Home prices drop in Oak Park and River Forest

River Forest posts sharper decline than Oak Park

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By Marty Stempniak

Staff Reporter

Single-family home prices dropped in both Oak Park and River Forest in the fourth quarter of last year, but not quite as severely as other communities in the region. And the overall rate of decline is now slowing.

Average home prices dropped in 238 of the 252 Chicago-area zip codes tracked by Brookfield, Wisc.-based Fiserv. South suburban Harvey saw the biggest drop, at 19.6 percent, and Clarendon Hills the largest uptick, at 3.6 percent.

The drops were much smaller here, at 4.4 percent in Oak Park's 60302 ZIP code, 4.5 percent for southern Oak Park's 60304 ZIP code, and 7.2 percent for River Forest.

Click here to read a full report from Crain's Chicago Business, and to see an interactive map on home price changes.

Reader Comments

18 Comments - Add Your Comment

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john murtagh from oak park  

Posted: May 11th, 2011 8:06 PM

OP Res - On the mark. Maybe the board should hire a consultant in family life that could teach the basics of rainy day budgeting. They will teach that because you have money left over at the end of the pay period does not mean that you have to spend it. They also have great advise on not loaning money beyond your ability to pay.

OP Resident  

Posted: May 11th, 2011 11:14 AM

You're right, Compartmentalize. President Pope acts like it's bad thing that unspent TIF money will be returned to our local taxing bodies. The Village Board has wasted millions of dollars over the life of the Downtown TIF. Trustees don't deny that fact; instead, they argue over who's to blame.

Compartmentalize from OP  

Posted: May 11th, 2011 6:36 AM

It's fun to play games and compartmentalize tax dollars and make decisions entirely inside a vaccuum. When will our elected public servants understand that taxpayers would like their dollars to go to the best and highest use? Spending $5million on a beautification project is shameful -- even when arguing that "it must be used in DTOP"...or, it could have been saved, returned to taxpayers, .... sad and wrong...

OP  

Posted: May 10th, 2011 3:08 PM

Untrue

OP Resident  

Posted: May 10th, 2011 10:33 AM

Spending tax dollars on infrastructure in DTOP is a proper use of TIF funds. Writing checks to developers and consultants is wasteful. The ups and extras planned for S. Marion St. divert funds that will be needed for more important projects. VOP is going to have to borrow money or draw from it's general fund to finish the job.

OP  

Posted: May 10th, 2011 7:22 AM

FYI, OP Res, The monies being used for Marion street scape CAN NOT be used in other parts of the Village.

OP Resident  

Posted: May 10th, 2011 1:27 AM

$5 million now approved for infrastructure is good news. Bad news is that it all will be spent on S. Marion St. between South Blvd. and Pleasant St. Look for brick paved streets, granite curbs, jazzy light fixtures, plant boxes, new signage & more! But, OP neighborhoods need as much, if not more, attention than this small "retail" strip. I'm sure Chief Engineer Budrick identified Marion as needing these repairs but how does it compare to condition of other streets, alleys, curbs & sidewalks?

LaLaLalala  

Posted: May 6th, 2011 4:43 PM

Violet where is your Shangri La?

OP Resident  

Posted: May 6th, 2011 3:20 PM

I'll agree with "other" OP Resident but will add some personal experience. My friend has her home on the market and during a recent open house a number of people commented to the agent that they were concerned about the condition of the neighborhood's street and alley. The Village Board has neglected repairing our infrastruture for so long that we have reached a critical situation. Chief Engineer Jim Budrick should release his confidential report on the crumbling conditions in our neighborhoods.

Violet Aura  

Posted: May 6th, 2011 10:30 AM

The first thing which jumps out at me with these stats is that there is a definite connection between Harvey and Clarendon Hills. Harvey seems to have really gone downhill with crime and CH is probably like Mayberry. So taxes? Yeah. But who wants to pay a pretty penny AND have to deal with people in your yard trying to choke you?

Warren Stewart  

Posted: May 4th, 2011 8:44 PM

As long as the holders of illegal credit default swap insurance enjoy unimaginable profits from mortgage defaults, the incentive to drive prices lower will continue. Wall Street banks throttled the market with low interest rates to create loans they could package and sell, now they're applying the brakes to encourage strategic defaults. Pure Wall Street, Pure pump and dump, pure evil. CHANGE? I don't think so.

OP Resident  

Posted: May 4th, 2011 3:02 PM

D97 and Village pensions aren't the only reasons we have high property taxes. Oak Park hasn't had a referendum it hasn't passed. There were also library, park district and high school referenda that passed and contribute to the total amount of our taxes. To blame D97 or pensions for high taxes is simply wrong.

Where Is The Bottom  

Posted: May 4th, 2011 10:18 AM

High property taxes contribute to low home prices. For example, 901 Columbian is for sale at $349,000 and the 2009 taxes were $14,739 and that included homeowner and senior exemptions. Compare this to 2632 Central Park in Evanston which is selling for $379,000 and has property taxes of $8,849 with no exemptions. Oak Park taxes will continue to rise because of D97 and the pension fiasco created by the Oak Park Village Board and property values will continue to fall.

Dan from River Forest  

Posted: May 4th, 2011 9:26 AM

This will have no impact on property taxes -- a certain amount must be collected each fiscal year no matter what the assessed valuation is. Given that home prices had become vastly inflated beyond reason thanks to a speculative and manipulated market, the collapse of home prices was no surprise and they are returning to rational levels, painful as that may be for every home owner including myself.

WTF-OP  

Posted: May 3rd, 2011 11:15 PM

You rascals! We need higher taxes to attract the young families! Remember? Repeat after me; The new economic logic, higher taxes, lower home prices, lower population in OP, = Better living !

Jon Donohue  

Posted: May 3rd, 2011 10:32 PM

Oak Park price drop were NOT were not much smaller as the article wants you to think. The average price drop is 5.2%, only 0.7% and 0.8% less than the average. We are now close to 2001 prices, but unfortunately our taxes are not at those levels. It seems that high property taxes are contributing to our low property values.

Grove  

Posted: May 3rd, 2011 8:09 PM

Haha, yeah right. Do taxes ever go down?

OPer  

Posted: May 3rd, 2011 6:37 PM

What?! I'm shocked. So does this mean our taxes will go down??

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