News About The Glen

Home inspections & appraisals, what sellers should know

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As a top Realtor living in The Glen, I sell a lot of homes here.  The Glen is an upscale community with single family and attached homes in Glenview Illinois on Chicago‘s North Shore.  Whenever I get a new listing I visit with my clients about two pieces of the sales process that they often know little about.  Here is what I tell them.

Inspection:  Buyers hire a home inspector to look for physical problems with your home.  Unless it’s brand new, it’s likely he will find problems.  Most problems will minor, but some may be more problematic.  The buyers may decide to ask you to fix the problem at your expense.  Often negotiations will follow.  You can agree to make the repairs or not; or perhaps you will offer to reduce the purchase price to satisfy the buyers.  This is normal.  It’s part of the process.  You should not be offended.  If you do not agree to make the repairs or find some other accommodation, the buyers can decide whether to move forward or to back out of the deal.

Appraisal:  In most cases there will be a formal appraisal of the market value of your home.  This will always occur if the buyers are obtaining financing.  Even if they are not getting a mortgage they may want an appraisal to ensure that your home is worth what they are offering to pay.  Appraisals are not done by realtors; they are done by professionals who are licensed and impartial.  They will look at comparable sales near your home (known as “comps”), and they will consider other factors such as your home’s condition and whether there is an appreciating market or a depreciating market. If the appraisal is lower than the agreed upon purchase price, the lender will either refuse to make the loan or require the buyers to come up with a larger down payment.  It’s then up to the buyers to piece together their financing; or if there was a mortgage contingency in their offer, they can back out.  This may open up the contract for renegotiation.

As a seller it is important to understand the steps between the offer and the closing.  The inspection and appraisal are critical, and they require buyers and sellers to be flexible and cooperative.

Margaret Ludemann, Glen homeowner and @properties Realtor

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

“Shoot for Steiner”, a fundraiser for a great kid

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A short blog this week.  But an important one.

Three years ago a really terrific kid living in the Tower Crossing townhome development in The Glen had a severe stroke.  He almost didn’t make it.  He was 17 years old.  His name is Patrick Stein.

After weeks upon weeks of hospitalization, more operations than one can count, therapy, and the prayers of his family, neighbors and friends, Patrick came home.  He was (and remains) paralyzed, with the blinking of his eyes as his only method of communication.  Patrick needed 24/7 care.  Still does.  His parents and two sisters are at his side except when work and school make it impossible.  Home care was expensive.  Still is.

Patrick was a great high school athlete, and continues to have many friends from school.  As an athlete I’m sure he is especially happy with “Shoot for Steiner”, a basketball free throw shooting contest which is a fundraiser to help defray costs of his care.  On May 18th the third annual “shoot” will take place at the OLPH Playdium Gym at 1775 Grove Street in Glenview from 1 to 4 p.m.  To those reading this blog, I hope you’ll attend, shoot, and donate.  If you cannot attend you can make a tax-deductible donation to “Crush It! Foundation” P.O. Box 8617, Northfield, IL 60093.

Margaret Ludemann,  Glenview, Illinois

 

Real estate market losing steam? Not in The Glen!

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I measured it.  It was ¾”.  That was the distance between two articles on page 3 of the Chicago Tribune’s Business Section of March 26.  One article said that home prices went down in January.  The other said that January’s prices had gone up “solidly”.  It’s no wonder that people get confused about the real estate market.

Now comes two new reports, one by the National Association of Realtors, the other by the Commerce Department.  If you only read the headlines you would believe that the sky is falling.  In fact Bloomburg’s report using Commerce Department data is entitled “Housing rebound in the U.S. loses steam…”  Ah, but the devil is in the details.  I’m here to tell you that there’s no loss of steam in The Glen’s (in Glenview) housing market.

As one reads these new reports carefully it becomes apparent that the loss of sales is primarily among homes priced under $300,000.  First time home buyers, therefore, are having a difficult time.  This is due largely to more stringent lending standards and higher mortgage interest rates.  Higher priced luxury homes, like those in The Glen, are selling well now that the severe winter is behind us.  Prices are continuing to rise as well.  Here in The Glen the only significant barrier to greater sales is low inventory.  But when quality homes come on the market, they are selling at a rapid pace; and this is true in most price points.  Homes in The Glen, depending on neighborhood sell from the mid-$300’s to well over a million dollars.  The average price paid for Glen homes in 2013 was $654,657.

So…the real estate market in The Glen is rolling along nicely.  I believe we will experience a very nice gain in sales, certainly in home prices, when we see year-end numbers next January.

If you may be interested in living in The Glen, please contact me.  I am a long time Glen homeowner and an award winning Realtor affiliated with @properties.

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

Curragh Irish Pub, MOOYAH & Pinot’s Palette join The Glen

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I’ve often described owning a home in The Glen as having the best of both worlds.  It’s urban living…in the suburbs.  The suburban part of this description means great schools, safe neighborhoods, no congestion, golf courses, and plenty of room to walk, jog or run.  As for urban living we have Glen Town Center with its many restaurants, boutiques, theater, book store, museum, and coffee shop…all within an enjoyable 3 block stroll along Tower Drive.

Two new restaurants opened recently.  The Curragh Irish Pub is a traditional Irish eatery with a big menu.  You’ll find 11 starters, 9 soups & salads, 10 traditional Irish dishes, 5 additional entrees, 9 sandwiches + burgers, 6 tempting desserts, several sides, a children’s menu, an extensive wine list, and a full bar.  My family recommends the Guinness fish & chips, shepherds pie, and the Curragh reuben.  The ambiance is classy yet comfortable and fun.

If you are a burger connoisseur, you’re in luck.  A restaurant called MOOYAH opened a few weeks ago offering great burgers (including those of turkey and veggie varieties), and hot dogs with your choice of buns and different cheeses.  Several toppings and sauces are available, including something called “MOOYAH sauce” which is as tasty as it is mysterious.  The fries are fresh cut every day and made on site.  My husband loves the traditional burger, I enjoyed the turkey burger, and our son found the “real ice cream shakes” to his liking (no surprise there).

My third “find” in Glen Town Center is really fun.  It’s called Pinot’s Palette whose motto is “Paint.  Drink.  Have fun.”  It’s a place to learn to paint while having a glass of wine with friends.  Upcoming event themes include “girls night out”, “VIP night” and “date night”.  Staff members help you along the way, and as they say, a good time is had by all.

The Glen is an upscale residential and retail community on Chicago’s North Shore in the village of Glenview.  The residential real estate market offers luxury homes of all types…single family homes, townhouses, row homes, duplexes, two-flats, and apartment condos.  If you may be interested in living in The Glen, please contact me at 847-401-1802 or margaretludemann@gmail.com

Margaret Ludemann, Glen resident and @properties Reator

More news on new construction in The Glen

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Since my last Glen blog a week ago, there have been developments relative to new construction housing.  As my regular readers know, The Glen is an upscale residential and retail development in Glenview, Illinois on Chicago’s North Shore.  There are numerous neighborhoods with luxury single family homes, townhomes, row homes, two-flats, duplexes, villas, and apartment condos.  The development is anchored by Glen Town Center which is home to scores of restaurants and shops.

Last week I reported on two new construction opportunities in The Glen.  The first is Regency, a Pulte homes development of townhomes and duplex villas.  At that time there were 5 homes still available in the neighborhood of 149 homes.  In the last week three of these sold, leaving only the two model homes for sale.  These homes are beautifully decorated, so they are perfect for buyers looking for new construction in move in condition.

I also told you about Westgate, a new development which will offer 173 townhomes, row homes and single family homes.  Over the weekend I visited the site, and I see that “coming soon” signs have appeared on the property.  The sales center is under construction, and I noted some early signs of infrastructure occurring on the property.  As soon as I receive a definitive date when homes will be offered for sale, I will be very active working with the buyers who have contacted me with interest in this neighborhood.

Both Regency and Westgate are particularly close to the Glen’s two golf courses, The Glen Club’s 18 hole championship course and Glenview Prairie Club, a beautifully maintained 9 hole course.

There is one other new construction opportunity in the future, and I failed to mention it in my last blog.  Patriot Commons is a stunning development on the south edge of Glen Town Center bordering The Glen Club course.  68 townhomes and condo apartments were completed a few years ago.  The developer, Toll Brothers, put further development on hold due to the difficult real estate environment that existed at that time.  I am told that Toll Brothers will complete the development sometime in the next year or two.

If you are interested in living in the Glen, please contact me at 847-401-1802 or margaret.ludemann@gmail.com.

Margaret Ludemann, Glen resident and @properties Realtor