Does anyone think we're entering another real estate bubble? (Chicago: section 8, to rent)

[moderngnome]

Originally Posted by 3Series

https://www.redfin.com/IL/Hinsdale/5.../home/18032964
The crappy house is in a better location.

https://www.redfin.com/IL/Hinsdale/5.../home/40314369
That house is in a less desirable location. It's not "in-town" because it's south of 55th street. But the price reflects that.

This is a similar home with an in-town location and walkable to a train stop. It's $400k more.
https://www.redfin.com/IL/Hinsdale/2.../home/18021600

However, it's like comparing two Rolls Royce cars.

None of these links worked for me.

[Justabystander]

Originally Posted by mlh27

My biggest issues with McMansions (but not particularly with the one you just posted) is that the houses often seem too big for the lot and out of proportion with their neighbors. Also too many of them seem poorly built.

More private interior family space, less outdoor community oriented space.

Many towns, as is the case in Hinsdale, restrict the size of the home in relation to the lot. McMansions and the replacement of older homes with newer upgraded homes have everything to do with the upgrading of the town, additional tax revenue, and the general added aesthetic appearance of the town. Many towns may remain stagnant price wise in the case of the feared "bubble" or moderately increase, but in towns with a greater proportion of teardowns, these price increases are consistent with the increased desirability of the town. I tend to think that those who slam teardowns are sour grapes who do not live such affected areas can understand and witness the gradual improvement to those areas, or who missed out on the accompanying equity increases as a result of this change. As far as poorly built, most McMansions are way better built than their predessors to justify the often Million plus pricetag.

[mlh27]

Justabystander, I think you and I may have different definitions of what constitues a "McMansion."

[destination-unknown]

Originally Posted by mlh27

Justabystander, I think you and I may have different definitions of what constitues a "McMansion."

What is your definition of "McMansion"? The new homes I see being built in Hinsdale are out of my price range and appear to be very well constructed and aesthetically appealing. I tend to agree more with the previous poster's sentiment. "McMansions" being constructed in the outer Chicagoland suburbs within massive developments is a different story but that's not what I see in many DuPage suburbs including Hinsdale. These are custom, well built homes that are all rather unique. That's what my wife and I love about it (now if we can just find one that we can afford). I was surprised to even pull up an old thread where Lookout Kid mentioned that as an architect he was appalled with the new homes being built in Hinsdale. Maybe I'm missing something here?

[4122]

Mcmansions are large homes that are built on small lots, meaning that the size of the home and the acreage of the land is disproportionate meaning that there's too much house and not enough backyard. The homes that were posted are Mcmansions.

[destination-unknown]

Originally Posted by 4122

Mcmansions are large homes that are built on small lots, meaning that the size of the home and the acreage of the land is disproportionate meaning that there's too much house and not enough backyard. The homes that were posted are Mcmansions.

Gotcha and again people think that these types of homes diminish the quality of a neighborhood vs a small, dated "uninspiring" home? I fail to understand this

[4122]

I don't understand that either. Big homes make a neighborhood look nicer. Some Mcmansions do lack in charm though which would diminish the quality of a neighborhood, but not as much as small, old home. Another thing I don't like about Mcmansions are the small lots. I like having a big enough backyard for entertaining, like barbeques and pool parties.

[wjj]

Originally Posted by 4122

I don't understand that either. Big homes make a neighborhood look nicer. Some Mcmansions do lack in charm though which would diminish the quality of a neighborhood, but not as much as small, old home. Another thing I don't like about Mcmansions are the small lots. I like having a big enough backyard for entertaining, like barbeques and pool parties.

But others prefer a small or no back yard to reduce the hassle of having to maintain it. Take a look in Wrigleyville. 7 figure homes going up on teardowns or massive rehabs completely changing the existing structure. Those homes have very small back yards an no front yards to speak of. Yet, many people are willing to pay 7 figures for a large home on a small lot.

In Buffalo Grove there are very few teardowns since the town is pretty young comparatively speaking. Yet, in the original part of BG, there have been some very small ranches torn down and large 2 story homes built. And many more where an 800 sq. ft. ranch is added on to and a 2500 sq. ft. 2 story colonial is born. I think it looks great. Breathing new life into the old and tired part of town.

[moderngnome]

I don't have a problem with McMansions - Except that everything that isn't a brand new home here (Elmhurst) is a (potential) tear down. There seems to be no price limit (especially on bigger lots). So what we essentially have are one set of homes that are brand new and very large and another set of homes that are older and small (and over improved, LOL, because we are all stuck in place - so many 1200-1400 square feet homes with $$$ kitchens and bathrooms).

There is no middle here. We've lived here for 9 years, and it would be really nice to be able to move up into a larger home for my pre-teen children, without leaving their schools/activities/friends.

[My Kind Of Town]

Originally Posted by Justabystander

Many towns, as is the case in Hinsdale, restrict the size of the home in relation to the lot. McMansions and the replacement of older homes with newer upgraded homes have everything to do with the upgrading of the town, additional tax revenue, and the general added aesthetic appearance of the town. Many towns may remain stagnant price wise in the case of the feared "bubble" or moderately increase, but in towns with a greater proportion of teardowns, these price increases are consistent with the increased desirability of the town. I tend to think that those who slam teardowns are sour grapes who do not live such affected areas can understand and witness the gradual improvement to those areas, or who missed out on the accompanying equity increases as a result of this change. As far as poorly built, most McMansions are way better built than their predessors to justify the often Million plus pricetag.

Couldn't have said it better myself!