Palos Park Advice... (Chicago, Springfield, Orland Park: sales, real estate, lender)

[Pirc]

I am relocating to the Chicago suburbs and wanted people's input regarding Palos Park. I am looking at a home there marked down significantly that I could purchase for around 900k. The home is spectacular: 9000 sq feet, completely gut remodeled (very high end) on one acre near the forest preserves. The schools are Palos K-8 and Sandburg High School. I work downtown and the train is close.

I have a lot of flexibility where I live and in the price. I was looking at a much higher price point in some North Suburbs (2-3.5M), but I would get less than this property at those prices and much higher property taxes. The AIMs score is 95% in Palos so the schools seem really solid for my daughter. It also seems that while the North Suburbs carry the cache in Chicago, the difference in the value is so extreme that I can't justify the additional expense.

Anyway, I haven't lived in the Chicagoland area for many years and would appreciate any input in this regard.

[chet everett]

Where to start...

While I like Palos Park quite a lot, I would be extremely reluctant to attempt to compare prices in VERY different areas.

If you attempt to compare the median values for income and housing cost the data is strikingly different: https://www.city-data.com/city/Palos-Park-Illinois.html
https://www.city-data.com/city/Winnetka-Illinois.html

The very small size of Palos Park further complicates the ability to find comparable sold properties and I would be very worried that appraisal (for lender approval) might be a concern, despite the fact there are many properties currently on the market at prices above what you are considering, sales activity is not encouraging, In fact, the mix of homes in Palos Park would also lead me to be VERY cautious about making assumptions about future direction of the property tax ESPECIALLY for a very large home that has been extensively remodeled. {this tends to be THE BIGGEST PITFALL of those how mis-estimate the behavior of the Assesor in regards to home that have been rehabbed / flipped...}

That said the ultimate "measure of value" must come from YOU as a buyer. It is true that the setting of Palos Park is somewhat unique. If you want to live in an area near the Forest Preserves AND have a very large home it is completely true there are few choices that would be in the same price range. OTOH you really must decide what you are really shopping for. You mention access to Metra, Southwest Service from Palos Park is considerable less frequent that other lines, and SWS has poor on-time record due to issues with crossing freight lines. You mention schools, and AIMS -- I prefer to use the US News rankings of area high schools. The results lack representation of the schools that serve Palos Park: Best High Schools Search - US News and World Report Should you want the very one dimensional results of state mandated elementary school test there is a noticeable absence of the SW Cook schools as well: http://www.chicagotribune.com/media/acrobat/2009-10/50168344.pdf (broken link)

Sadly it is not simply lack of cachet that differentiates the suburbs on the North Shore from those elsewhere in the region. The employment options are far more varied in other areas. Southern Lake Co and the O'Hare area are legitimate alternatives to working downtown if one lives on the North Shore. For those that choose eastern DuPage Co / West Cook the employment options afforded by that area includes nearly all the Tollroad corridors, which is far broader, as well superior BNSF service. I have already mentioned the differences in schools, or at least the measured data. So too is there is little disagreement that the pattern of devlopment on the North Shore and along the BNSF corridor is much more focused on walkable town centers than anything in the SW. Even the recreational options offered in the Chicago region are strongly biased toward the north & west -- it was not always that way, as I can remember when there were dinner theatres and similar venues in the sw, but those have not survived changes...

I suspect that some of what I have posted will be interpreted as negative, I assure you that I am merely being realistic. For anyone relocating to the Chicago area it is daunting to understand the range of suburbs to choose from. Should you decide to live in Palos Park, do not need to move for a long time AND you are confident that your employment / commute to the loop will be stable this may be a perfect choice, however the downsides are real.

Good Luck!

[Justabystander]

Originally Posted by Pirc

I am relocating to the Chicago suburbs and wanted people's input regarding Palos Park. I am looking at a home there marked down significantly that I could purchase for around 900k. The home is spectacular: 9000 sq feet, completely gut remodeled (very high end) on one acre near the forest preserves. The schools are Palos K-8 and Sandburg High School. I work downtown and the train is close.

I have a lot of flexibility where I live and in the price. I was looking at a much higher price point in some North Suburbs (2-3.5M), but I would get less than this property at those prices and much higher property taxes. The AIMs score is 95% in Palos so the schools seem really solid for my daughter. It also seems that while the North Suburbs carry the cache in Chicago, the difference in the value is so extreme that I can't justify the additional expense.

Anyway, I haven't lived in the Chicagoland area for many years and would appreciate any input in this regard.

Palos Park is beautiful, but fairly remote. Palos West elementary is great, but if you have kids that go to the high school, Stagg is fairly average, or in fact below average. Palos park and some of Palos Heights suffered price wise when the boundaries of Sandburg were shifted south, since Sandburg is a better high school. Schools and location dictate real estate value, that's why the north shore and Hinsdale area are more expensive and less of a real estate value than Palos Park. There are trade-offs. But the hills and woods of Palos are unique, and there is alot for you to weigh in deciding where to purchase.

[NYrules]

Originally Posted by Pirc

I am relocating to the Chicago suburbs and wanted people's input regarding Palos Park. I am looking at a home there marked down significantly that I could purchase for around 900k. The home is spectacular: 9000 sq feet, completely gut remodeled (very high end) on one acre near the forest preserves. The schools are Palos K-8 and Sandburg High School. I work downtown and the train is close.

I have a lot of flexibility where I live and in the price. I was looking at a much higher price point in some North Suburbs (2-3.5M), but I would get less than this property at those prices and much higher property taxes. The AIMs score is 95% in Palos so the schools seem really solid for my daughter. It also seems that while the North Suburbs carry the cache in Chicago, the difference in the value is so extreme that I can't justify the additional expense.

Anyway, I haven't lived in the Chicagoland area for many years and would appreciate any input in this regard.

Palos Park is probably the most prestigous burb in the entire Chicago southland. It's also the only burb I know of that is so close to Chicago's limits yet feels like you are out in the middle of the country still when you are in PP. You can't go wrong buying there. Plenty of shopping nearby in Orland Park, yet far enough away that you don't have to deal with bumper to bumper congestion like those of us who live in OP do. Medical is good as you will go to Palos Hosp which is pretty good for a comm. hosp. You will be in Dist 230 which is top of the line, and taxes are average really when compared with what those in the northern burbs are paying and what they are getting. It sounds like a good deal to be had to be honest from what you have mentioned so I would say, don't let it slip by, a buy like that won't last for long.

[chet everett]

I can see some of your points, especially in regard to the technical definition of being close to the Chicgago's border, but given that the bulk of Chicago's employment base is MILES FURTHER NORTH and the epi-center of per-capita earnings is near the Loop I don't know how relevant the proximity to ashburn Ashburn or Clearing would be...

Of more concern is the lack of factual basis to the claim that D230 is "top of the line". As may know I am strong backer of the results of the US News data and by that measure no D230 schools rate even an honarable mention: Best High Schools Search - US News and World Report That is not say the schools are atrocious, and the simple results of the very weak State of Illinois mandated "Prairie State" tests shows that at least one D230 schools does made the "least bad 40" as I derisively call the rankings from Springfield: http://www.chicagotribune.com/media/acrobat/2009-10/50168344.pdf (broken link)

We'll see if the aggressive pricing on that home bucks the very long time-on-market trends of the greater southland, but nothing is exactly on fire: Palos Park Real Estate, IL | Redfin

[ImaloneJill]

I think Burr Ridge is probably the most prestigious.
I work at Palos Hospital, and drive thru PP everyday. It is a pretty suburb. Not sure how it stacks up with the others for services, tho. Doesn't seem to have parks, sidewalks, roads can get pretty tore up. And because it is hilly, the streets can back up and flood in the low spots.

[JiveTurkey23]

I live in Palos Park and I don't really know what negative can be said about it. Downtown Chicago is not far (45 minutes in rush hour by car) and the Metra runs through also. Forest Preserve like landscape throughout all of Palos Park.