Home Buying in Lockport>Question Details

Debbie, Other/Just Looking in 60445

I am looking for a townhouse in the Lockport-Frankfort-Mokena area. I have found many properties for sale in

Asked by Debbie, 60445 Sat Jul 19, 2008

the Broken Arrow area. I'm wondering why there are so many in this small area? Is that a red flag for buyers?

Thanks

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Not necessarily. With a bit more info I can provide you more specific data. Contact me for me information.
0 votes Thank Flag Link Wed Feb 27, 2013
I can tell you first hand that there has been at least five houses that sold as short sales. Now there is at least six more that are in foreclosure trying to sell as short sales. The taxes in Lockport are high and most of the people have sold them in short sale or foreclosure is because the bought the in 2006, 2007 when the market was blooming, everyone got high interest rates and the Banks are NOT working with the people so there will be and is a lot of people that have lost their home and are not very happy. Also if you live in Lockport you'll understand you have to be part of the boys club in order to get things done if you are just a regular citizen paying your bills helping out others that need help when you need something from the village they smile at you and nod their head and then as soon as you turn your back to walk away they stab you in the back as far and as hard as they possible can and then they twist the knife until you lose everything. They don't care about you unless you know someone. I wish I never moved out here with my family. This is not a Community this is just a place to live until your find somewhere where you can truly call home.

Sorry but I have seen to many people personally affected by the village leaders and all their lies and everything is about the village and what they can do for themselves not the what they can do to help our community those people makes me physical ill Their people try by calling the Mayor he use to talk to us when he was alderman now that he’s Mayor that has changed he doesn’t have time for you unless you have a close relationship with him. You can try to talk to the chief of police he use to help us but now that he became the chief of police of course he has changed to, no time for us neither one of them would even return phone calls when we had problems I guess their new jobs make them too important to speak with us regular citizen. I can continue but it won’t do any good we really need to vote people into office that will have the best interest in everyone in the community not just certain people.
0 votes Thank Flag Link Sun Jun 17, 2012
Debbie:
Thank you for your questions regarding the Broken Arrow area. I am a 30 year veteran of the mortgage/real estate industry that lives within the subdivision of Broken Arrow. Our home backs up to the golf course located within the interior of the subdivision. It is true that there are a fair number of "for sale" signs within our area. Statistics will tell you (as does the MLS & etc.) that most do not represent stressed sales or situations. The new addition of the I-355 extension and commercial areas expansions has created a positive atmosphere for those thinking of selling, even within the present economic climate. Most see the inclusion of this into our area as a definite plus and addition to the benefits of living nearby.
There is a large variety of prices represented just within this small area of Lockport, ranging from the smaller homes and townhomes to the larger more upscale homes represented on the northern side of the golf course, which is healthy for re-sale values. We are also beginning to see home improvements made to existing housing versus the sales of the past. People are investing in their present homes instead of moving on (at least for the time being), which is good. It will have a positive effect on the area and the prices of the housing will reflect that in the future.
We have found the area families to be friendly, the traffic and congestion to be limited (no commercial traffic other than golf course), and the city services to be well provided. I am sure you are finding that the prices of the townhomes in Lockport are more conservative. We downsized from a home in Mokena around 7 years ago after our children were out of high school for that very reason. The Lincoln-Way area that contains Frankfort and Mokena, is a little more upscale in nature. The traffic would also be a little heavier than you would find in Lockport. All communities are greatly accessible to major highway arteries. Presently, schools within both areas that you are discussing would be positives for re-sale, even with Lockport H.S.'s most recent need for a new building.
Depending on where you work, I can't stress strongly enough what a benefit the I-355 extension has been to getting around the entire area. Travel time has been cut tremendously and the convenience to other major arteries and areas is unbelievably enjoyable and beneficial.
If I can answer any other questions, or assist in any other way, please contact me. You truly will not be unhappy with any of the communities that you have mentioned. They are all great areas in which to live. Best of Luck to you in your search and in the future ...
Web Reference: http://www.genemundt.com
0 votes Thank Flag Link Thu Apr 9, 2009
Not to be argumentative but a home purchase is not a money pit. It's one of the best long-term investments anyone can make. Despite the market of the past couple years, this entire area has averaged a 6% appreciation every year for the past 20 years!

While it is true that the people who bought homes in the past couple years and are trying to sell them now are experiencing a difficult market, that will not continue to be the case as our market will make a steady turn upward starting in the first quarter of 2009.

There may be reasons to be apprehensive about certain areas but there's no reason to be apprehensive about buying a home within the next 6 months. There will never be a better time to buy.
Web Reference: http://www.MicheleNixon.us
0 votes Thank Flag Link Sun Jul 20, 2008
Broken Arrow is one of the largest single new subdivisions in the Lockport Area. Most of the homes were built in 1999-2003. But it also has some of the highest housing density in the Lockport area. It has its share of pre-forclosures and bank owned properties.

In my opinion speculation over the 355 extension drove up prices, and now people which bought original homes are trying to cash out. However, you also have people who overpaid in the past few years, and are now caught trying to sell in the declining price market. There is also a high turn over rate, in that some of properties have sold 2 or 3 times in the 10 or fewer years the property has existed. Also taxes + HOA run 4000-5000 per year.

The area itself it not the problem, just that it is a new neighborhood. Most new neighborhoods are experiencing the same problems. Lakewood Falls in Romeville, and a bunch in Plainfield. The mentality in the housing boom was prices would keep appreciating. Now most people are coming back to the realization that a home is a money pit, and not a money bank.

If you are looking to buy, remember you as a buyer have the upper hand in negotiations. And if you want a cushion from further price declines, make sure to buy at a low price.
0 votes Thank Flag Link Sun Jul 20, 2008
Debbie,

If I had to venture a guess as to why this neighborhood has a lot available, I would say it is because this is a first-time home for most people and people are looking to move up to something bigger. There is only one short sale in the listings that are available.

But ultimately, the best way to know about an area is to spend some time there and talk with a few of the neighbors. They're are a great resource for what truly goes on in the neighborhood on a day to day basis.

Good luck in your search!
Web Reference: http://www.MicheleNixon.us
0 votes Thank Flag Link Sat Jul 19, 2008
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