Chicagoland Housing Prices (Lake Forest, Hinsdale, Winnetka: middle-class, for sale, apartment)

[BRU67]

Originally Posted by IrishIllini

http://www.chicagobusiness.com/reale...ise-in-october

3.9 percent ain't bad. Up from 1.3 percent this time last year! Tripled in less than a year. Guess that's what happens when you're starting from the bottom. Wonder how long Seattle and Portland sustain 10 percent YoY. Surprised we've surpassed DC for appreciation since everyone seems to be of the opinion that the District is booming. NYC is also a bit low, but their RE prices are sky high to begin with.

This should be taken with a large grain of salt, as it speaks to the entire area. I know everyone will be floored over this news but the Chicago real estate market is segregated. Wealthy and gentrifying neighbourhoods are doing very very well right now. A property in Pilsen may sell in a day over the asking price after a bidding war of cash bidders and well heeled individuals with great credit and huge down payments.

The less sexy working class and poor areas? Not so much. A similar property in nearby North Lawndale will probably languish on the market for some time, maybe eventually picked up by an investor with a Section 8 business model at one third the price of the same thing just 2 miles west - if the seller's lucky. Properties in working class areas have been appreciating to some degree since the bottom fell out, but one has to wonder how much this has to do with aggressive government incentives like HomePath and 0 down programs which were implemented to clear out massive foreclosure inventory in these communities. We'll see after those go away.

[IrishIllini]

Originally Posted by BRU67

This should be taken with a large grain of salt, as it speaks to the entire area. I know everyone will be floored over this news but the Chicago real estate market is segregated. Wealthy and gentrifying neighbourhoods are doing very very well right now. A property in Pilsen may sell in a day over the asking price after a bidding war of cash bidders and well heeled individuals with great credit and huge down payments.

The less sexy working class and poor areas? Not so much. A similar property in nearby North Lawndale will probably languish on the market for some time, maybe eventually picked up by an investor with a Section 8 business model at one third the price of the same thing just 2 miles west - if the seller's lucky. Properties in working class areas have been appreciating to some degree since the bottom fell out, but one has to wonder how much this has to do with aggressive government incentives like HomePath and 0 down programs which were implemented to clear out massive foreclosure inventory in these communities. We'll see after those go away.

That's how most, if not all housing markets work though. There are parts of the Bay (like Hayward) where you can get a 900 sq. ft. SFH for 450k. That's a steal in that market. What's actually shocking is the median FAMILY income in Hayward is about 50k. As any realtor would say, location, location, location!

[chet everett]

The weirdest part of the regional anomalies is that even compared to other areas dominated by the traditional politics, the Chicago region shows a much sharper divide in even desirable lower density areas. The trend for other areas has seen solid support for suburbs that is lacking in our region. Americans still prefer suburbs over cities - The Orange County Register When Chicago is remarkable only for it population loss, folks should not be happy...

[IrishIllini]

Chicago's winter real estate market predicted to be strong - Residential News - Crain's Chicago Business

Chicago's housing market continues to strengthen. 33 percent more homes under contract in December 2016 over December 2015. Sales prices are up as well. Apparently people are feeling confident about RE given Trump's business background. I don't know if I think it's a necessarily wise move, but it's good news nonetheless.

[chet everett]

...folks that were getting jittery about rate hikes decided wanted to wrap things up before even more uncertainty roils lending.

[IrishIllini]

Originally Posted by chet everett

...folks that were getting jittery about rate hikes decided wanted to wrap things up before even more uncertainty roils lending.

Source? Or is that just a feeling? Regardless, it's typically the slowest part of the year, so the fact that people felt rushed to buy is still a positive because people want to buy.

[jman07]

It's more likely that the study is flawed and not measuring the right or all the factors than homes being undervalued. The market and individual buying the home determines the value. It's worth what someone is willing to pay.

[IrishIllini]

http://www.chicagobusiness.com/reale...vement-in-2016

Some surprises in here. Don't know what's up with the city maps. Bummer. I'm interested in seeing those.

[My Kind Of Town]

Originally Posted by IrishIllini

http://www.chicagobusiness.com/reale...vement-in-2016

Some surprises in here. Don't know what's up with the city maps. Bummer. I'm interested in seeing those.

Interesting how much Hinsdale has closed the gap on many North Shore suburbs in recent years. Per CD, Lake Forest median home values were $639k in 2000 compared to $490k in 2000 for Hinsdale. Median home values in Hinsdale have now surpassed those of Lake Forest. Similar trends when comparing Hinsdale to Winnetka ($737k in 2000) and Kenilworth ($976k in 2000) as Hinsdale continues to close the gap. I assume much of this is related to on-going teardown activity in Hinsdale.

[IrishIllini]

Originally Posted by My Kind Of Town

Interesting how much Hinsdale has closed the gap on many North Shore suburbs in recent years. Per CD, Lake Forest median home values were $639k in 2000 compared to $490k in 2000 for Hinsdale. Median home values in Hinsdale have now surpassed those of Lake Forest. Similar trends when comparing Hinsdale to Winnetka ($737k in 2000) and Kenilworth ($976k in 2000) as Hinsdale continues to close the gap. I assume much of this is related to on-going teardown activity in Hinsdale.

Yeah. I'm surprised Wilmette, Skokie, and Morton Grove have some significant gains while Glenview, Lincolnwood, Evanston, Winnetka, Kenilworth, Northfield, Northbrook, Highland Park, Deerfield, and Glencoe are all down or stagnant. Skokie is up nearly 15 percent while Kenilworth is down nearly 20 percent! WHAT?!