There is evidence that Southgate On The Glen home prices are improving in 2014. This is consistent with real estate markets in greater Glenview, the North Shore, and most of the country. Southgate is a housing development in The Glen, the North Shore’s premier lifestyle community in Glenview, Illinois. Single family luxury homes in Southgate generally sell in a range from $1 million to $1.5 million unless they are “estate” homes on The Glen Club’s golf course in which case the range is typically between $1.5 – $2.2 million. Some have sold for more. Southgate also has townhomes and villas, however they are not a part of this report and blog.
In my last blog I reported on home SALES in Southgate. Here are my calculations to substantiate the improvement in Southgate PRICES:
- Through June 15 this year, the prices of the 4 Southgate homes that have closed have averaged $332.55 per square foot (hereinafter “p/sq ft”).All are detached/single family homes, but not on the golf course.
- In the same period last year (January 1 – June 15) the prices of the 5 homes that closed averaged $283.56 p/sq ft. (also non-golf course) This represents an increase of 17.3%.
- The prices of Southgate (non-golf course) homes sold in all of last year averaged $294.61 p/sq ft. Obviously the prices increased last year from June 15 through the end of the year by $11.05 p/sq ft.
- Comparing this year’s prices ($332.55 p/sq ft) vs. all of last year ($294.61 p/sq ft), we see an increase of 12.9%.
We should be cautious in reading too much in these numbers because we only have 4 sales this year. Any single sale could throw off the average. But because the percentage improvement is so substantial, I believe it is fair to assume that prices in Southgate have indeed increased to some degree. At year end we will have more 2014 sales to compare against last year; thus the percentage improvement will be more certain.
Margaret Ludemann, Homeowner in The Glen and @properties Realtor