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Chicago Area Hot Markets for New Homes and Luxury Townhomes Top Picks |
Jul. 1, 2008
Categorized in: Real Estate
Tagged with: 250000, brookfield il, homes for sale, orland park real estate house hunter christine moscinski, south berwyn, westchester il
With the new retail and urban sprawl, housing developers try to accommodate homebuyers.
What are The Next Hot Markets and What you Should Consider Before Buying? New Luxury Townhomes, City Luxury Condo Converisons, New Luxury Homes or Established Older Communities...
By: Christine Moscinski, Broker Associate & Market Expert at GOBBER GMAC REAL ESTATE, The "House Hunters" Team:
Chicago, IL: July, 2008
There's no doubt that the residential real estate market is still slumping in some areas, many of the hardest hit are homes that are not kept "up to par" with what is out there in updated or newly constructed homes. But the market is showing an upswing and is now leveling off. The emerging housing developments around Chicago's near West Side Loop, the northeast and southwest suburbs including Huntley, Lemont, Lockport, Romeoville, Bolingbrook, offer the latest in new construction. All conveniently located along the I-355 extension the new Veterans Memorial Tollway (I-355) from I-55 through Will County to I-80.
Affordability and luxury amenities are ranked top priority with my clients as well as getting the best loan for their money. They want "brand new" move-in ready or completely rehabbed homes or townhomes and are even willing to pay the extras in monthly assessment costs and longer commute times.
Frankly, I cannot advise against newer development when the existing homes are reaching 40-50+ year's in age and are higher priced (some by $50K+). Where some homeowners have made great modern updates to kitchens and baths, others have made no changes since they were built which is a turn-off to a new home buyer.
For young professionals moving to escape the high costs of the city but need to be near public transportation there are options in up and coming popular west suburbs; South Berwyn, Brookfield and Westchester , Orland Park & Palos Hills. Homes in thes areas are very affordable and range in the low $200K to low $300K and offer ample square footage and public transportation, near major expressways and along the METRA BNSF railway for a 15-20 minutes to the Loop.
My suggestion has always been location, location, location and of course convenience of mass transit within minutes drive or walk. With the population growth (estimated to go over nine or ten million by the year 2020 according to census) and gasoline prices that spiked to their peek in late 2008, forecasters report there will be a drastic adjustment to travel in the very near future. Expect to see more "green" cars on the road vs. the 20% market share of sales we've seen in the past 10 years in SUV and van sales and possible new transit system or expansion of existing lines.
And a quick note, just because there is new retail and new development rising out of the ground does not mean instant success and equity growth. I advise clients to examine their lifestyle and where they see themselves in 5 years. Statistically homeowners stay in a home 5-7 years before moving due to outgrowing the home or the need to relocate for job or other reasons. Therefore, homebuyers should review with their Realtor every aspect of the home purchase, the location, commute times, METRA location, taxes, municipal improvements, schools, HO assessments and think down the line what changes may take place in their lifestyle. Does the community offer everything they need? If that is the case, most homeowners usually remain in the vicinity and just buy a larger home or downsize but remain in the relative vicinity.
There are great affordable communties in the near west suburbs and my top picks are: Brookfield, South Berwyn and Westchester , Orland Park and Palos Hills Illinois.
FYI - Right now Lyons is offering many nicely rehabbed properties as well as under market homes listed in the low $100K's to rehab if you plan on living there for a period of time. Great opportunity for those wanting to get out of renting and invest in thier own real estate while the rates are low.
The house deal's are out there, you just have to HUNT for them!
Christine is a member of "The House Hunter's Team" at GOBBER-GMAC Real Estate
More information can be found on her website at http://www.eHouseHuntOnline.com.
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