Illinois To NWI Migration (Gary, Hammond: FSBO, subdivision, property taxes)

[My Kind Of Town]

Originally Posted by njova195

It may be overpriced. Which makes my point even stronger. You can get that house for less than $479 and nothing even close to it in Downers Grove or near you. Unless you like living in a house built in 1986.

Did you just realize what you asked? I think an earlier poster was also trying to explain that to you.

I know it hurts....not to late to sell in Illinois

Cool so you are admitting there is stronger demand for real estate in Downers Grove than in Munster. You're right I guess it's overpriced for Munster but that home would sell in less than a day in Downers Grove despite higher property taxes.

[njova195]

Originally Posted by My Kind Of Town

Zillow listed the build year as 2015 but regardless and more importantly what does this say about the demand or lack thereof of NWI real estate? Here you have a brand new home with affordable taxes located in the crown jewel of NWI (Munster) for under $500k and the builder hasn't been able to move it yet.

Do realize again what you are saying? You are arguing against yourself. You just saw HUGE beautiful homes in Munster than are overpriced at $450K.

Do you get it now? You argued Downers Grove is Apples to Apples to Munster and you send us 30 year homes with $8,200 tax billes as "Comps"...HAHAHA. People are sending you mansions for under $450K in Munster.

Come on man....Just finally admit it. Take a curtain call, make drink, relax, kiss the wife and kids, and get a good nights sleep.

[njova195]

Originally Posted by My Kind Of Town

Cool so you are admitting there is stronger demand for real estate in Downers Grove than in Munster. You're right I guess it's overpriced for Munster but that home would sell in less than a day in Downers Grove despite higher property taxes.

Dude....that wasn't your arguement at all You said to everyone on the forum that you could get the same type of home, at the same price, and pay the same taxes in Dowers Grove.....NOT....Go look at your old posts.

It's ok to be wrong...relax...

[Humboldt1]

Nothing wrong with living in house built in 1986.

Can you also please acknowledge that University of Illinois Champaign is excellent school, on the same level as Purdue and IU? This is coming from 4th generation boilermaker btw.

I still think comparing western burbs to Munster is apples to oranges.

[Northwest Indiana]

Originally Posted by My Kind Of Town

Zillow listed the build year as 2015 but regardless and more importantly what does this say about the demand or lack thereof of NWI real estate? Here you have a brand new home with affordable taxes located in the crown jewel of NWI (Munster) for under $500k and the builder hasn't been able to move it yet.

Part of the trouble it seems is because you can still get this caliber of home in overall newer neighborhoods and teardowns haven't caught on in this neighborhood yet. Most people do not necessarily want to be the most expensive home on the block and that would be the case here right now. The builder owns another lot several houses away that will begin construction soon. But still, this is a newer concept in the area. There had been some teardowns in the northern part of Munster due to flooding as well as some folks whom bought two older homes, combined the lots, and built a larger home. However, those were in neighborhoods where homes were much older overall.

Theres a lot more homes in the area (such as in West Lakes of Munster) which are around the price of this home and slightly higher being constructed and some as well in Park West, a gated community in Munster with homes starting at around $800K. That subdivision was more busy than many others in the area at even lower price points. At this price point, you are closer to being able to build instead of having to buy. The home on Columbia, although new, is already built.

Like I have stated before...I like a lot of the west, northwest, and north suburbs...and if money was not an option, I would probably be on the north shore...but since it is (like it is for the vast majority of people), I have to do more work to make comparisons. DG works for some, Munster works for others. Just like interest has increased with folks moving from the southwest suburbs to NWI (which would have been less heard of 20+ years ago when it was mostly just south suburbanites moving), I do expect some interest to increase somewhat from some west suburbanites as well. NWI is getting better amenities (slowly, but surely) that will reduce some of the tradeoffs.

[My Kind Of Town]

Originally Posted by njova195

Dude....that wasn't your arguement at all You said to everyone on the forum that you could get the same type of home, at the same price, and pay the same taxes in Dowers Grove.....NOT....Go look at your old posts.

It's ok to be wrong...relax...

Sure I will admit that you can get a larger home in Munster than in Downers Grove for the same price. I think buyers place a premium on the more central location of Downers Grove relative to the greater Chicagoland area.

Now admit that you were wrong about U of I and admit that the first sentence speaks poorly about demand for NWI real estate when the builder has been unable to sell a brand new home in the most desirable suburb of NWI for under $500k.

[Humboldt1]

Njova,

Can you please acknowledge that U of I is excellent school in the same league as IU and Purdue?

I actually like Munster and if I were to move to NWI it would be at the top of my list.

In Oak Park it is almost impossible to buy home built after 1950, let alone 1986. Tear downs are basically not allowed because of tight zoning regulations, though there are a few exceptions (prior home condemned or damaged in fire).

[Northwest Indiana]

Originally Posted by Humboldt1

Njova,

Can you please acknowledge that U of I is excellent school in the same league as IU and Purdue?

I actually like Munster and if I were to move to NWI it would be at the top of my list.

In Oak Park it is almost impossible to buy home built after 1950, let alone 1986. Tear downs are basically not allowed because of tight zoning regulations, though there are a few exceptions (prior home condemned or damaged in fire).

I really don't think that most folks would split hairs between U of I, IU, and Purdue as far as rankings (except for alumni defending their schools, of course)...now when it comes to overall costs to attend? Then it is clear who comes out on top! But that is another topic lol.

[cobra86]

Originally Posted by Humboldt1

Njova,

Can you please acknowledge that U of I is excellent school in the same league as IU and Purdue?

I actually like Munster and if I were to move to NWI it would be at the top of my list.

In Oak Park it is almost impossible to buy home built after 1950, let alone 1986. Tear downs are basically not allowed because of tight zoning regulations, though there are a few exceptions (prior home condemned or damaged in fire).

As a fellow Purdue alum we know they are all pretty much on par with each other. Hell I might have to do the unthinkable and root for IU this fall in football with our fail of a coach.

[jvr789]

Originally Posted by My Kind Of Town

https://www.redfin.com/IL/Downers-Gr.../home/18084599

Ok, well let's throw this comp out b/c really it is so close to the expressway you prob can hear the trucks blowing the horn when you sit on the deck.


I checked out the listing comps for both Munster and DG and in the older homes say built late 70's or 80's and or a typical neighborhood location, it looks like at least a $100K swing between DG and Munster. I'm not an expert in DG but I basically ignored anything that looked walkable to metra that would command another $100K premium. It is hard to find perfect comps but the following seemed pretty good to illustrate this point:


4061 Roslyn Rd, Downers Grove, IL 60515 | MLS #09225733 | Zillow
This one is 2,670 SF at $489K or $183 psf. Taxes are $7,300 or $2.73 psf.


1443 Holly Ln, Munster, IN 46321 | Zillow
This one is larger at 2,880 SF at $389K or $135 psf. Taxes are $4,300 or $1.60 psf. Adjusted for size the price of this would be $360K if it had the same footprint. Adjusted for size, taxes would be $4,300.


Not a perfect example I am sure, but I tried to be fair in the selection process. For example, I didn't use a comp in the lowest rated elementary school in Munster and the highest rated one in DG.


From taking a few minutes to look at the aggregate listing data, the taxes are indeed higher of a psf basis and the housing costs are higher in DG all other things held equal. Now the more $ you make, the less a $100K swing will look like much to you but to those not in your income bracket, this is real $ on the table.


I am sure you can find outliers that point to a different conclusion for a wide variety of reasons but I really did attempt to look at this fairly to provide a tangible data point for viewers on the board.


I agree with Humboldt1 that DG to Munster is not apple to apple comparison. I just want to make it clear that NWI does provide a value proposition from a cost and prop tax perspective.