Community Corner
New Home Construction Remains Solid, But Pricey, in Palos Park
New home construction in Palos Park has remained steady despite the recession. However, of the new homes being built, most cost $1 million and up.
It's no secret that the country remains mired in a housing slump. But in Palos Park, home construction has remained steady, while new homes average a $1 million –plus price tag.
In recent years, Palos Park has seen a relatively consistent number of new homes built, often replacing older houses. Of those new homes, most are of the mansion variety.
"[The housing prices in Palos Park] are definitely larger than average," said Steven Manning, Community Development Director for Palos Park. "I'd say the average has been over a million dollars [for houses] that have been constructed in the last two years."
Find out what's happening in Paloswith free, real-time updates from Patch.
One popular area of development is Shadow Ridge Estates, a subdivision where homes easily run over $3 million. According to Manning, the development has been a housing hot spot ever since it opened in 2007.
"Shadow Ridge has been the place where we issued the most permits when it opened," Manning said. "Development started in 2007, there were 44 lots, now there's a half dozen left."
Find out what's happening in Paloswith free, real-time updates from Patch.
Even though homes are trending toward the high end, Palos Park is not recession proof. According to Manning, prices on new homes have dropped, but construction has remained steady. With a steady stream of new homes being built, property values have remained solid.
"The price had gone down, but not new construction," Manning said. "We have an equal number of houses under construction where builders purchase older houses, tear them down and build new ones."
Laura Burns, a realtor for Century 21, said the trend of old residences being replaced with more expensive homes is typical.
"Palos Park has a quaint, rural atmosphere," Burns said. "You need an acre of land to build a house. So you'll see mansions next to older houses. Anyone that buys and tears down an old house typically builds something lavish."
According to Burns, Shadow Ridge recently voted in favor to make the community a gated one.
"People are building more and more extravagant homes. Palos Park used to be considered a place for summer homes," Burns said. "Now it's another suburb of Chicago."
According to Manning, Palos Park will open a new subdivision of six lots, each an acre large, on Wolf Road south of McCarthy Road.
