On 3/19/09 the Illinois State Board of Education (ISBE) voted to approve Prairie Crossing Charter Schoolâ€™s
(PCCS) request for charter renewal. The five year renewal was unanimously approved by ISBE and is
the longest charter term renewal allowed by law.
Waste Management has a facility to the west of the subdivision. I am not sure of exact way this came about--but original owners of homes in the subdivision were provided a guarantee by waste management that they would not lose money on their investment in the community--and so Waste Management will buy the homes of original owners who try to sell and are unable to do so. The buyout progam was based on a rate of appreciation based on some infation index--not based on current market values. This progam did not consider the current dip in prices. This buyout program is currently set to remain in effect through the end of this year (2009). As a result, many people are participating in the buyout program--selling their home--ultimately selling to Waste Management at an above market price and then hoping to buy a different home at todays lower market prices. A seler has to have their home on the market for 3 to 6 months depending on their circumstances in order to participate in the buyout progam. Some sellers are hoping to buy another home in the same subdivision--they are just using the economic opportunity provided buy a poorly conceived buyout program. Some sellers can literally sell their home to Waste Management and then buy the same model from a real seller for $80,000 less.
The result of this situation is that we see a giant spike in the number of homes offered for sale in the subdivision. The pricing of these homes will be confusing to the current outside observer--with prices all over the place. This makes sense when we understand that we have three groups of homes currently for sale. 1. Sellers who want to participate in the buyout--they know they will sell to Waste Management--and therefore are not worried about setting aggressive listing prices. 2. Homes currently owned by Waste Management. 3. Sellers who are not eligible for the buyout program--and must price their homes to compete in todays market.
This is likely to result in depressed prices in the subdivision for the balance of 2009 and for 2010. The buyout is putting an above average number of homes onto the market. Then next year (2010) Waste Management will be saddle with a large number of homes in inventory that they will need to move. Prices will need to remain low in the face of weak demand in order to get those homes off the books.
Once we are through this cycle caused by the buyout program--pricing withing the subdivision should bounce back to being in line with more nomal market forces.
Prairie Crossing is a unique conservation community whose unique concept, community design, and principles should help it continue to be a thriving community well into the future. You can learn more about it at http://www.PrairieCrossing.com. The current situation provides some excellent investment opportunities to buy a home in a terrific development. Please feel welcome to contact me at 847-274-3591 if you would like to talk more about buying a home in Prairie Crossing.
The market price of a home is largely dictated by the price of homes "sold" not by the price of the homes that are on the market. The real factor involved here is the homes that are in foreclosure and being sold by the bank. The banks are selling off their inventory of homes by a steady decrease in price, until they get an offer.
One other note: I do believe the dump is lined, as I have been in there many times to witness the process. A large hole is dug down, and I mean a huge hole close to 70 feet deep and hundreds of feet wide, then the a liner is laid down and perforated pipe on top, followed by large stone then the dumping begins. I would guess it to be around fifteen feet of garbage level across the hole, followed by the liner and pipe and more stone. This is so the gasses can be pumped out and controlled or even used for energy. The entire dump area for the day is covered each night! Now don't get me wrong I've been by on a hot July day after a rain and there is still some strong odor! But they are working to control it as best they can.
For more information read here- http://www.dailyherald.com/story/?id=369096
The other problem is the taxes. Because of the nature of the community, Prairie Crossing seems to be taxed much higher than neighboring communities. For example, a house that is for sale for $399,000 will have yearly taxes of $14,000, which is absolutely ridiculous. And despite the huge dip in home prices throughout the county, homes in Prairie Crossing are still seeing spikes in their taxes. It is simply becoming a community no one can afford to live in, hence the reason many owners chose the buyout.