Chicago's North Shore: Buyer Beware? (Winnetka: beach, train, suburbs)

[chicagojlo]

Originally Posted by pvande55

Growing up on the North Shore is like being a Cuban refugee. Most cannot go back to living there. But regarding the trains. Those on the UP North look down on the North Central. But in fact the NCS has faster average speeds than UPN. Commuters even socialize. And it goes right to the airport.

Quiet cars FTW.

[BrianHunter]

I have found that people on the north shore are classier and less snobby then places where people are trying too hard to appear rich and wealthy. My experience is mostly in lake forest. To be honest I have been around many different suburbs and lake forest has to have the friendliest people I have ever been around. In many cases the wealthiest people drive a mini van and dont dress like they are going to a royal ball every day. You wouldnt be able to pick them out of a crowd. People rip on New Trier, but it is just preparing you for colleges like U of I.

[Larry Siegel]

Originally Posted by Joe107

If you are not maxing out your 401k and IRAs you should not be living in North Shore

This is one of those broad generalizations that is correct in spirit but that does not apply to everybody.

When I moved to the North Shore I was 28 years old. Most of my friends were still living with roommates, with their parents, or in some sort of communal garbage dumps. What I paid for my house then would not buy a pair of nice cars today, but it was the most I could afford at that age and I was not able to save much money until I was close to 40. (I work in a field where seniority = high pay.)

Today, my modest North Shore house, in a beautiful and very old neighborhood, is paid for, my 401(k) is doing just fine, and I have money to spare. The trick is not to keep moving into more expensive houses! We stayed put, built one addition, and didn't spend money we didn't have.

[chet everett]

If it "all came down to Lake access" I sorta wonder if you didn't find you'd get MUCH more house in Highland Park than towns served by New Trier. I would not say that is a case of "rejected NTHS" but simply making a personal decision about what is important to you / your family.

I don't know what "ranking for schools all over Chicagoland were excellent", but I do believe that the TOTAL PICTURE is very important for families. If you felt the compromises that you choose are best for your family you should not feel you have apologize / rationalize!

I know many people that are very happy in homes in communities that would not be a good fit for others.

Originally Posted by Chrysa

We just purchased a home in HP for all the reasons cited by others. We are coming from the crazy world of suburban DC and were looking for the walkability. My husband will be able to walk to the train in 5 minutes and there are coffee shops, restaurants, and the library within a 10 - 15 minute walk. We looked at homes in La Grange, Western Springs, Downer's Grove, Naperville, etc., but it all came down to the lake access.

We too rejected NTHS--many alums have told us it is a pressure cooker unlike anything we have experienced back east. All the rankings for schools all over Chicagoland were excellent, so I think that comes down to where you think your kids will fit in best. I loved what I read about Stevenson as well, and Lyons, and OPRF, but it again came down to walkability and the lake.

Finally, current home prices are depressed enough that we were able to purchase a nice home at a rock bottom price. Our 401ks are just fine. I drive a 12 year old mini van and DH's Volvo was wrecked by DD, so he drives a heap now too. I hope our vehicles will fit in!

[chet everett]

I think Larry does an excellent job of highlighting how "one size does NOT fit all" when it comes to finances / home purchases. I agree with him in large part that in towns where property has ALWAYS been desirable / expensive it can really work to your advantage to just "get in" and not worry too much about having to scrimp a bit. If you have the smallest house in a great area your kids will still go to great schools, if you need to sell your home will ALWAYS be in demand, if you decide to upgrade / improve you will get tremendous return on that in a desirable area.

ON THE OTHER HAND, I do think that folks that truly do put all their eggs in one basket and their income is stagnant / declines the lack of flexibility that would come with this is a concern -- some folks do end "house poor" later in life.

My advice is to consider the best town you are COMFORTABLE with fitting in a REALISTIC long time financial "life plan" that factors likely changes in your career / needs. If you have a MINDSET that was shaped too strongly by the ever increasing real estate prices of the late 90's -- mid 200x that is a MISTAKE that is likely to be just as out of step as that shaped by the reversals that followed! Real estate MAY BE FLAT or declining for an extended period OR it MAY increase, pick a realistic NOT OVERLY OPTIMISTIC NOR PESSIMISTIC model to guide you.

Originally Posted by Larry Siegel

This is one of those broad generalizations that is correct in spirit but that does not apply to everybody.

When I moved to the North Shore I was 28 years old. Most of my friends were still living with roommates, with their parents, or in some sort of communal garbage dumps. What I paid for my house then would not buy a pair of nice cars today, but it was the most I could afford at that age and I was not able to save much money until I was close to 40. (I work in a field where seniority = high pay.)

Today, my modest North Shore house, in a beautiful and very old neighborhood, is paid for, my 401(k) is doing just fine, and I have money to spare. The trick is not to keep moving into more expensive houses! We stayed put, built one addition, and didn't spend money we didn't have.

[d-boy-80]

This is late. But to all those who say that those born rich kids are so nice and down to earth. Its true but you have to understand the psyche of the born rich. Their parents taught them how to become good liars. So their whole attitude is designed to make you feel comfortable and get a good feeling on them. You make a good first impression it won't matter how you are the fifth or sixth, if you are a good talker you are a good talker. That first impression will get you far with most people.

Not me. I see through easily, even if people look at me and see a "fool". I am the one "fooling" them. Though, I dislike most rich people, they are children forever.

Now on them being good talkers. Does that mean they have substance? No. Only if you have something to offer them materially ie financially.

[evjohns2]

Buffalo Grove isn't an architectural hell. A lot of the homes are similar to what you would find in Deeerfield or Northbrook. Of course Buffalo Grove won't have homes like there are in Winnetka, but that is because Buffalo Grove is much younger and of more modest roots. It only began to take off 25 years ago.

[evjohns2]

In regards to Chet, I understand your point, but it also worthy to note how studies usually rank Stevenson above your New Trier. In fact, a recent Newsweek study of the best 500 high schools put Stevenson as the best suburban public high school. The next was Glenbrook North and New Trier was a very distant third.

[tlm12283]

I always go by ACT data. In that regard New Trier is best but Stevensons is better than Hinsdale Central

[chet everett]

The above posters who believe that the rankings are some kind of "horse race" where there is only "win, place and show" and fundamentally misusing these tools.

In fact, as I try to stress whenever the topic of rankings comes up, one of the BEST features of the US News & World Report rankings is it's decision to use CATEGORIES of "gold, silver, bronze & honorable mention" instead of a purely numeric ladder -- it is stupid to assume that someone that works in say Waukegan would live in Hinsdale if those schools were ranked a couple notches up from those that serve a lovely home in say Deerfield -- families do not relocate to be in a school district that way and it is not helpful to use the rankings like that.

OTOH if someone is contemplating moving to an area where they would be equi-distant from say Lake Zurich, Barrington and Stevenson districts it is useful to note which of these schools merit a "silver" ranking and which are not as well regarded. Even with the information about which category a school is in the ultimate task of deciding whether your kids will do better in a massive schools that serves children from dozens communities OR a more modestly sized schools where most of kids of the kids know each other from a handful of feeder schools is something that PARENTS must individually weigh regardless of rankings....

The firms / individuals that compile rankings almost always say that the BROAD TRENDS are more important than any ONE years rank -- by that meaure it is exteremely hard to argue that New Trier has any true peers -- the consistency of high performance is without precedent. An interesting question however flows frommthat analysis -- which is the chicken & egg problem: How much of the high performance comes from the well prepared kids / highly motivated parents and how much comes from the schools/ teachers? In my experience (as both a former teacher and real estate investor / salesperson) there is an iron clad rule that better schools go hand in and hand with more valuable real estate in Illinois, given the very high costs of real estate in New Trier district it would be hard to imagine schools performance not being top shelf. On a cost / per square foot basis the tolerance of people for smaller older homes that still command premium prices says a lot about the dedication of the community to the schools...

I sincerely wish more folks would look instead to the schools that are lagging / falling in rankings -- the school that unable to maintain even middle of the pack standards in areas where there are new homes and decent property wealth should really be the focus on why Illinois is losing jobs to other states.