Home Buying in 60612>Question Details

Rb, Home Buyer in Chicago, IL

Is it safe to invest in a million dollar home in Oak Brook chicago?

Asked by Rb, Chicago, IL Sat Aug 9, 2008

We are planning to buy a home in Oak Brook IL. Is it safe to invest on a million dollar home? or wait for next year.

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3
Some recent schools of thought are that buying in the next 6 months may be a good financial move. The real estate market is fluid-like the stock market. Waiting till you see the market increasing may cost you the home you want, at a price you want.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Wed Aug 13, 2008
Cyberhomes data seems to suggest that the decline has stopped check out this link an see what you think for yourself. http://www.cyberhomes.com/neighborhooddetails.aspx?placeid=1027467
0 votes Thank Flag Link Sat Aug 9, 2008
Rb-

I work & live in Oak Brook. Properties have come down in price here and there are definitely more to choose from. Our sales have definitely slowed from last year and many sellers are willing to negotiate. There are approximately 41 homes that are listed under 900,000 and those seem to be the most affected by this market. There are only 7 homes that are active from 938,000 to just under 1,200,000. Active single family homes are listed from 545,000 to 6,900,000. There are currently 118 active single family homes on the market with an average list price of 1,797,156 and 250 days on the market.

For you to make a decision on whether or not to invest in a home here, I would suggest you take a look at the homes available in your price range, what homes have sold and for how much, figure out how long you plan on living in your home, our lower property taxes, the convenience of shopping, expressways, restaurants and the airports, what you are getting for your money and the amenities offered to residents of Oak Brook including our park district, Bath & Tennis, golf, schools, library, etc..

I hope this information helps.
0 votes Thank Flag Link Sat Aug 9, 2008
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