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Old 03-18-2014, 01:43 PM
 
3 posts, read 6,589 times
Reputation: 11

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Hi Everyone-
I've been reading these boards, and now that we are actually touring homes, I desperately need some advice.
My family of 4 (Two kids- One going into middle school this fall, and one toddler) currently rent a nice condo in Oak Park. We have been here for 5 years and have really fallen in love with the community. I've taught art classes, been involved in library programming, etc. We have really settled in here.

The problem is our rented condo is TINY and we've outgrown it quickly and needed to move like yesterday!
We got a hell of a deal for the area which is why we've been able to afford it. Now we are about to buy a home and our budget is way too TINY for Oak Park.

$200k, and $6k for taxes
.

We have started to look at Brookfield since it's got good schools and close to the amenities of La Grange, but even Brookfield has its share of issues in their homes for that price.
I grew up in the city and really want to be able to stay as close to the city as possible as well as the option to walk places.

We are trying to keep an open mind and looking at Brookfield, La Grange Park, Des Plaines, Villa Park, Lombard, Glen Ellyn, Lisle, and Norridge. Ideally, homes in these suburbs would be within walking distance to town center or metra.

What do all of you suggest would be the best area for us?

Desired:
Not too far from City, Walkable, Excellent schools, Good Transit options (Metra, Highways) Strong sense of community, an Art scene, Family-Oriented

Obviously, if anyone has some magic solution to keep us in Oak Park, by all means, let me know. I love this community, and I'm so sad to leave (especially my middle schooler!)
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Old 03-18-2014, 02:22 PM
 
28,453 posts, read 85,513,820 times
Reputation: 18730
Don't really know why you would want to keep Norridge on the list -- it has very unimpressive performance compared to other areas mentioned. Similarly the numerical results at Willowbrook HS (which serves most of Villa Park) or Glenbard East are not really up to the standards of the other towns listed... It really makes sense to try to find high schools where 60% or more of the kids are at least meeting standards, especially as the coming "Common Core" assessements are very likely to push the marginal schools further down in the rankings.

It should also not come as a suprise to you that if you have a "hard" limit of $200K that there is exceedingly little inventory for detached single family homes with 3+ bedrooms that would meet your criteria in even the most affordable parts of the remaining towns.
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Old 03-18-2014, 02:32 PM
 
Location: Oak Park, IL
5,525 posts, read 13,973,165 times
Reputation: 3908
Have you considered a condo?

Here's two options in River Forest that seem reasonable within your $ criteria:
Real Estate Search | Redfin
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Old 03-18-2014, 02:45 PM
 
28,453 posts, read 85,513,820 times
Reputation: 18730
I believe the OP has stated they have "outgrown" their current condo...

I might also note that with HOA fees of over $5400/yr ON TOP OF property taxes of over $3000/yr the condo is signficantly beyond the cap the OP set ...
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Old 03-18-2014, 02:52 PM
 
Location: Oak Park, IL
5,525 posts, read 13,973,165 times
Reputation: 3908
Quote:
Originally Posted by chet everett View Post
I believe the OP has stated they have "outgrown" their current condo...

I might also note that with HOA fees of over $5400/yr ON TOP OF property taxes of over $3000/yr the condo is signficantly beyond the cap the OP set ...
I'm guessing their current condo is a 2 bedroom, but I could be wrong. Also, while HOA fees add up, its not like a SFH is maintenance free (and the cheaper condo annual HOA is only $4320 with a tax bill of $4473). Furthermore, the list price of the cheaper condo (150k) is considerably under the limit set by the OP, which would free up some dollars to pay for HOA fees.

Its up to the OP to decide, obviously, but I'm simply trying to give some suggestions that allow them to stay, if not in Oak Park, at least within the neighborhood, and ultimately within the same high school district.
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Old 03-18-2014, 02:57 PM
 
3 posts, read 6,589 times
Reputation: 11
Quote:
Originally Posted by oakparkdude View Post
$5400? Are you seeing the same properties I'm seeing in the link?

I'm guessing their current condo is a 2 bedroom, but I could be wrong. Also, while HOA fees add up, its not like a SFH is maintenance free. Furthermore, the list price of the cheaper condo (150k) is considerably under the limit set by the OP, which would free up some dollars to pay for HOA fees.

Its up to the OP to decide, obviously, but I'm simply trying to give some suggestions that allow them to stay, if not in Oak Park, at least within the neighborhood, and ultimately within the same high school district.

Thank you, OakParkDude- Yes, we currently live in a 2BR. We really would prefer a house, but I'm guessing we will really need to consider larger condos due to our price constraints.
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Old 03-18-2014, 03:04 PM
 
Location: Lake Arlington Heights, IL
5,479 posts, read 12,285,328 times
Reputation: 2848
I'm not too fond of schools in Des Plaines either. Maine East and Maine West are quite "meh". OP, maybe consider renting in a more desirable school district to stretch the budget?
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Old 03-18-2014, 03:16 PM
 
28,453 posts, read 85,513,820 times
Reputation: 18730
Default Sort of agree...

Quote:
Originally Posted by cubssoxfan View Post
I'm not too fond of schools in Des Plaines either. Maine East and Maine West are quite "meh". OP, maybe consider renting in a more desirable school district to stretch the budget?
The challenges of even finding a rental that would be similar to outlay for mortgage and taxes for $200k purchase are pretty steep in the more desirable areas -- with current low interest rates if you can get a mortgage on a place around $200K the P&I is only about $2000/mo., taxes add $500/mo. Better areas just do not have all that many 3 br units renting well below $2500...
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Old 03-18-2014, 03:27 PM
 
Location: Oak Park, IL
5,525 posts, read 13,973,165 times
Reputation: 3908
Actually with current rates, a $200k mortgage is about $1k/month for P+I, so renting is even more expensive than owning from that perspective at least.
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Old 03-18-2014, 03:28 PM
 
Location: Lake Arlington Heights, IL
5,479 posts, read 12,285,328 times
Reputation: 2848
Quote:
Originally Posted by chet everett View Post
The challenges of even finding a rental that would be similar to outlay for mortgage and taxes for $200k purchase are pretty steep in the more desirable areas -- with current low interest rates if you can get a mortgage on a place around $200K the P&I is only about $2000/mo., taxes add $500/mo. Better areas just do not have all that many 3 br units renting well below $2500...
No property tax, association fees or maintenance fees either.
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