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Neighborhoods in The Glen

Low Inventory, Fast Sales In Southgate & Tower Crossing

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Southgate is a luxury development in The Glen, Glenview, Illinois with 239 single family homes.  Throughout 2013 there have been very few of these homes for sale at any given point in time.  In fact, last week there were none.  1 home came on the market this week.  It is likely to be under contract soon.

The lack of sellers is the primary reason for low inventory in Southgate, of course, but AVAILABLE inventory is determined not only by how many homes are offered for sale but also by how quickly they are sold.  Well, Southgate single family homes – when they do come on the market – sell so quickly that the cupboard remains bare or nearly so most of the time.  Looking at the 10 non-distressed homes (not bank owned, not short sales) that have either sold this year or are currently under contract, 5 went under contract in 9 days or less.  1 went under contract in 30 days; and the remaining 4 sold within a respectable 2 – 4 months period.  That’s fast, especially when you consider that the average price in 2013 has been over $1.1 million.

I also track the Tower Crossing development closely.  Tower Crossing in The Glen has 154 luxury town homes with 3031 to 4105 sq ft depending on model.  Home prices are typically between $650,000 and around $800,000.  As of mid-July, 17 homes have sold this year or are under contract vs. 11 sold in all of 2012.  Yet it’s been rare this year when more than 3 homes have been for sale at the same time.  Of 4 recent sales that I have made in Tower Crossing, 3 were contracted within a week; and the 4th had offers before the home was listed.

So the luxury home market is alive and well in The Glen.  If you would like to know more about homes in The Glen, please contact Margaret Ludemann, resident of The Glen, Coldwell Banker Realtor.  847-401-1802.

 

Kids in The Glen & Where They Go To School

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Hard to believe, but schools open here in Glenview, Illinois in just over a month.  Getting my son ready for 7th grade is on my mind, and I thought I would share with you what I know about kids in the Glen and their schools.

Before I get into the numbers, I should tell you that the public schools attended by children in the Glen are considered top notch.  Westbrook and Glen Grove are the elementary schools, Attea is the middle school (located in the Glen), and Glenbrook South is the high school.  This is what pointed my husband and me to the Glen a decade ago.  Here is some evidence:  In the recent national debating championships in Atlanta, the two finalist high schools (from all across the country) were Glenbrook South and Glenbrook North (about one mile away.)

OK, the numbers, according to the annual census of the Glen 2012:

  • There are 4,068 residents in the Glen who do not live in senior housing; and 1420 are children (35%).
  • 1,158 are enrolled in school.  262 children are not yet of school age.
  • 948 are in public schools (81.9% of school age children)
  • 210 are in non-public schools (18.1%).  Glen students in non-public schools attend one of 27 schools, most of these are enrolled in 3 Catholic schools: OLPH (Our Lady of Perpetual Help), Loyola Academy, and Saint Catherine.

By neighborhood (except for Regency which was too new for the census), here are the numbers homes followed by the numbers of Glen children:

Southgate, 299 homes, 405 children

Chapel Crossing, 167 homes, 307 children

Landings, 143 homes, 269 children

Cambridge, 244 homes, 223 children

Navy housing, 112 homes, 108 children

Tower Crossing, 154 homes, 73 children

Patriot Commons, 68 homes, 24 children

Aloft apartments, 181 homes, 11 children

Glenshore, 31 homes, 0 children

The Glen is a special place for adults and children alike.  If you would like more information about the Glen, please contact me at 847-401-3325 or margaret.ludemann@cbexchange.com.

Margaret Ludemann, resident of the Glen and Coldwell Banker Realtor

Buying a Home In the Glen Now vs. Waiting

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I have been speaking with a homeowner in The Glen (in Glenview, Illinois) who is interested in buying a larger home.  He currently owns a beautiful home in the Chapel Crossing neighborhood with a market value of $800,000.  He is interested in purchasing a home in Southgate, and he is willing to pay $1 million.

My client, let’s call him Bob, is concerned about the return he will receive on his current home which he paid $875,000 for a few years back.  He wants the larger Southgate home, but he doesn’t want to take the loss on his current home.

Together we looked at the current and projected increases in Glen home prices and interest rates.  He felt comfortable projecting an increase in Glen home prices of 12% in three years.  Interest rates are low, but they are moving up.  In fact, they have increased more than a point in the last 6 weeks.  Based on projections of a number of experts, Bob decided to project an increase in mortgage interest rates of 2.1% in three years.  So we did the math, and here are the results.

  • While Bob would lose $75,000 on his current home, his $1 million Southgate purchase would be $120,000 higher in three years.
  • If Bob bought the new home now, he would put $200,000 down (assuming 20%) vs. $224,000 in three years due to its appreciated value.
  • In three years Bob would be financing $896,000 rather than $800,000 today.
  • His mortgage would be $1,600 more each month if he waits three years.

The lesson is this:  If you are buying a more expensive home in a period of rising prices and rising interest rates, it’s often best  to not wait; take the loss on your current home now.  You will likely make up the loss on your next purchase, and you will end up paying less overall.  I will point out, though, that no one can be certain what will happen in the future.  So, be conservative in your projections and consider all options.

Margaret Ludemann, resident of The Glen, Coldwell Banker Realtor, 847-401-1802

Rising Home Sales & Prices in The Glen

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Recently I was asked to give a presentation about the real estate market to a group of business men and women.  While preparing my presentation I was struck by the words I saw on my laptop’s screen, words that I had written, but startling none-the-less:  sales are up, prices are up, time on market down, far fewer distressed properties.  Seeing these words on the screen put a smile on my face.  I decided to create another slide that I would have prepared not very long ago:  sales stagnant, prices flat & still falling in some areas, time on market still way too long, too many distressed properties dragging down prices.

Bob Dylan was right, The Times…they are a-changin’

Real estate in The Glen is doing quite well.  Most north shore communities saw increases in prices in 2012 of between 2% – 3%, most of those gains being won late in the year.  But prices in zip code 60026 (dominated by The Glen) rose 4.5% last year, in contrast with greater Glenview (zip code 60025) at 2.9%.  While there are many reasons for The Glen’s superior price performance, I believe the attractiveness of our community’s lifestyle is at the top of the list.  Glen Town Center’s many shops and restaurants (as well as its theater, spa, book store and art gallery), along with Lake Glenview, Gallery Park and golf courses, make this a particularly wonderful place to live.  Our variety of homes, from stately single family homes in Southgate, Chapel Crossing, and Landings to stunning townhomes and villas Tower Crossing, Cambridge, and Regency also attract buyers.

Improving prices are welcome news to Glen homeowners, but buyers have reasons to smile as well.  Prices are still well below their peaks of 5 years ago.  North shore communities are still between 20.5% and 26.1% below those highs.  So this is a great time to buy a Glen home while prices are still below their peaks and before they get any higher.

Margaret Ludemann, resident of The Glen, Coldwell Banker Realtor

Glen Home Types: Something for Everyone

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I’ve heard some residents suggest that there are far too few townhomes, condos, and villas in The Glen.  I’ve heard others say that the development is over populated with attached housing.  The truth?  Well, they’re both…wrong.

The Glen is a development within Glenview, Illinois on land that was once Naval Air Station Glenview.  But calling it a development doesn’t do it justice.  It’s really a village within a village as evidenced by Glen Town Center (the shopping and dining “main street”), multiple neighborhoods, parks, two golf courses, commercial offices, and a lake, school, and movie theater.  And just like any other town or village, it has a variety of housing types.  One of the brilliant strategies of the Glen’s master plan is the balance of single family homes and multi-family, attached home types.

My research shows that approximately 52% of Glen properties are single family homes.  Currently there are 670 such homes ranging in size from about 2500 sq ft to nearly 7,000 sq ft.  The largest SFH neighborhood is Southgate with 237 properties, followed by Chapel Crossing with 167 homes, Landings with 143 homes, and Cambridge with 123 homes.

This leaves approximately 48% of the Glen’s properties as multi-family.  Within this broad category are 5 different home types.  There are 409 townhomes, 99 condos, 64 villas, 35 duplexes, and 13 two-flats.  These 620 homes range in size from under 2,000 sq ft to over 4100 sq ft.  Multi-family housing is found in the Tower Crossing, Southgate, Cambridge, Glen Shore, Patriot Commons, and Regency neighborhoods.

So there is something for everyone in The Glen, whether you are looking for a comfortable condo or a majestic mansion…or anything in between.

Margaret Ludemann, resident of The Glen, Coldwell Banker Realtor, email Margaret.ludemann@cbexchange.com