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Shopping Homes Choosing Schaumburg

By Jodi Triest

These days, apartment rents are at their highest, and it has not gone unnoticed that the cost of renting an apartment is comparable to the cost of paying a small mortgage. With apartment rents rapidly increasing throughout the country, the question of whether to buy or rent is more pertinent than ever.

So it is not surprising that today’s real estate market is largely a buyer’s market. An increasing number of those buyers are long-time renters and first-time buyers, all of whom are more educated about real estate, and tend to analyze their options with more care to ensure they make the best long-term decisions for their investment and their household.

Schaumburg has an overwhelming array of housing options for buyers and renters alike. Despite its reputation as a commercial center, the neighborhoods of Schaumburg cross the spectrum of residential living choices to suit all preferences. Its easy access to shopping, transportation and countless amenities make Schaumburg an ideal place to live.

Homes range in style from apartments, condominiums and townhomes to single-family and manor homes. The styles and designs are uniquely varied; residents can choose from homes that are surrounded by parks and nature preserves or trendy urban developments.

Until the 1960s, Schaumburg was largely a rural community. Incorporated in 1956, the first large residential construction project began in 1959, and that same subdivision now has several thousand single-family homes. Over the next few decades, residential expansion continued rapidly; the population grew with the economic boom brought on by the establishment of Woodfield Mall, the construction of the tollway and expressway, and the development of industrial centers such as Motorola.

Currently, 75,000 people call Schaumburg home. Home values range from $175,000 to over $1,000,000. Of the residential space in Schaumburg, 36 percent are single-family homes, 25 percent are apartments, and 38 percent are townhomes, manor houses, quadruplexes, duplexes and condos.

According to Liz Goodchild, broker and owner of Goodchild Homes, nearly 1,000 properties are currently available for sale in Schaumburg, and appreciation rates on all homes in the area are steady.

Already this year, Goodchild Homes has sold more houses than in the two previous years, and Goodchild recognizes that there are still “many buyers out there wrestling with the idea of whether to buy or rent.” With the right financial planning, says Goodchild, these prospective homeowners can make an informed decision.

For those not in the market for a single-family home, developers throughout the Schaumburg area are diligently refurbishing various properties such as 21 Kristen Place, a well-known Schaumburg apartment community that has been converted into luxury condominiums. This kind of continuing development reflects Schaumburg’s dedication to growth and improvement that ensures its residential integrity and character.

According to Chris Feurer, President of Feurer Companies, the improved 21 Kristen Place is reminiscent of a five-star hotel with amenities such as a South Beach-style pool, yoga room, game room, free wireless Internet, free central heat and air-conditioning, theatre room, library and office center. The condos are “very affordable,” according to Feurer, and their proximity to shopping and major highways makes them even more attractive to potential buyers.

“We’re the only condo high-rise in Schaumburg,” added Feurer. “The views are amazing.”

Georgetown Homes, a 91-unit town home development, also reflects the character of Schaumburg.

“People who live in Schaumburg love Georgetown because it reflects the progressive vibrant lifestyle of younger professionals who are drawn to work here,” notes Fred Miller of Georgetown Homes. As in New York City (but on a much smaller scale!), the community’s central park area and walking path provide residents an escape from urban clamor.

Schaumburg’s village planners consistently focus on the needs of all residents. Potential property owners should be delighted to learn that Schaumburg has never levied a municipal property tax, due to the fact that retail sales tax finances municipal services. Schaumburg provides services and assistance to low-income residents, such as the Affordable Housing program, homeless assistance, and housing arrangements for the disabled and elderly citizens.

Under the Residential Rehabilitation Program, the Village offers a deferred loan to qualified low-income homeowners who need assistance on necessary home improvement work such as plumbing and heating. The First Time Home Buyers Program assists new buyers with down payment and closing cost finances.

With a commitment to quality housing ensuring diverse and accessible residential options, Schaumburg proves itself to be an ideal choice for single professionals as well as families, first-time buyers as well as empty-nesters.