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, @properties Realtor. 847-401-1802.