News About The Glen

What you should know about home appraisals

by

A neighbor of mine here in The Glen is considering selling his home, and knowing this will require an appraisal of his home, he asked me how they work. So I thought I would write to you about it in today’s blog.

Home appraisals are performed by independent, certified professionals (not realtors) to establish the current fair market value of a home, information that lenders use to determine if and how much they will lend. They will examine the most recent selling prices of comparable homes to yours (known as “comps”). They will consider other factors such as your home’s condition (which they will personally inspect) and whether the residential real estate market in The Glen is appreciating or depreciating. In a housing market where prices are steadily rising (which is the case in The Glen currently) appraisals are typically not a problem unless the seller and buyer have agreed on a price that is much higher than similar homes have sold for recently. In markets where prices are falling appraisals many times come in below agreed-upon sales prices.

When a home is appraised at less than the agreed upon sale price lenders either reject the buyer’s application for a mortgage or require that they put more money down. Some buyers may not have the ability to come up with additional down payment money or they may not wish to do so. In this case buyers might choose to simply walk away from the deal or they may ask you to renegotiate the purchase price downward so that they can qualify for the mortgage loan. At this point it is your choice whether to renegotiate or walk away.

Even if a home purchase transaction is for cash (not requiring a loan) some buyers still require an appraisal as a condition of the sale. This is to protect them from purchasing a home above fair market value.

So that’s how it works. If you have any questions please call or email me. I am a long time homeowner in The Glen and an award winning Realtor affiliated with @properties.

Margaret Ludemann   847-401-1802   margaretludemann@gmail.com

Glenview. The Glen. And 97%. Read on…

by

97% is the number. I’ve never seen anything like it.

That’s the percentage of residents of Glenview Illinois who rate their community as “an excellent or good place to live and raise children.” I’ve lived in a lot of places before settling in The Glen, a residential and retail development in Glenview, including large sophisticated cities like Chicago and Boston. And mid-sized cities like Newton, Massachusetts and Omaha, Nebraska. I’ve even lived in a really, really small town (population 85…that’s not a typo). But of all the places that I have called home at various times in my life, I’ve never seen a number like that. 97%. Wow.

The Village of Glenview conducted a survey of residents last spring, and that’s where the number came from. Other survey results were equally impressive. For instance 90% of respondents feel safe in their neighborhoods, 92% have a positive view of Glenview’s reputation, and nearly 70% are satisfied with the value they receive for their tax dollars. I’m particularly impressed with this last finding. OK, 70% isn’t 97%…but we’re talking taxes here. Who the heck likes to pay taxes? But here in Glenview nearly 3 out of 4 believe that they’re getting a good deal. You’re not going to find a number that high in many other communities.

While I haven’t seen a similar survey for the Glen, I know that the feeling here is similar to greater Glenview. I’ve lived here for a dozen years, and life simply cannot be better. Homes in the Glen are beautiful, and there is great variety…from condos to townhomes…and row homes, duplexes, two-flats and single family homes. Home prices range from the $300,000s to over $2 million. The retail area resides in Glen Town Center where there are scores of shops, restaurants, a book store and a movie theater. And best of all, I can walk to all of it as can every resident in The Glen. As I said, I’ve lived in a lot of great places. But count me among the 97%…I love it here, and I don’t plan to move.

For anyone interested in living in the Glen please contact me. I am an award-winning realtor with @properties, and I would love to show you why so many people…97% of them…believe that this is a very special place.

Margaret Ludemann     847-401-1802   margaretludemann@gmail.com

Conditions are favorable for home sales

by

Stepping back from my usual Glen-specific blog content, I thought I would share with you some thoughts about the state of the housing market generally.

The environment for home sales remains strong as it has been for the last couple of years. Jobs are critical to a strong housing market, so I was heartened to see that the nationwide unemployment rate recently dropped to 5.1% which is the lowest rate in many years. Consumer confidence, which of course is influenced by low unemployment, is strong; and that means that people feel good about spending money…and in the context of housing, to purchase their first homes or to purchase higher priced homes.

The other hugely positive factor that is impacting housing is available credit. Sure, it’s not like the wild, wild west days that fueled the build-up to the bubble, and that’s good. But slowly and surely lenders are becoming more reasonable about lending standards, making mortgages more readily available to prospective home buyers. Specifically as it relates to The Glen – which has an abundance of high price point homes – many of the largest banks have loosened credit standards for jumbo mortgage loans which exceed conventional loan limits.

So all of this is good news for home sellers and home buyers. If you have any questions or comments, please get in touch with me. I am an award-winning Realtor with @properties who lives in the Glen (in Glenview Illinois), and I would be delighted to discuss the benefits of living here.

Margaret Ludemann            847-4-1-1802   margaretludemann@gmail.com

Huge luxury townhomes at Tower Crossing in the Glen

by

I frequently receive calls from home buyers interested in The Glen (in Glenview Illinois) who want large homes but without the maintenance of grass to mow and walks to shovel. I immediately tell them about Tower Crossing, a Glen development with townhomes ranging in size from roughly 3,000 sq ft to over 4,000 sq ft.

Tower Crossing is one of 13 development areas (9 with privately owned homes) in The Glen. It was developed by Kimball Hill Homes which built the 154 townhomes beginning in 2003. The development was completed in 2007. All of the homes were sold by the developer and are now available from time-to-time from individual homeowners.

There are six basic models in Tower Crossing.  Here are the sizes of each model:

Valencia – 3031 sq ft  (bridge units 3401 sq ft)

Drake – 3075 sq ft

Astoria – 3210 sq ft  (end units 3500 sq ft)

Biltmore – 3600 sq ft

Omni – 3625 sq ft (bridge units 4105 sq ft)

Blackstone – 3840 sq ft

The point is that Tower Crossing’s townhomes are large by any standard of any kind of home including single family homes. As townhomes go…they are extremely large.  Home prices in Tower Crossing begin in the $600,000’s, and larger models sell in the $800,000’s.

For more information about Tower Crossing you can go to my proprietary website www.towercrossinghomes.com or call me at 847-401-1802. Alternatively you can email me at margaretludemann@gmail.com. I am a Tower Crossing homeowner and an award winning Realtor with @properties.

Margaret Ludemann

 

Your Pie and Funtopia coming to the Glen

by

One of the wonderful things about living in The Glen (in Glenview, Illinois) is the vast array of fun things to do and great places to eat…all within a short walk of any home in the development. And there are two additions coming to Glen Town Center, the Glen’s “main street”.

Your Pie is coming soon, and it sure looks tasty, pardon the pun. Your Pie is a make-your-own pizza restaurant where you select the dough, sauce, cheese, and toppings. So you can make a pizza just the way you and your family like it. You can also make your own Paninis and salads. Gelato is on the menu, too, along with your choice of soft drinks or craft beer. I live in the Tower Crossing neighborhood of the Glen which is only a block away from what will soon be this great addition to the Glen. Not only am I excited about Your Pie, but so are my husband and son. OK, especially my son. (He’s a teenager with a teenager’s appetite!)

Funtopia will open in early 2016, and what a great addition to the Glen. Geared especially for kids, Funtopia will offer climbing, games, and a play area. More information will become available soon.

The Glen is a special place to live. There are numerous neighborhoods with every possible housing type including single family homes, townhomes, row homes, two-flats, and condos. The price points are in the $300s to over $2 million. But homeowners will tell you that their homes are only part of the enjoyment in living here. It’s the whole lifestyle…the boutiques, restaurants, movie theater, and bookstore. There is something for everyone in the Glen.

If you may be interested in living in the Glen, give me a call or send an email. I’ve lived here for 12 years, and I am a Glen-focused, award winning Realtor affiliated with @properties.

Margaret Ludemann   847-401-1802   margaretludemann@gmail.com