Home Buying in 60521>Question Details

Arthur, Home Buyer in Chicago, IL

Will Clarendon Hills and Burr Ridge appreciate anywhere near Hinsdale over the next 20 years or so? Assumption that all areas go to D. 181 schools.

Asked by Arthur, Chicago, IL Fri Feb 12, 2010

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7
Michael Hagen’s answer
Since you are looking at the long term, there will on average be no statistical significant difference in the price appreciation. Hinsdale will most likely keep the relatively higher property values, but the school district and proximity to Hinsdale will pull up the values of CH and BR.
1 vote Thank Flag Link Mon Mar 29, 2010
Generally speaking yes. Since you're dealing with such a long time period and schools are one of the biggest drivers of home prices, the returns should be very similar.
0 votes Thank Flag Link Tue Aug 20, 2013
I agree with all the answers posted. I ran some actual hard #'s based on an assumption of a Purchase Price of $1M across all three areas. Just an assumption...assuming Hinsdale returns 3% annually and the other 2 areas return 2% annually compounded over 20 yrs it's only a difference of $30,000 dollars. Naturally the figure becomes bigger if they return 5% annually vs. 3% etc....
0 votes Thank Flag Link Tue Feb 26, 2013
Value will follow with the schools. And there will always be some added value in proximity to the train--unless we undergo such a transformation of the workplace, that Chicago is no longer a magnet for high paying management jobs. Clarendon HIlls has unique charms--and a tighter sense of neiborhood due to the layout, and smaller, though not less beautiful lots. BUrr Ridge is wide open, but only the northern sections are served by D181.
Buy the house you want in any of these areas, and become involved in your community, and you will be happy.
0 votes Thank Flag Link Tue Mar 16, 2010
Burr Ridge has not kept up with the price appreciation that Hinsdale has, historically. This is because of the lack of access to the train and no real downtown. Clarendon Hills has done about as well, and demand has always been strong there because of the fact you can get Hinsdale schools in a less expensive house. CH also has a nice downtown and train. Anywhere south of 55th Street is priced somewhat less because it is not regarded as "In town", but for the most part it is still highly desirable.
0 votes Thank Flag Link Mon Mar 15, 2010
That is what I was looking for...I know Hinsdale has a name value that CH and Burr Ridge can not compete with, but I wanted to see in general what people thought, if it is 1% or less then no big deal...
0 votes Thank Flag Link Fri Feb 12, 2010
It's probably a fair bet that all those areas where the homes are in D 181 will experience similar market fluctuations over the next 10 years since schools tend to be one of the bigger influences on property values. Where you may see some differences will be in the area of property taxes (that is to say the mil rate which is outside of the influence of the D181 taxing body) and the effectiveness in each of those governments. there might also be some difference based upon the "value of the name" of the community. On balance, probably all will be seeing values change at a similar rate barring any localized disruption. Make sense?
0 votes Thank Flag Link Fri Feb 12, 2010
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