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post #1 of 34 (permalink) Old 04-24-2004, 10:29 PM Thread Starter
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Housing question

My real estate agent is looking for places close to where Iím going to be working for me that are in my price range. He said my best option is an attached townhouse in Streamwood. Itís supposed to be a nice city that will keep appreciating in value and will have quick turn around times if I decide to sell in a couple years. Anyways Iím going out there next weekend from Thursday to Monday. He is telling me that I will have enough time to see everything available in that city and surrounding cities as well as what the surrounding areas are like. He told me I shouldnít have a problem finding something in those 4 days that I like and want to buy. My parents are telling me not to rush into anything and to wait, but waiting will cost me more money because Iíll have to rent for longer than I want and the real estate agent told me the property will cost more as the months go by because of buying ďseasonĒ. Do you think that itís reasonable for me to find something I like in those 4 days, and if I find something I like should I act on it? Iím almost too scared to because of my parents telling me not to rush in. but if I donít pick something that weekend I will most likely have to rent for a year and it will cost me too much money. What do you guys think. If it helps i'm looking at a place for $200k

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post #2 of 34 (permalink) Old 04-24-2004, 11:06 PM
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streamwood? wtf? you don't want to live there if you're working up north in Arlington Heights. You'll be going North & South playing in traffic unnecessarily with all the commuters going in/out of Chicago on I-90.

Get some place North of I-90
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post #3 of 34 (permalink) Old 04-24-2004, 11:17 PM
 
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I just moved from my townhome in Streamwood not too long ago. I was there for a scratch over 4 years. I'll tell you a bit about it.

For the most part, your agent was right. When I bought my townhouse, it was 8 years old and I paid 98K for it. I sold it 4 years later for 140K and it only took 7 days before a bid war errupted and the house was sold.

As for the town itself, It's not bad. I have issues with the Streamwood police force, and that is the one reason I wouldn't move back to that town. They're the most useless POS force that's I've ever had the misfortune of dealing with. I have no respect for their cops.



But here's the thing. If you have 200 grand to spend and all you're looking for is a townhouse, then you're set. Most any of the better NW suburban towns have townhomes between 150 and 200K. And we're talking nice homes too. If you got 200 grand to spend, I'd say look at Schaumburg (right down the road from Arlington Heights) Hoffman Estates, Palatine, or Arlington Heights itself.

Make sure you're looking at Realtor.com for the areas around here so you get an idea of the costs for what you want. I think with a 200K limit you'll be happy with what you can get.
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post #4 of 34 (permalink) Old 04-24-2004, 11:21 PM
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Do you definetly want a townhouse, or are condo's an option? For the $200k price range you should be able to find a condo closer... possible even a townhouse.

Traffic on I-90 is something you should avoid if possible. Also, depending on time of day 290/53 get backed up around the I-90 interchange near Woodfield Mall.

What part of Arlington Heights are you working in? (North, South, somewhere in the middle)

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post #5 of 34 (permalink) Old 04-24-2004, 11:41 PM
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take the pressure off.

Mom and dad are trying to help, so having said that i will now say this. You are looking at time as days, you should look at it as months. once you are here you can really look for an area you want to live in that will have good resale value as I doubt you will keep the property forever. Also your agent is looking at you as a quick sale and may not be looking out for your best interest.
there is nothing wrong with a condo as your first place or townhouse- low maintenence and easy to deal with and should have ammenities. see also if your new employer has suggestions as to where people are living and why they like it hit up the hr people they should be able to tell you. Another town you might look at is morton grove- reasonable prices and great city services and people. I used to live there was a good place to start.
hope this helps.
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post #6 of 34 (permalink) Old 04-25-2004, 12:02 AM
 
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I am a real estate appraiser of the chicagoland area for 8 years now, and my mother in law is a realtor of 25+ years, if you have any questions, drop me an email at [email protected] maybe i can help you find something feasible...

as for the 4 days to finding something, I wouldnt rush in. you will be stuck with the property you buy for a while, you dont want to buy at the top of the market (this happens in condo/townhome situations) and the general appreciation rate for the Chicagoland area does not apply to those suburban condo/townhome complexes, not for me at least..they seem to appreciate at their own rate, depending on how new the complex is, the amenities it provides, what is included in the assessments, are there special assessments, is the project ethnic (this seems like a wierd question, but ethnicities congregate within alot of these townhome projects...do you mind if you live in a 95% polish speaking development, just heads up for yah) also, a bad homeowners association will cause you more grief than you want, they can acutally cause so many problems that your value wont apprecaite at the rate you would like...for the most part, buying a 10+ year old townhome isnt going to be the way to go as far as appreciation rate...getting in on a new project is the fastest appreciating, because they constantly drive the price up til lthe last unit is sold, it is very possible to buy into a new development, not even move in, and make money by reselling your unit at the end...

Sorry, that was probably too much info, but my advice to yah is to not rush in, you are going to be stuck there for awhile. if you want me to give you some advice, listings to offer to your realtor, neighborhood advice, etc, give me an email, okay?

AL
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post #7 of 34 (permalink) Old 04-25-2004, 12:07 AM
 
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DO YOUR RESEARCH!!!! when looking at property, study the area closely and look at a lot of places in that area. Make your Real esate broker earn their money... shit they get at least 2% of the houses value in commission.

I have expereince paying too much for a property...itrust me, it's not fun.

Check out what the association offers for you assesment and compare it to others in the area. Also look at duplexes. Several folks on this board have them and seem to like them.
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post #8 of 34 (permalink) Old 04-25-2004, 12:11 AM
 
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oh yah, as far as traffic goes, im not going to beat the dead horse, but Ill just say that these guys are all right about the traffic problems....I would defenitely not set myself up for that east west travel....

I did a quickie search for you...you can have your choice of townhomes within these areas...

Prospect Heights, Palatine, Mt Prospect, and Arlington Heights, about 185 different units within 160K-200K.....lots of nice stuff in Palatine, and lots of cheap stuff in Prospect heights....anyways, hope this helps
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post #9 of 34 (permalink) Old 04-25-2004, 12:12 AM
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I Lived in streamwood all of my 27 years, its ok, but I think its on the downfall even though they still ask a lot for houses here.

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post #10 of 34 (permalink) Old 04-25-2004, 12:14 AM
 
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just a note on duplexes, they are not prevalent in most areas, they are hard to appraise, and since there arent a bunch of them, they dont turn over quickly, so they dont appreciate quickly...just FYI but theres no HOA dues....thats a good thing

personally, i would be looking for as new a townhome development as i could find, find one with a decent HOA, and one that includes as much crap in the assessments as possible...and for sure, one that does lawn and snow...I dont want to do anything but open the door to the house
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post #11 of 34 (permalink) Old 04-25-2004, 12:34 AM Thread Starter
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Wow thanks for all the help, especially r1_pilot. I'm working right next to the horse race track. Look up Avnet in a yahoo yellow pages search and that will show you where it is. The agent mentioned streamwood because it's only 10-12 miles from my work. so with that in mind what kind of commute would I be looking at?

I have done a lot of searching in Streamwood, Bartlett,schaumburg, and hanover park. and so far I have ruled out schaumburg. I'll take a look at the other locations. This searching on realitor.com sure helps rule out certain areas nicely.

hey R1_pilot....if I needed a place to stay for1-3 months what kind of options do I have?

Steve
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post #12 of 34 (permalink) Old 04-25-2004, 12:47 AM
 
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what kinda company do you work for, will they put you up at extended stayamerica?

what are you looking for, bedroom and bath count...are you looking for 1-2 car attached garage...how many coming w you, just you?...just curious...

im sure you can find weekly rental places for around the 175/wk mark...its alot of money, but its part of moving out of state...my dad and my uncle have done it multiple times, this is just part of the fun...hopefuly your work is providing you w a decent relo package..you should talk with them about setting you up with a hotel to stay in until you can get a place....its not out of the ordinary for a place to pick up the bill, or at least part of it...
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post #13 of 34 (permalink) Old 04-25-2004, 12:51 AM Thread Starter
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Ok I did a QUICk search between $175 and $225 for the areas you guys were telling me to look. Most of what I found was real old like 1966 townhouses and they looked a lot more like apartments to me. I looked at about $200 and I found a 1990 townhouse (2br, 2 bth, 1 car) that was nice and what I was seeing a lot of in streamwood area but for that price I was finding some nice 3br, 2 baths. an example is comparing these two links
http://realtor.com/Prop/1035270839 and http://realtor.com/Prop/1034212494

So is I can get a better place for the same price or cheaper in the Streamwood, Bartlett area why should I stick with streamwood? (I'm really asking and not being sarcastic) Am I just not finding the right places in my search? If you can come up with stuff i'm mising I'd love links.

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post #14 of 34 (permalink) Old 04-25-2004, 12:57 AM Thread Starter
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My work gives me $4k cash to do whatever i want with. It's for relocation, but if I don't use it I pocket it and anything I spend more comes out of my pocket.

As for what I told the agent I talked to, I said that I want something for no more than $200k (after negotiating), I want something thats good quality, in a nice neighborhood, and most importantly something that will sell quick in a couple years! He told me that I should look for a twn house, at least 2 bd and 1.5 baths most likely in the streamwood area.

As for my agent the way I got him is my boss reccommended a lender that is a good friend of his to take face of getting me my mortgage. The Lender reccomended this agent.

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post #15 of 34 (permalink) Old 04-25-2004, 12:58 AM
 
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Heres your tradeoff, do you take the newer townhome, the 90s built one, that will soon need work, and the traffic-laden ride to work, or do you take the 60s built townhome/condo, and make sure everything has been replaced (all mechanicals) and live nearly a walk from your work. I found some on Northampton that are decently sized, 1 car garage, and fully updated with newer kitchens, baths, and mechanicals....not too bad! You need to come here n *feel* the traffic...I drive in it every day, much more than your average driver, and i get road rage instantaneously LOL....so I make the travel first priority over all...

as far as Streamwood or Bartlett, they are both nice areas. What you make up for in lower price and newer home, you pay for in travel time...

also, the search program you are using is very limited...I am using the realtor version of the MLS, and Im very well versed in it....let me do a few more searches for you....
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post #16 of 34 (permalink) Old 04-25-2004, 01:00 AM
 
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just curious, whos your lender?
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post #17 of 34 (permalink) Old 04-25-2004, 01:03 AM Thread Starter
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"do you take the newer townhome, the 90s built one, that will soon need work,"

So your saying they are a lot like suzuki's lol (I couldn't resist)

is a 1995-2003 townhouse going to need work?
As for age group of twnhouses I like the newer ones just because they look nicer and they seem to not be apartments like most the ones I was finding in the arlington hts area.

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post #18 of 34 (permalink) Old 04-25-2004, 01:07 AM Thread Starter
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The lender I talked to, but haven't gotten any numbers from yet is Jeff Stec of "Midwest Home Funding".

Steve
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post #19 of 34 (permalink) Old 04-25-2004, 01:08 AM
 
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i got a nice one for you, MLS# 04005288

1996 built townhome, 5/3/1.5, w a 2 car garage attached....in Palatine, thats pretty close to your work... 209k asking

theres tons more, but heres some subdivisions for you to look in...

in palatine, hamilton creek, knollwood, and whispering oaks...all very nice, and i think most of these had attached 2 car garages...

arlington heights, lake arlington towne, some nice stuff here too

there were some in rolling meadows too. you can get yourself into a 90-98 aged townhome with 2-3 bedrooms and 1-1.5 baths with 1-2 car garages between 190-235, i think you can get into something decent for 210

AL
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post #20 of 34 (permalink) Old 04-25-2004, 01:09 AM
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Quote:
Originally posted by thepro8
The agent mentioned streamwood because it's only 10-12 miles from my work. so with that in mind what kind of commute would I be looking at?
seems close but you're probably looking at about 30-45 minutes in rush hour traffic because you're crossing a high traffic shopping/dining out area in Schaumburg.

I've lived in the area for the last 15 years that you're looking to move to and I'd still recommend that you look in the Schaumburg, Palatine, Rolling Meadows, Arlington Heights, Wheeling, Buffalo Grove, Lake Zurich, Mount Prospect suburbs rather than the Streamwood area
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post #21 of 34 (permalink) Old 04-25-2004, 01:13 AM Thread Starter
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Yeah palentine would work. do you have any pics of that place so I could have an idea what it looks like?

Is there a reason to stay away from streamwood besides commute time? Lets say I don't mind a 30 minute commute why would I be better in those other areas? Would those places apprecite better? Will they sell quicker?

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post #22 of 34 (permalink) Old 04-25-2004, 01:16 AM
 
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i gotta get back 2 work if you need anything, just give an email, im usually always workin...we can find you something...

you know what , i just checked the distance to streamwood and bartlett...depending on where in these two burbs your looking, the distance is only about 20 miles...theres many other ways to get to work other than using the highway...if youre interested in being out of the city, bartlett and streamwood will have more of that feel than being in the middle of palatine or arlington heights...


OH yah...no, id say the cutoff for places that ned work will be 10 years old. Builders dont build for the long haul any more, housing is becoming disposable...at 10 years, you are looking to remodel kitchen, bath, do a hot water heater, check on the roof, etc....an older unit will most likely have all of this done....

but, if you can get yourself into a 1995+ townhome, especailly with a 2 car garage, i think youre doing pretty good!
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post #23 of 34 (permalink) Old 04-25-2004, 01:21 AM
 
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give me a min, im makin some pics for you
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post #24 of 34 (permalink) Old 04-25-2004, 01:21 AM Thread Starter
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Thanks a ton R1 pilot and everyone else. I'll go check it out next weekend and now I think I have a lot better understanding. I'll do the drives from streamwood to arl. hts. It's only about 12 miles so i think I can take all non-hghway roads, but we will see. Yeah i'm definetly looking for 1995+ twnhm hopefully with 2 car, but not a necessity. I'll also look in arl. hts and talk to my boss, ect. about it.

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post #25 of 34 (permalink) Old 04-25-2004, 01:25 AM
 
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good call there ernie, thats what i figured on peak travel time...have you ever lived here before thepro? one thing i notice every time i travel is how bad our traffic really is...it seems like everyone elses *rush hour* is our off peak traffic...

here is an example of the Hamilton Creek subdivision in palatine
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post #26 of 34 (permalink) Old 04-25-2004, 01:25 AM
 
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of the Knollwood subdivision
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post #27 of 34 (permalink) Old 04-25-2004, 01:26 AM
 
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of whispering oaks subdivision
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post #28 of 34 (permalink) Old 04-25-2004, 01:27 AM
 
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i like the whispering oaks, 2 car garage, plenty of room for toys...all units have simlar spavce, probably 1200-1500 square feet...
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post #29 of 34 (permalink) Old 04-25-2004, 01:28 AM
 
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allright im outta here...drop an email if you need something, hope we gave you some help!

Allen
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post #30 of 34 (permalink) Old 04-25-2004, 01:31 AM Thread Starter
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Yeah something like that is exactly the type of place i'm looking for. I'd prefer one on the end of the building though but that's about the type of place i figured i could get for my money. i guess I would just have to find out what location is better when weighting the commute, appreciation, growth potential, neightborhood, and best home for the money.

Shit though, buying my next bike shoud seem like a cake walk compared to this.

Steve
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