Glen Ellyn vs La Grange - need Lookout Kid, Chet and JJSki's advice (Wheaton: sale, 2014)

[chet everett]

Originally Posted by Lookout Kid

I recently had friends sell their house for $90k more than they bought it for three years ago, and it sold almost immediately after being listed. Another set of friends has their house languishing on the market after several price drops, even though it is a half block from our other friends. Sometimes it just pays to have "the house everyone wants", which in Glen Ellyn seems to be in that $500k-$800k price range, in the heart of town, on a nice tree-lined street, and updated vintage architecture.

The price factor is a huge issue -- even in Hinsdale / Burr Ridge there is a whole lot of resistance at the upper brackets.

People can see the handwriting on the wall when comes to property taxes. If you "cost out" the annual benefits of even top notch schools against potential property taxes of over $30K or so it really forces folks to rethink the value equation...

If you don't have kids the issue is even more sharply defined -- you wanna cruise around in something like this, 2015 Porsche 911 lease in Ft Lauderdale, FL or mail a check to the tax man every month??

[RJA29]

Originally Posted by Lookout Kid

Some of the houses languishing on the market over there need some significant work, in spite of the nice appearance of the photos. Others have high prices and owners that won't budge.

This is absolutely correct.

The only way to really find out what a house might sell for is to make an offer on it...

[WannaBeinBoston]

Originally Posted by Lookout Kid

I recently had friends sell their house for $90k more than they bought it for three years ago, and it sold almost immediately after being listed. Another set of friends has their house languishing on the market after several price drops, even though it is a half block from our other friends. Sometimes it just pays to have "the house everyone wants", which in Glen Ellyn seems to be in that $500k-$800k price range, in the heart of town, on a nice tree-lined street, and updated vintage architecture.

Seems that to pick up something "nice", you're dropping 800k at least. It's probably safe to say that the GE can't really support $1M+ homes. Not much inventory though sub 800k unless you're willing to put in some work to rehab and update.

[RJA29]

Why can't GE support 1MM+ homes?

[WannaBeinBoston]

Let me rephrase....$1M+ homes seem somewhat of an outlier in GE so that the time on market is longer with limited buyers. Looking at recent sales, the vast majority are $$550k-750k.

[holl1ngsworth]

I'm showing 12 $1mm+ sales in Glen Ellyn (incorporated) over the past 6 months. So roughly 2/month. They don't seem to linger any longer than the more affordable Glen Ellyn homes. Several of the 12 were on the market less than a month before pending status.

[WannaBeinBoston]

Holl1ngsworth, good to know. Can you opine on varying taxes for different properties, around the lake and downtown. I'm looking at one on Hillside (south of track but within a few blocks of downtown, and tax bill for 2015 is 16k, priced at 867k. Then there's one priced at $799k on N. Park north of downtown, and 2015 tax bill is $25k. I don't get it.

[holl1ngsworth]

There are 8 pending sales in Glen Ellyn at $800k+ and 3 are new construction. In Wheaton there are 6, and 5 are new construction.

For contrast, Hinsdale has 22 pending at $800k+ and 7 are new construction.

[WannaBeinBoston]

Can you opine on my tax question?

[RJA29]

Originally Posted by WannaBeinBoston

Can you opine on my tax question?

Taxes very likely reflect the assessment, which some people might have fought. I don't think taxes vary within GE. There is a site that lists all of the taxes and multiplier rates: Compare your property tax rate (database) - Chicago Tribune if it's helpful.