Chicago Suburban Markets for New Homes and Rehabs
Chicago Area Markets for New Homes and Rehabs What are The Next Hot Markets and What you Should Consider Before Buying? By: Christine Moscinski, Broker Associate & Market Expert – Gobber GMAC REAL ESTATE April27, 2009 There’s no doubt that the residential real estate market is slumping in some areas. Many of the hardest hit areas arecommunities wherehomesare not kept “up to par” with what is out in the new development or newly constructed homes and even rehabbed homes. New competition with emerging housing developments andcondo conversionsaround Chicago’s near West Side Loop, the northeast and southwest suburbs including Huntley, Lemont, Lockport, Romeoville, Bolingbrook, Homer Glenn, New Lenox are amongst the hottest areas right now with homes ranging in the low $200Kto upper $300K’s so take advantage of these custom homes (many are in pre-foreclosure or bank ow home buyers ned). All are conveniently located along the I-355 extension, (the new Veterans Memorial Tollway (I-355) from I-55 through Will County to I-80)makes it an easycommute to Chicago. Affordability and getting a great ?deal? is ranked a top priority with my clients – they are looking for the best deals out there. The mostasked question is ?where can I can find “brand new”, move-in ready or completely rehabbed homes and townhomes for cheap?? – but arewilling to pay the extras in monthly assessment costs and longer commute times for a “deal home”. Frankly, I cannot advise against newer developments or rehabbing when the existing homes are reaching 40-50+ year’s in age, are higher priced (some by $50+K) and homeowners have not made any updates or changes since they were built! My suggestion has always been Location, Location, Location and of course mass transit availability.