The inventory of homes has many Short Sales and Foreclosures, which has been putting pressure on home prices. Detached property levels have declined. The condo market continues in general to display a slower recovery with financing issues creating a larger drag on that segment with what appears to be more stringent requirements. And the increase in rentals is not making financing any easier as some developments exceed owner/renter criteria. Rates are at a low and the banks are tightening their mortgage qualifications. This is a great time for buyers with more inventory to choose from. Want a Market Snapshot of your neighborhood? http://www.homeinsight.com/Widget/default.asp?ZZQWAJ7F40EP
ZIP Codes: 60004, 60005 Location Characteristics: Located only 25 miles from downtown Chicago, Arlington Heights is a community in Chicago's desirable Northwest suburban corridor. A growing downtown skyline, expanding shopping areas, and new office parks attest to the Village's vibrancy. The history of Arlington Heights goes back about a century and a half ago.
Originally known as Dunton, the fledgling town was named after William Dunton, who in 1850 deeded 16 acres for a right-of-way and depot for the Illinois and Wisconsin Railroad Co. The railroad, which would later become the Chicago and North Western Transportation Co., steamed through in 1854. By 1857, six daily trains were operating between Dunton and Chicago.
By the 1880s, Dunton was home to more than 1,000 people, and the area near the train station was a thriving commercial mecca. The name Dunton was changed first to West Wheeling and then, in 1887--when the village was incorporated--to Arlington Heights.
Today, Arlington Heights covers about 17 square miles and has a population of over 76,000, according to the 2000 census. Even though Arlington Heights has a large population, local residents and business people will say that the village retains many small-town charms. People remain in their homes for decades, stay loyal to local merchants and display a strong spirit of community participation.
In addition to its tradition of community participation, Arlington Heights has long enjoyed a strong business community. The town continues to offer a vibrant economic climate. Downtown merchants work together to make the area appealing to shoppers. New business associations on the North and South end of town are forming to provide support in these geographic areas.
Arlington Heights also provides about 50,000 jobs. Arlington Heights is proud of its residential, commercial, office and light industrial base. The office and industrial areas are centered on the far south end of the community, at Arlington Heights Road and Interstate Highway 90, and at the far north end of town, east of Illinois Highway 53 between Dundee and Lake-Cook Roads.
The village is home to the Metropolis Performing Arts Centre, a mixed-use central business district project. It includes a 300-seat performing arts theater, a 7,000-square-foot restaurant, 22,000 square feet of retail space, and 35,000 square feet of office space. The Performing Arts Centre is home to Second City Northwest - the suburban branch of the famous comedy troupe.
The last few years have witnessed an upgrading of infrastructure and development of new recreation areas in Arlington Heights. For instance, the community just finished a 10-year project to upgrade its storm sewer system.
In conjunction with that project was the development of Lake Arlington at Palatine Road and Windsor Drive. A 5-acre man-made lake with a boathouse, boat rentals and a walking path around the entire perimeter, Lake Arlington was completed in 1992.
In addition, a former landfill site at the extreme northwest corner (of town), north of Dundee and east of (Illinois Highway) 53, has been redeveloped into Nickol Knoll Park which was completed in 1995. It offers a 9-hole golf course, ballparks and a walking path around it. Both Lake Arlington and Nickol Knoll Park are joint projects of the village of Arlington Heights and the Arlington Heights Park District.
One of Arlington Heights' best-known attractions is the 325-acre Arlington Park Racecourse at Euclid Avenue and Wilke Road. Arlington Park is already home to the international race - the Arlington Million.
About Dennis Toomey:
Over 35 years of Sales, Marketing & Contract Negotiation Experience
Licensed Illinois Real Estate Broker
ABR - Accredited Buyer's Representative of the Real Estate Buyer's Agent Council
CDPE - Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners.
GRI - Graduate Realtor Institute designee of the National Association of Realtors REALTORS® with the GRI designation are highly trained in many areas of real estate to better serve and protect their clients.
CRP - Certified Relocation Professional It is awarded only to those individuals who have demonstrated knowledge and expertise in all aspects of corporate relocation.
CRS - Certified Residential Specialist - The Top 4 Percent Less than 4 percent of all licensed Realtors® are Certified Residential Specialists.
e-PRO Internet Professional e-PRO is the only NAR approved Internet Certification Program.
SFR - Short Sales and Foreclosure Resource Certification
RE/MAX Hall of Fame
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These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
