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post #1 of 32 (permalink) Old 10-16-2005, 12:02 PM Thread Starter
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Any new construction homes in your area?

Well, I'm looking to make a purchase of a new home or townhome, NO condo's!!

I am graduating in may, so the idea pre-contruction homes/ townhomes is coming to mind, since I won't be able to make a mortgage payment until I graduate.

There were some right in my area, Irving park and 90/94, Blue line and metra right there, but they are all under contract now . They were little pimp ones, 3 bed 3.5 bath, 2 car garage, $75 dollar assesment, and an elevator option!! I would've got it just to say I have an elevator, plus I'm sure it would help the resale value. But alas, they are gone. I'm sure some of the buyer were investors, so they will sell as soon as it's completed, with a substancial markup of course.

Anyhow, if anyone notices any preconstruction digs, please post it up. I would prefer in the City North or Northwest side near highways, but will consider anything.
Suburbs are cool, especially if they are close to the city. Thanks!!
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post #2 of 32 (permalink) Old 10-16-2005, 02:24 PM
 
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Check out Naperville if it is in the distance you prefer.
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post #3 of 32 (permalink) Old 10-16-2005, 09:36 PM
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Quote:
Originally Posted by uniball
Check out Naperville if it is in the distance you prefer.

he said the CITY. and with the exception of you naperviller's he means the city of chicago.

as for new construction in the city, I can only point you towards the west loop, but thats all condo's. Sorry...

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post #4 of 32 (permalink) Old 10-16-2005, 09:40 PM
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Pilsen is a good place to look into new construction home and townhomes. That area is finally getting some attention from builders.

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post #5 of 32 (permalink) Old 10-16-2005, 09:58 PM
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Going to need some MAJOR coin for a new construction in the city/o'hare area. Hell the new condo's are going for the mid 300's for a 2 bedroom. A new house would be a easy 500k. Prices are sick. While home's are always a good investment I would have to say now is a terrible time to buy, great time to sell though. In my area people are knocking down homes from the 70's that are going for 400+K and putting new homes on the land that cost 1mil. Mind you, those homes that are 400k now were 250 ten years ago. It is literally impossible for a first time home buyer to buy anything in the city unless they make sick money or are left a house from a family member.
As far as new construction in the city, there isn't too much since every inch of the city is developed. Your best bet would be to buy a shack and knock it down and build on it.

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post #6 of 32 (permalink) Old 10-16-2005, 11:09 PM Thread Starter
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Quote:
Originally Posted by under200
Going to need some MAJOR coin for a new construction in the city/o'hare area. Hell the new condo's are going for the mid 300's for a 2 bedroom. A new house would be a easy 500k. Prices are sick. While home's are always a good investment I would have to say now is a terrible time to buy, great time to sell though. In my area people are knocking down homes from the 70's that are going for 400+K and putting new homes on the land that cost 1mil. Mind you, those homes that are 400k now were 250 ten years ago. It is literally impossible for a first time home buyer to buy anything in the city unless they make sick money or are left a house from a family member.
As far as new construction in the city, there isn't too much since every inch of the city is developed. Your best bet would be to buy a shack and knock it down and build on it.

Under200
well, the townhome i was looking at would have been 390-420k. There is only 1 single family left anywhere near that price range, 540k. But that is townhome style with the stacked 2 car garage, they just aren't connected to each other. Believe it or not, the floorplan is actually better in the $420k townhome rather than the $540k single fam. They also have $700-$800k single fams with detached garages, but i think that is too much. the townhome had the pimp master bath though, separate sinks, hottub, shower stall... everything I look at now has to live up to that...

so do you think the market is going to flop soon? I'm trying to figure out how the average working family is going to be able to afford a place soon. And with prices going up so damn fast, the rents that people will be able to get wont cover the mortgage like they used too. If the market does flop I could probably buy that place for close to preconstruction pricing when they are finished and the investors sell though.

I don't know, there is another place nearby in jefferson park, single fam, 2 car detached. no shower stall in the master bath though $608k lots of room though, but that may stretch me more than i would like.

Say I were to find a shack for under $300k, how much to knock it down and build my place? I guess would need a contruction loan too...
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post #7 of 32 (permalink) Old 10-16-2005, 11:11 PM Thread Starter
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Quote:
Originally Posted by Dr. D
Pilsen is a good place to look into new construction home and townhomes. That area is finally getting some attention from builders.
what zip is pilsen anyway?
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post #8 of 32 (permalink) Old 10-16-2005, 11:12 PM
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Morton Grove, off the 94 and Metra runs right through.

There are 3 current developers building now.

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post #9 of 32 (permalink) Old 10-16-2005, 11:17 PM
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Quote:
Originally Posted by ClevisR6
what zip is pilsen anyway?
I think 60616...

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post #10 of 32 (permalink) Old 10-16-2005, 11:24 PM
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Quote:
Originally Posted by ClevisR6
...

so do you think the market is going to flop soon? I'm trying to figure out how the average working family is going to be able to afford a place soon. And with prices going up so damn fast, the rents that people will be able to get wont cover the mortgage like they used too. If the market does flop I could probably buy that place for close to preconstruction pricing when they are finished and the investors sell though.

I don't know, there is another place nearby in jefferson park, single fam, 2 car detached. no shower stall in the master bath though $608k lots of room though, but that may stretch me more than i would like.

Say I were to find a shack for under $300k, how much to knock it down and build my place? I guess would need a contruction loan too...
most experts will tell you that the market will not flop. there is a good reason why they are saying that - in many areas prices have already peaked and now adjusted in the negative direction. any reasonable market adjustment (consider it to be up to 5% of the peak value) is, well, resonable.

when it comes to building homes, even one for your own use, you should be prepared for a fairly complicated process if you want to get a great value. there are great deal of details involved and you can end up getting screwed. also, consider that most costruction loans require having 10% of the cost in owners equity (i.e. down payment). most consumers prefer to purchase new construction directly through builder to avoid dealing with permits, blue prints, hiring gen contractors, paying interest on construction loan while the home is getting built, etc.

good luck!

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post #11 of 32 (permalink) Old 10-16-2005, 11:39 PM Thread Starter
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Quote:
Originally Posted by YZFAlex
most experts will tell you that the market will not flop. there is a good reason why they are saying that - in many areas prices have already peaked and now adjusted in the negative direction. any reasonable market adjustment (consider it to be up to 5% of the peak value) is, well, resonable.

when it comes to building homes, even one for your own use, you should be prepared for a fairly complicated process if you want to get a great value. there are great deal of details involved and you can end up getting screwed. also, consider that most costruction loans require having 10% of the cost in owners equity (i.e. down payment). most consumers prefer to purchase new construction directly through builder to avoid dealing with permits, blue prints, hiring gen contractors, paying interest on construction loan while the home is getting built, etc.

good luck!

yeah, i though it would be too complicated. I might save a little, but i don't need any more shit to be stressing over, so looks like buying directly from the builder it is. I love that "market adjustment" term
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post #12 of 32 (permalink) Old 10-17-2005, 08:54 AM
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I don't think the house market is going to crash but I see it hitting a bump where it flattens for a good 5 years and nothing goes up. As stated, places are getting WAY too expensive and peoples wages are not going up. Instead banks are offering crazy loans where you never pay towards the prin. and only pay interest. Gotta suck to pay a house note for 10 years and still have no equity. Those interest only loans are going to be the nail in the casket for many people. They may have a 1500 home note today but in 4 years it could go up to 4000 and they will have to sell their home with no equity in it. However these loans are okay for someone planning on moving in less than 3 years. I believe something similar happen in Japan when their economy tanked. The banks went under due to offering home loans to overpriced land. People couldn't pay and tons of banks went under.

By the way those Jeff. Park homes are cool, they are near everything (the expressways and train/bus station). A bit crowded area but I see them having great resale value down the line. The Morton Grove area is also very nice. Have you checed out Norridge/harwood heights. It's about 10 min from the Jeff park area. Really nice area.
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post #13 of 32 (permalink) Old 10-17-2005, 09:15 AM
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Hmm... I have some new const. right by my place in River North. Brand new builds on single family homes. Seconds from the highway in the heart of the city.

There are a few lots left - and a couple of recently completed ones that are currently for sale. From what I've seen, prices range from $7M-$15M and square footage from 6500-8000. So you should be able to find room for that elevator and hot tub or whatever.

Have at it!

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post #14 of 32 (permalink) Old 10-17-2005, 09:45 AM Thread Starter
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Quote:
Originally Posted by Underdog
From what I've seen, prices range from $7M-$15M and square footage from 6500-8000. So you should be able to find room for that elevator and hot tub or whatever.

Have at it!



no problem, i'll just get out the checkbook!
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post #15 of 32 (permalink) Old 10-17-2005, 09:58 AM Thread Starter
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found these in round lake:
http://www.lakewoodhomes.com/LModels.asp?MastComm=18

for less than the price of a townhome in the city, you can get a pretty big house. I'm pretty sure lake county taxes are way worse than cook county though. plus that's WAYTF out there. some of the floor plans are alright though.
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post #16 of 32 (permalink) Old 10-17-2005, 10:36 AM
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oh grover......tell him why he doesn't want to buy out in Round Lake....

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post #17 of 32 (permalink) Old 10-17-2005, 11:11 AM
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Originally Posted by Ernie
oh grover......tell him why he doesn't want to buy out in Round Lake....

New construction isn't TOO bad. When you sell though, you'll be limiting who you can sell to. No parent who gives 2 shits about their kids would buy here for schooling (2nd to last in the state, gang related problems). Since school system is one of the prime reasons people do/don't buy, houses here do not go up in value as fast as other places. I've lived here 3 years, put a new furnace and central air in (most houses on my block don't have that). I'd be lucky to get 7-8% more than I paid for it, even after the $3000 in upgrades. It's getting better, over the last few years people have torn down a couple houses on my block to put in full basement, 2 story houses in place of the ranches from the 60s that were there. That's a gamble for short term though, it would be tough to sell those houses for $150K when the one next door is $115K. My house was built in 1988, so it will probably be around for a bit longer.

If the school system is Grayslake you would be okay, but taxes are WAY higher. The builder will tell you if it is (I haven't checked out the link). Either way, it's an hour and a half METRA ride to Union Station and I don't suggest commuting.

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post #18 of 32 (permalink) Old 10-17-2005, 11:36 AM
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Even with Grayslake schools, the resale market isn't so hot - there's just too much brand-new construction to compete against in the same price range. Friends of mine bought new construction in a development off of Monaville/Cedar Lake... lived in their house for a year. Got transfered back to Iowa. Took 'em 8 months to sell - and there wasn't a darn thing wrong with their house or the price.

And a teardown 3br/2ba house on 2 acres near Gurnee has a tax bill around $8,000 - and that's WITH the exemptions.

Taxes and transportation in Lake County sucks... the further west you go, the worse it gets. Combine record-pace development and an infrastructure of pretty much nothing but two-lane roads...

Living in the city is no better. I wish I would have bought in the neighborhood I lived in 10 years ago, when I had the chance. The same brick two-flat I could have picked up for $175,000 is now selling for damn near half a million dollars. Faaack! Buddy of mine sold his humongous 3-flat for $475k a couple years ago and it took him until just last week to find a single-family home in that price range that had comparable square footage to his old flat.

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post #19 of 32 (permalink) Old 10-17-2005, 01:25 PM
 
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I love my new construction townhome.

My Builder was Edward R James in Glenview. www.erjames.com

Check out their developments and see if you can find something you like.
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post #20 of 32 (permalink) Old 10-17-2005, 02:02 PM
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Quote:
Originally Posted by under200
Instead banks are offering crazy loans where you never pay towards the prin. and only pay interest. Gotta suck to pay a house note for 10 years and still have no equity. Those interest only loans are going to be the nail in the casket for many people.
I don't think you are getting how intrest only loans work. You CAN gain equity and you CAN pay principal. You can gain equity in your home as long as the value of the home/property goes up. Example: You put 10k down on a 200k home and do interest only. Well, you are paying interest on a 190k mortgage which the home is valued at 200k so there is 10k in equity right off the top and the next year if the home increases in value by 10% there is another 20k in equity. So now you are at 30k of equity in one year. Also, with interest only loans you can pay towards principal any time you want its just an option to pay interest only.

The true reason to do a interest only loan is to free up money for other investments and not to use it to buy more than you can afford.

Personally, I'm on a 30 year fixed 5.3% but interest only is good for the right person. P.S - If anyone needs a mortgage I have some good connections... PM me

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post #21 of 32 (permalink) Old 10-17-2005, 02:56 PM Thread Starter
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Here's an example of when an interest only can work:

My friend (a mortgage broker ) finds a place in scottsdale AZ, which is sort of the Glenview or Northbrook of Chicago. The guy selling it is a realtor, he tells the guy he'll write his own contract and obviously won't collect commision. Guy says OK. He tells the seller, hey, I'm a loan broker, the loan won't be a problem, I just need some mula for the closing costs. No problem. So he gets the house, which has a inground pool and other cool chit, for $200k. I think the guy was asking like 220 or something.

So he gets an interest only with a piggy back so no PMI, I think he had to pay around $1200 per month. He got 2 roomates $350 each, split the utilities, so he only had to come up with about $500 per month.

8 months later- house appraises for $325k, (i'm guessing the appraisers were friends) he goes to refinance, but forgets about the pre-payment penalty-waits another 4 months. Goes to refinance- has a rough time with the appraisal, but it gets taken care of and now he owes $200k on a $325k. He can then ditch the piggyback, and i think his payments are $900 per month now.
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post #22 of 32 (permalink) Old 10-17-2005, 10:46 PM Thread Starter
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what do you guys think of this one:

http://concordhomes.com/community/mo...ID=26&chtID=32

the "photo gallery" isn't very comprehensive but that 3 way fireplace in the master suite is pretty damn cool. floor plans are pretty decent though a little hard to follow if you read the plugs for the properties under the "news" section.
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post #23 of 32 (permalink) Old 10-17-2005, 11:25 PM
 
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I don't know your situation. If you're not even out of school yet I think it might be prudent to actually get out and be established in a job before taking a big step like buying a home. Who knows if you'll even find the job you want in Chicago? The job market is getting better but it's not like the late '90s with signing bonuses etc... I've been out for a year and a half and haven't purchased yet because I'm not very happy with my current job. Wouldn't want to buy a house and be stuck somewhere when my dream job requires me to relocate. Just my .02
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post #24 of 32 (permalink) Old 10-18-2005, 07:35 AM
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Quote:
Originally Posted by ClevisR6
what do you guys think of this one:

http://concordhomes.com/community/mo...ID=26&chtID=32

the "photo gallery" isn't very comprehensive but that 3 way fireplace in the master suite is pretty damn cool. floor plans are pretty decent though a little hard to follow if you read the plugs for the properties under the "news" section.
that's very nice. I hope though that your first job will come with a six figure income or it will be hard to pull mortgage and taxes on a nice property like this one.

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post #25 of 32 (permalink) Old 10-18-2005, 07:44 AM
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Originally Posted by Jschaffer
I don't know your situation. If you're not even out of school yet I think it might be prudent to actually get out and be established in a job before taking a big step like buying a home. Who knows if you'll even find the job you want in Chicago? The job market is getting better but it's not like the late '90s with signing bonuses etc... I've been out for a year and a half and haven't purchased yet because I'm not very happy with my current job. Wouldn't want to buy a house and be stuck somewhere when my dream job requires me to relocate. Just my .02
I thought of that too. I lived with a roomate in Wheeling for 5 years before buying my house. Just remember, if you buy a house, you are stuck there. Entry level jobs MIGHT get a relocation package, but nowhere near the relocation packages offered to execs. Living in a cheap apartment with a roomate allows you to save cash and pay off debt. And plus, without a job and several years on it, your financing options are pretty much not there.

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post #26 of 32 (permalink) Old 10-18-2005, 08:04 AM
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Quote:
Originally Posted by Grover
... And plus, without a job and several years on it, your financing options are pretty much not there.

-Chris
actually, that is entirely incorrect. I am currently financing a property for a young lady who just graduated in May and worked since June. In fact I helped many peers finance their first home when they got right out of school. technically speaking, in case with new grads, all you need a diploma (to show that you weren't just uneployed for past two years, but were a student) and 30 day provable income to obtain a "conforming" loan.

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post #27 of 32 (permalink) Old 10-18-2005, 08:39 AM
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Quote:
Originally Posted by YZFAlex
actually, that is entirely incorrect. I am currently financing a property for a young lady who just graduated in May and worked since June. In fact I helped many peers finance their first home when they got right out of school. technically speaking, in case with new grads, all you need a diploma (to show that you weren't just uneployed for past two years, but were a student) and 30 day provable income to obtain a "conforming" loan.
Good interest rate? Damn, I got screwed on my first car loan, 12% interest on a 97 Grand Prix GTP.

I'll be contacting all these mortgage brokers on here if I stay in this house much longer, my ARM went up a percent. At the time I got it that wasn't bad since 30 year loans were at 7% then. Aren't they around 5.5% now?

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post #28 of 32 (permalink) Old 10-18-2005, 09:13 AM
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you've been screwing yourself out a few hundred bucks every month for over a year now. RUN and get a no cost refi asap
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post #29 of 32 (permalink) Old 10-18-2005, 09:31 AM
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Location: Lindenhurst, IL
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Location: Lindenhurst, IL
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Ernie, you are supposed to be stopping thread jacking

Well, it was under 5% if I remember, but within the last 3 months it jumped a point, which is about $100/month extra.

I just love all the solicitations I get for refinancing. I mean, I've gotten letters saying the government is screwing me out of getting money back (PMI) and how every month the amount I get back goes down. I've got those pink "while you were out" notes MAILED to my house. Official looking forms from companies with governement sounding names..I really should keep them just to show people.

I just don't know the complications of refinancing right before selling if I have to because of a job.

-Chris

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post #30 of 32 (permalink) Old 10-18-2005, 09:44 AM
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Join Date: May 2004
Location: Vernon Hills, IL
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Location: Vernon Hills, IL
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Quote:
Originally Posted by Grover
I just don't know the complications of refinancing right before selling if I have to because of a job.

-Chris
Chris,

As long as it does not cost you anything, there is really no downside.

Alex - Certifiable MSF Instructor
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