News About The Glen

Positive economic environment for real estate sales

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The economic environment for real estate sales was positive through most of 2014, and that good news should continue in 2015. After a slow start in the first quarter 2014 due to the long winter, the American economy had the strongest 6 month performance in 11 years including a 5% growth rate on an annual basis in the 3rd quarter.

Job growth picked up steam in 2014. Nationally the seasonally adjusted unemployment rate fell to 5.6%, down from 7% a year ago and from its high of 10% in October 2009. Illinois unemployment dropped to 6.4% (through November 30), its lowest point since June 2008.

Interest rates remained low during the year. That was somewhat surprising as they were expected to rise in the 3rd and 4th quarters.

The Dow ended 2014 at 17,823, up 7.52% after a remarkable increase of 29.65% in 2013.

The economy is expected to be favorable for home sales in 2015…with growth picking up, unemployment continuing to fall, and mortgage interest rates remaining low (though moving up modestly later in the year). A week ago, mortgage rates hit their 20 month low. Freddie Mac reported the average 30 year fixed rate mortgage interest rate at 3.59%; and 15 year fixed rate mortgages averaging 2.92%

I see home prices rising again, in line with historical norms of 3% to 4%. The bottom line is that if you want to sell your home in 2015, you’ll probably get it done and at a better price than a few years ago.

Margaret Ludemann, @properties Realtor, homeowner in The Glen, Glenview, Illinois

24 Westgate at the Glen homes still available

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The new Westgate development in The Glen (Glenview Illinois) is proving to be very popular. While construction is in early stages, sales have been strong. Of the 171 homes planned, all have been contracted except for twenty-four.

E.R. James Partners, LLC is the developer of the project. This is the same firm that developed the very upscale, high price point Southgate development, also in The Glen. Westgate is located at the northwest corner of W. Lake Avenue and Shermer Road, immediately to the north of The Glen Club and west of Glenview Prairie Club Golf Course. It is also a short walk to Glen Town Center, The Glen’s main shopping and dining area. So for people interested in new construction in close proximity to dining, shopping and golf, Westgate is a great choice.

The development offers 70 row homes ranging in size between 2542 and 2980 square feet (sq ft). There are 6 units still available for sale.

Sixty-three mews townhomes are planned ranging in size between 2037 and 2399 sq ft; and 9 may still be purchased.

Only 9 of the 38 very popular single family homes remain to be purchased. They range in size between 1885 and 2464 sq ft. Like the attached properties, these beautiful homes offer maintenance free living.

So, if you are interested in new construction in The Glen, please give me a call at 847-401-1802 or send me an email at margaretludemann@gmail.com. I would love to show you Westgate or other homes for sale in The Glen.

Margaret Ludemann, Glen homeowner and @properties Realtor

Update on Patriot Commons at The Glen

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After a construction pause of a few years, Toll Brothers is once again building at its luxury townhome and condo site in The Glen (in Glenview, Illinois). I visited the construction site – about 3 blocks from my Glen home – last week and again over the weekend to get a full understanding of what’s been sold and what’s for sale. But first a little history.

Patriot Commons burst onto the Glen scene just as the real estate bubble was about to burst. I well remember the long lines on the first day the homes were available to purchase. But that happy scene was short lived as the economy went south and real estate sales dried up. Toll Brothers built and delivered part of the development, then took a time out until the market recovered. Last year they re-started sales and construction, and Patriot Commons has once again been a hit.

The development – just south of the Glen’s shopping and restaurant “main street” called Glen Town Center – includes townhomes and condos. The townhomes have nearly sold out. In fact there is only one unit still available, a Brantley model with 9’ ceilings, 3 bedrooms, a study and a loft, and a 2 car garage. This home carries a base price of $674,995; and the buyer will receive credits to be used for options/add-ons.

The next phase of development will be a condo building which will offer 35 one and two bedroom homes + dens; plus each unit will have 1 indoor parking space. Size of units range from 1100 to 1450 square feet. Prices of 1 bedroom units begin in the $300s. Six homes have already been sold. Construction for this building will begin in the spring, and delivery is scheduled for the summer of 2016.

For Glen buyers who want new construction, Patriot Commons is a great choice. Not only are the homes lovely, but the proximity to Glen Town Center’s restaurants, shops and movie theater make for a rich and active lifestyle.

If you would like to visit or just learn more about Patriot Commons or The Glen please call me at 847-401-1802 or email me at margaret.ludemann@gmail.com.

Margaret Ludemann, Glen homeowner and @properties Realtor

Glenview home sales in perspective

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In my blog a few weeks ago I provided a Cliff’s Notes summary of housing sales in Glenview Illinois (on Chicago‘s North Shore), comparing 2014 to 2013. A little longer view is interesting because it shows the result of the real estate market collapse and the subsequent rebound. This blog will deal with Glenview, not merely The Glen which is the upscale housing and retail development on the grounds of the former Naval Air Station Glenview.

Real estate sales and home prices increased rapidly in the early 2000’s peaking roughly in 2006 and 2007, when the home price “bubble” burst. 382 single family homes sold in Glenview in 2006. From there the decline was rapid and severe. 348 homes sold in 2007, a decline of 9%. In 2008 the story was even worse with only 290 homes sold, a decline of nearly 17%. From this point through 2013 home sales rose, as follows:

2009   305

2010   373

2011   394

2012   447

2013   536

So, from the low of 290 sales in 2008 to 536 in 2013, single family home sales increased 85%.

2014, however, was a different story. Home sales declined to 472. The question is why? Well, I suspect it was largely a hangover from the huge number of sales listings in 2013. In other words, as economic conditions improved in 2013 many homeowners – those who had been waiting to sell for years – finally listed their homes. With so many homes sold in 2013, there were fewer homeowners wishing to move in 2014. Some perspective is helpful, though. 2014, while having fewer sales than 2013, experienced the second highest number of sales in 10 years. So…was it a disappointing year? I say not. The market merely corrected a bit as a response to 2013.

I don’t yet have full year sales data for The Glen, but having analyzed two of its neighborhoods in depth, I believe we will find a similar pattern to greater Glenview. When I’ve completed my analysis, I will write about it in a future blog.

Glenview is an incredible place to live. If you are interested in living here – and perhaps in The Glen where I live – please email me at Margaret.Ludemann@gmail.com or give me a call at 847-401-1802.

Margaret Ludemann, @properties Realtor

Prices increased in The Glen in 2014

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Home prices in The Glen (in Glenview, Illinois on Chicago’s north shore) rose again in 2014. While I haven’t completed my analysis of the entire Glen, I do have information about two of its neighborhoods.

Tower Crossing is the development adjacent to Glen Town Center (the shopping and dining “main street) with 154 luxury townhomes. If you’ve been to the Glen you will remember seeing them because the homes are 4 story, brick homes of Georgian architecture. These homes are large, ranging in size from 3031 sq ft to 4105 sq ft. In 2014 prices increased 3.9% after rising over 6% in 2013. The average price p/sq ft in 2014 was $206.01 compared with $198.28 in 2013. In the prior 3 years (2010 through 2012) prices were relatively steady at approximately $188 p/sq ft.

Prices also rose in Southgate. This development contains 237 large single family homes and 62 row homes. Among the single family homes 55 border The Glen Club’s 18 hole golf course, and 182 do not. I have analyzed the prices of single family homes. Prices for the homes that are not on the golf course increased 7% in 2014 to an average of $315.42 p/sq ft compared with $294.61 p/sq ft in 2013. There was only 1 home sold on the golf course, so I did not reach any conclusion as to pricing trends for golf course properties. Home sales (the number sold) in both developments were down last year, but I’ll save that discussion for a future blog.

When I complete my analysis for the entire Glen I believe I’ll find the same thing…home sales down, home prices up. That’s essentially what occurred in the real estate market nationally and in Glenview.

If you are interested in purchasing a home in The Glen, please give me a call. I am a long time Glen homeowner and a leading Realtor in the Glen and greater Glenview.

Margaret Ludemann

@properties Realtor 847-401-1802   MargaretLudemann@gmail.com