Northwest Chicago suburb, Mount Prospect, was recently named “The Best Place to Raise Your Kids in the U.S.” for 2009 by the editors of Business Week.

Mount Prospect was picked primarily for its school performance, affordability, and safety. According to the article, Prospect High School was just ranked 12th among all Illinois high schools.

I’ve always noticed lower home prices in Mount Prospect than in some farther out suburbs. The Mount Prospect median house sale price for the past year was $320K^*. This is significantly less than $380K for Arlington Heights and $389K for Palatine and Prospect Heights which also have some good schools, but are farther from Chicago.

For more information on Mount Prospect see my other Mount Prospect Posts.

^{*Based on Midwest Real Estate Data LLC (MRED) Data.}Similar Posts:

• Mount Prospect House Prices Down, But the Food’s Still Good!
• 2005 3 Bedroom House Average Sale Prices – Park Ridge out to Barrington
• Chicago and Suburban Buyer Property Transfer Taxes

Yesterday I showed houses in Mount Prospect and Niles. The median and average sale prices for houses in Mount Prospect in the past 3 months were $370K and $386K. This is above 2005 levels which were $352K and $367K, but below 2006 prices at $383K and $414K for the same time period.

Mount Prospect has a couple of restaurants that I like a lot. Vita Mia is an Italian restaurant on the corner of Busse and Golf. Every once in a while they make home-made rigatoni, but don’t list it on the menu. Just ask for it and if they have it, get it with the Bolognese sauce. It’s wonderful! I also really like their cavatelli with vodka sauce.

Another good restaurant in Mount Prospect is The Kampai, a Japanese steak house on the corner of Oakton and Elmhurst. The steak is so good; I get cheaper cuts because the more expensive ones aren’t any more delicious!Similar Posts:

• Mount Prospect, IL Named Best Place to Raise Kids
• 2005 3 Bedroom House Average Sale Prices – Park Ridge out to Barrington
• Chicago and Suburban Buyer Property Transfer Taxes

Trying to decide whether to buy a home in the city of Chicago or in a suburb? One fact that tips the scales slightly in favor of the suburbs is the city of Chicago’s real estate transfer tax for buyers. Buyers in the city must pay $7.50 per $1000 paid. That means buyers of a $400,000 home in Chicago have to pay $3,000 ($7.50 x 400) to the city at closing.

However, there are a few suburbs that also impose a property transfer tax on buyers. In the north and west suburbs they include (per $1000): Addison ($2.50), Harwood Heights ($10), Hillside ($7.50), Lincolnshire ($3), Mettawa ($5), Mount Prospect ($3), Naperville ($3), Niles ($3), North Chicago ($5), Wheaton ($2.50), and Wilmette ($3).

Tax rates do change so check current rates before buying.Similar Posts:

• North & West Suburbs Buyer Transfer Tax Update
• Mount Prospect, IL Named Best Place to Raise Kids
• Mount Prospect House Prices Down, But the Food’s Still Good!
• Tax to Buy a Chicago Home Increases 40% April 1st – No Joke!
• Stop Chicago City Council from Raising Buyer Transfer Tax 40%!

Below is a data map of 2005 average sale prices for 3 bedroom houses in Park Ridge, Des Plaines, Mount Prospect, Arlington Heights, Palatine, and the Barrington area. The darker the green, the higher the price. Park Ridge had the highest average sale price of the group at $501,893. Neighboring Des Plaines has the lowest average sale price in the group at $325,915.

Data is from the Multiple Listing System of Northern Illinois (MLSNI).

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• Average Sale Prices No Indicator of Entry Level Prices
• The Barringtons
• 4 Bedroom House Prices in the North Shore
• 2 Bedroom or Less Condo Average Sale Prices in the Wheaton & Glen Ellyn Area
• Park Ridge, IL