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Life in Lake in the Hills?
Once upon a time, Lake in the Hills was incorporated in 1952. But the Big Lake attracted inhabitants 25 years earlier. 1959 brought about a village hall and police court and remained until the current location of 1115 Crystal Lake Road was built in 1992. In the early 90s, the former Amoco Station broke ground on the N.E. corner of Algonquin Road and Randall Road. Soon the intersection welcomed Jewel,Dominicks and many other fine merchants. In 1999-2000 came Home Depot and Meijier. On the Randall Road corridor you'll find fine restaurants, hospitals, banks, hair salons, nurseries and a health club. Car dealerships will arrive in 2002. In 1990, the population of under 6,000 grew to todays 20,000. By 2005 the village is forecasted to swell to 30,000.
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About Appraisals >Three Caballeros
When you buy a house or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser will look for "three caballeros" or three "comparables" -- homes that are very similar to the one you are buying -- and will make adjustments to reflect the differences between the properties.
Housing patterns tend to be homogenous, meaning that homes worth $300,000 are usually located in $300,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price.
This is not the only factor considered in determining the worth of a property, but it is an important one. The buyer or seller may view the property as a home or an investment, but lenders view it in a completely different way. To a lender, property means security in the event a borrower fails to repay a mortgage. Therefore, lenders must know real estate values in order to limit their risks.
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| Q |
What area in the U.S. is known for its pre-civil war mansions?
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| A |
Natchez, Mississippi boasts over 500 pre-civil war-style mansions; many are open to the public as museums. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERTS™ 
