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Chicago Suburban Markets for New Homes and Rehabs

Chicago Area Markets for New Homes and Rehabs What are The Next Hot Markets and What you Should Consider Before Buying? By: Christine Moscinski, Broker Associate & Market Expert - Gobber GMAC REAL ESTATE

April 27, 2009 

There's no doubt that the residential real estate market is slumping in some areas. Many of the hardest hit areas are communities where homes are not kept "up to par" with what is out  in the new development or newly constructed homes and even rehabbed homes.

New competition with emerging housing developments and condo conversions around Chicago's near West Side Loop, the northeast and southwest suburbs including Huntley, Lemont, Lockport, Romeoville, Bolingbrook, Homer Glenn, New Lenox are amongst the hottest areas right now with homes ranging in the low $200K to upper $300K's so take advantage of these custom homes (many are in pre-foreclosure or bank owned). All are conveniently located along the I-355 extension, (the new Veterans Memorial Tollway (I-355) from I-55 through Will County to I-80) makes it an easy commute to Chicago.

Affordability and getting a great “deal” is ranked a top priority with my clients - they are looking for the best deals out there. The most asked question is “where can I can find "brand new", move-in ready or completely rehabbed homes and townhomes for cheap?” - but are willing to pay the extras in monthly assessment costs and longer commute times for a "deal home".  Frankly, I cannot advise against newer developments or rehabbing when the existing homes are reaching 40-50+ year's in age, are higher priced (some by $50+K) and homeowners have not made any updates or changes since they were built!

My suggestion has always been Location, Location, Location and of course mass transit availability. With the population growth (estimated to go over nine or ten million by the year 2020 according to census) and current gasoline prices, forecasters see a drastic adjustment to travel in the very near future. Forecasters estimate that we will see many more "green" cars on the road vs. the 20% market share of sales in SUV and van sales and a new or expanding transit system.

And a quick note, just because new retail is rising out of the ground does not mean instant success and equity growth in your neighborhood.  Although it’s great sales tax income for the town, I advise clients to examine their lifestyle and where they see themselves in 5 years. Statistically homeowners stay in a home 5-7 years before moving due to outgrowing the home or the need to relocate for job or other reasons. Therefore, homebuyers should review with their Realtor every aspect of their home purchase, the location, commute times, METRA, PACE or CTA transit lines, taxes, municipal improvements, schools, HO assessments and think down the line what changes may take place in themselves and the area they pick and if they are willing to stay awhile.

There are plenty of opportunities for buyers.  Many young professionals want to live nearer to Chicago and close to mass transit (METRA, CTA, PACE) including Chicago's Near West Side, Greek Town, Taylor Street & Medical District, but they do come with the higher city tax.  So many do opt for close and affordable neighboring suburbs that are less expensive and have lower real estate taxes like Berwyn, Brookfield and Westchester Illinois.

My top picks for affordable homes in the near west suburbs are: South Berwyn (2 & 3BR from $220k-$280K) Brookfield (2-3 BR from Low $200K's), Westchester (2BR from the mid $200K),  La Grange Park (2BR from mid to upper $200K), Downers Grove (2-3 BR from low $300-$400K) Illinois. 

Each of these communities offer future growth and low real estate taxes.

With the recent changes and the injection from the government securing interest in U.S. banks  we will see a rebound in lending in 2009.  Mortgage rates are so low many that can afford to buy right now are really taking advantage of this opportunity.

My area picks for pre-rehab homes, pre-foreclosure and REO’s can be found in north & east Berwyn, Cicero and Lyons where the average price of these types of homes start in the low $50-100K with an average investment to rehab $30-$50K. 

My picks for new construction homes and townhomes are: Shorewood, Joliet, Bolingbrook, Romeoville and Elgin where prices start in the low $200K's for 3-4 bedroom..

The house deal's are out there, you just have to HUNT for them!

Christine is Team Leader of "The House Hunter's Team" at GOBBER-GMAC Real Estate   More information can be found on her website at

http://www.eHouseHuntOnline.com

Sources: www.enews20.com -  www.Illinoistollway.com - www.nipc.org

 

About the Author

Christine Moscinski is a Broker Associate covering Chicago's West Suburban Market including: Brookfield, South Berwyn, Westchester, La Grange, La Grange Park, Downers Grove and more!

Old bar called Bamboo Bernie's in Chicago?

My Bf used to work at a bamboo bernies that is now closed in Chicago. He still has the shirt he wore to work and still wears it frequently despite the slightly tattered state. He worked there while making wondeerful and fond memories and it would be the most meaningful gift I could find for him.

His birthday Is comming up and I'm hunting for a new-ish shirt for him, it would make his year! I can't express How desperate I am to find this shirt, I searched e-bay and have emailed various businesses that had connections w/ the old BB

Can ya help? willing to negotiate price and shipping.

Why not take the shirt to one of the many t-shirt folks who will copy the logo, etc. and create a new one? There's one in Woodfield Mall and many custom shops around town. It might cost 25-50 bucks, but better than buying another moth eaten oldie....

Thanks For The Memories [1] - Fall Out Boy Live From The Chicago Theatre

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The Old Neighborhood: Memories of a Chicago Childhood--1942 to 1952 $18.48 No Synopsis Available

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