Single family home sales in the Southgate neighborhood increased in 2013, from 9 in 2012 to 13 in 2013. Further, 3 additional homes went under contract that had not closed by year end. More impressive is the improvement from 2009 when only 2 single family home’s sold.
Before going further, here’s a little Southgate 101. Southgate is a housing development in The Glen in Glenview, Illinois on Chicago’s North Shore. The Glen is an upscale residential and retail community with 9 named neighborhoods, one of which is Southgate, and a shopping & dining “main street” called Glen Town Center. Southgate has 299 homes of which 237 are luxury single family homes. Many of these homes border The Glen Club’s 18 hole championship golf course.
Let’s look at the prices of the Southgate homes that sold in 2013. (Street name, followed by size in square feet, and price.) I do not provide specific addresses out of courtesy to the new homeowners.
Kittyhawk , 4618, $1,250,000
Independence, 4618, $1,430,000
Bennington, 3456, $1,000,000
Kittyhawk, 4080, $1,250,000
Saratoga, 4080, $1,279,000
Midway, 3814, $1,315,000
Independence, 4164, $1,350,000
Saratoga, 3805, $1,140,000
Cabot, 4700, $1,310,000
Independence, 3498, $1,160,000
Bennington, 3796, $1,100,000
Independence, 4232, $972,000
Kittyhawk, 4253, $1,215,000
Digging deeper into the sales data we find two other pieces of very good news. First, no sales listings expired or were cancelled due to an inability to find buyers. By contrast, 4 listed single family homes in Southgate failed to sell in 2012 and 1 rental listing did not find a renter. Second, Southgate had no distressed properties listed for sale last year. A distressed property is either bank owned or it involves a short sale; and they typically sell for well under market value.
Southgate’s sales performance is consistent with what occurred throughout the country in 2013. The number of homes sold nationally increased by 9.1%; Illinois home sales increased 18.9%; and in the Chicago primary Metropolitan Statistical Area (+ 23%). Glenview home sales increased 19%. I see another strong year for home sales in The Glen and in Southgate in 2014.
Margaret Ludemann, Glen homeowner and Coldwell Banker Realtor
847-401-1802 margaret.ludemann@cbexchange.com