, and Lake Central's rep is going downhill pretty fast, deservedly or not. The test scores are on a four year down-trend. Unless your kid gets into the GT or AP classes, I haven't met a parent that had good things to say about the school. Until they break up the district, the problems will continue.

[Chuckity]

Originally Posted by svillechris

While looking through Dyer's listings, I noticed a lot of homes in the Prairie Trails subdivision. Most are about a quarter million, and look like really nice homes. Does anyone have any idea as to why this area has so many homes for sale? Is this is an example of overbuilding with no buyers right before the recession started? It's a desirable area right by the IL border with quick access to IL, and the taxes are incredibly low (under 2k). It's Lake Central schools as well, not Hanover.

affordable with such close proximity to Chicagoland. What am I missing?

We have far more inventory than we have buyers.

A total of only 7 homes went under contract in all of Dyer for the month of July. (6 single family homes and 1 townhouse.)

[svillechris]

Thanks for the replies, and very good points. I understand the glut of houses on the market, and the fact that LC schools have their flaws, but the disparity between, for example, Dyer and Munster, homes is alarming. We're talking like 40% less in Dyer compared to Munster, for being just literally 5-10 mins south. Now, I'm not slamming Munster at all, but are the schools there incrementally that much better than LC? I really don't think so based on my experiences.

I suppose you may not be seeing the similar types of inventory in Munster compared to Dyer or elsewhere due to Munster not having the type of open land that was built upon that Dyer and other towns to the south have experienced.

As for taxes, sure they're low now, but a hike in taxes should typically mean the town will be spending more to better the area (one would hope). I'm not sure why people are so against taxes if it increases their town and property values in the longer run, as long as the taxes are spent wisely. I suppose that could be a whole new debate though

[Northwest Indiana]

Besides the issues with the overcrowded school system, I believe that another reason (that is kind of overlooked) is the fact that you can get a much newer and larger home for only slightly more in the northern part of Dyer. The Hearthstone and Village Circle subdivisions (in Dyer) are BOOMING. People are realizing that moving so far south is not as convenient as living closer to the expressway. I know several people who opted to live in northern Dyer as opposed to southern Dyer. They wanted a newer yet more developed area. This could be a reason as to the abundance of homes in Prairie Trails.

[richb]

Prairie Trails actually is unincorporated. So the town of Dyer doesn't do anything for that subdivision. It will likely become part of Dyer in the future. I don't think there is anything wrong with Prairie Trails, the houses are nice, it's just a little slow at the moment. Like most places.

[LIS123]

Originally Posted by svillechris

As for taxes, sure they're low now, but a hike in taxes should typically mean the town will be spending more to better the area (one would hope). I'm not sure why people are so against taxes if it increases their town and property values in the longer run, as long as the taxes are spent wisely. I suppose that could be a whole new debate though

The more money that goes from our pockets to the Government's coffers, the more money the Government pisses away. The highest tax states are the ones in the worst shape so higher taxes are NOT a good thing. The thing is, raising taxes doesn't lead to higher quality of life, property values or anything else. If that were the case, California would be booming (although its Real Estate taxes are limited). I don't know why anyone WANTS more money to be taken from them, especially these days.

It's suggested that RE taxes tend to rise quickly in growing communities, like Dyer. That said, Dyer has been growing for a while at this stage, so it shouldn't be that bad.

These 'austerity' measure basically mean our taxes go up and our 'services' go down.

I like the reasoning given by the realtor: supply > demand, so the prices drop.

[svillechris]

Originally Posted by LIS123

The more money that goes from our pockets to the Government's coffers, the more money the Government pisses away. The highest tax states are the ones in the worst shape so higher taxes are NOT a good thing. The thing is, raising taxes doesn't lead to higher quality of life, property values or anything else. If that were the case, California would be booming (although its Real Estate taxes are limited). I don't know why anyone WANTS more money to be taken from them, especially these days.

It's suggested that RE taxes tend to rise quickly in growing communities, like Dyer. That said, Dyer has been growing for a while at this stage, so it shouldn't be that bad.

These 'austerity' measure basically mean our taxes go up and our 'services' go down.

I like the reasoning given by the realtor: supply > demand, so the prices drop.

Well yes, I have a finance/economics background so I'm well aware of the supply/demand reasons for a price drop. I didn't reallly intend on sparking a whole separate debate about taxes, and I propose that we end that now before it veers too far from the topic at hand. There's another board for that.

[LIS123]

Originally Posted by svillechris

Well yes, I have a finance/economics background so I'm well aware of the supply/demand reasons for a price drop. I didn't reallly intend on sparking a whole separate debate about taxes, and I propose that we end that now before it veers too far from the topic at hand. There's another board for that.

About the Munster schools being vastly superior to those that Dyer residents attend... I'm on your side on that one. I would also find it VERY difficult to justify a significantly higher home purchase price and tax burden for Munster than Dyer (for, presumably, an older and smaller home) based on the supposed superiority of Munster's school district. I would go with Dyer. It's less crowded and has seen much more growth and new construction lately.

[knighthood82]

Originally Posted by richb

Prairie Trails actually is unincorporated. So the town of Dyer doesn't do anything for that subdivision. It will likely become part of Dyer in the future. I don't think there is anything wrong with Prairie Trails, the houses are nice, it's just a little slow at the moment. Like most places.

I don't think Dyer will ever try to annex that far south again. They're last attempt was met with extreme opposition, and there's no way they could find that many landowners to voluntarily be annexed while staying contiguous. I think if any town would have a shot at annexing Prairie Trails it would be St. John.