Part of Mike McCurry’s 30-year anniversary blog series – “Then & Now – What I’ve Learned from 30 Years in the Business”
When I started my real estate career in 1990, the local market was undergoing quite a bit of change.
Back then Oak Brook was the epicenter of new, luxury construction. People valued the mall, proximity to several corporate headquarters (including the ever-lucrative McDonald’s) and the area’s easy access to highways and Chicago.
Oak Brook became saturated with homes, interest rates climbed, and executives were relocating to other areas of Chicagoland and the country. This is when we first saw major declines in values. In the mid-90s we saw an unprecedented shift in what many executive buyers wanted: a town with a train station and deep sense of community.
Hinsdale became “the chosen” and we saw an extraordinary number of teardowns. Buildable lots in Hinsdale were a hot commodity and people were willing to pay premium prices to build their dream home in the up-and-coming, luxurious, family-centric, workforce-friendly community. Over the next several years, especially in the early 2000s, there were a high number of new-start permits in Hinsdale…launching the village into “highly-desired” territory.
Shortly thereafter Clarendon Hills’ real estate market picked up, thanks to Hinsdale’s growth and transformation—and their shared school districts.
At the time Hinsdale, Clarendon Hills, and surrounding areas such as Western Springs, Downers Grove, and La Grange became more valuable because of the community aspect. And that hasn’t gone away.
These communities continue to grow in big ways, thanks to residents and business alike flocking to the area. In 2020, Clarendon Hills is undertaking an enormous downtown revitalization project which will bring modern improvements to the business district and the train depot. Hinsdale is also making improvements to their infrastructure and continuing to grow the business district making it a suburban destination for fun and fare. In recent years, even Oak Brook has made a comeback, becoming a desirable location for luxurious new-builds.
As the years go on, and I continue to serve these areas as I always have, more shifts will take place. Communities will continue to grow, priorities for local buyers and sellers will change, and families will continue to move in and out. And it’s the job of an agent to help!
READ MORE in this series: