News About The Glen

2013 homes sales UP in Tower Crossing

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Tower Crossing is a townhome development in The Glen, Glenview Illinois.  It is composed of 154 stunning units varying in size from 3031 sq ft to 4105 sq ft.  2013 was a very successful year for real estate sales, home rentals and home prices in this development.  In this blog I will tell you about the increase in sales.

20 Tower Crossing homes sold in 2013, compared with 11 in 2012, 13 in 2011, 6 in 2010, and 7 in 2009.  I had the good fortune to list and sell nearly half of all homes sold in 2013 (9 of 20).  7 realtors combined to sell the other 11 homes.

1 Distressed property sold in 2013.  A single distressed property sale in 2013 represents an improvement as compared with 2012 (4 sales) and 2011 (3 sales).  Distressed properties (bank owned or short sales) typically sell for well under market value, and that was the case with the Omni model bank owned property that sold in 2013.

Only 1 listed Tower Crossing home failed to sell in 2013!  20 of 21 listed homes sold last year compared with 4 failures in 2012.  Given the strength of the real estate market last year, it is surprising that even one home failed to sell. This was NOT my listing.

Time-on-market was greatly improved in 2013.  Time-on-market refers to the number of days between listing a home for sale and when it goes under contract with buyers.

The 19 non-distressed Tower Crossing homes sold in 2013 were on the market for a combined 1012 days, an average of 53 days.  This compares very favorably to 75 days in 2012.  It is vastly improved over the roughly 4 months in 2011 and 7 months in 2010.  I am proud that my non-distressed Tower Crossing sales in 2013 averaged only 17 days on market.  Tower Crossing homes sold by other realtors averaged 79 days.

Margaret Ludemann, Tower Crossing homeowner and @properties Realtor, 847-401-1802

Home sales surge, prices rise, time on market falls in The Glen

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2013 was the year that Glen homeowners have been waiting for.  The Glen is an upscale residential and retail development in Glenview, Illinois in the Chicago area’s North Shore. The real estate market for its homes was exceptionally strong.  Sales were up considerably, prices rebounded nicely, and the time it took to sell homes fell.  Further, nearly every Glen home listed for sale in 2013 sold.

Broad economic factors positively influenced existing home sales in the U.S. which gained 9.3% for the year.  The U.S. economy gathered strength through 2013.  Job growth continued to climb.  According to the Bureau of Labor Statistics the unemployment rate fell to 7% by November 2013 from 7.9% in January 2013 and from its recent high of 10% in October 2009.  Interest rates remained at historically low levels, though they inched upward during the year.  Low rates and the prospect of higher future interest rates served as incentives for many potential home buyers.  Stocks soared during the year with the S & P 500 gaining 29.6% which no doubt made potential home buyers feel more financially secure.

Years of declining values once again brought many bargain hunting investors into the U.S. housing market.  Pent up demand by trade-up buyers also fueled the increase in home sales. 

As prices rose during the year fewer homeowners found themselves “under water” (homes worth less than the mortgage balance), thereby reducing their incentive to sell.  This resulted in a decline of available housing inventory.  Over the last several years sellers far outnumbered buyers, but that was reversed in 2013 giving sellers the negotiating advantage.  The result…further improvement in home prices.

It was the best year for home sales and prices in years, and you will see that reflected in my future blogs dealing specifically with sales of Glen homes.

Margaret Ludemann

Glen homeowner and @properties Realtor

No homes for sale in Tower Crossing in The Glen

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That’s right.  There are no homes available in Tower Crossing, the luxury townhome development in the heart of The Glen.

The Glen is an upscale residential and retail development in Glenview, Illinois in the Chicago area’s North Shore.  It is composed of eight residential neighborhoods (not counting retirement and assisted living communities) with a total of 1,349 homes and 3912 residents.  Glen Town Center is The Glen’s “Main Street” with scores of shops and restaurants, along with a movie theatre, coffee shop, book store and Kohl Children’s Museum.

Tower Crossing borders Glen Town Center on three sides which puts its residents within a few steps of dining and shopping venues.  This is one of the key attractions of Tower Crossing.  The homes are stunning, but the lifestyle is perhaps even more important to homeowners.

Tower Crossing has 154 four-story brick townhomes, all of which were sold by the developer years ago.  There are 6 models and 8 floor plans ranging in size from 3,031 to 4,105 square feet.  Home prices currently range from the low $600’s to around $800,000.  Many have views of Battery Park, Lake Glenview and The Glen Club’s 18 hole championship golf course.

Back to my point about inventory.  2013 has been an active one for Tower Crossing homes sales.  19 homes have sold and another is under contract waiting to close, but in a development of this size to have nothing currently on the market is rare.  Winter, of course, is typically slow in real estate, but Tower Crossing since its inception in 2003 has always had homes for sale either from the developer (through 2006) or since then from homeowners.  Another reason for no listings?  Because the people who live here LOVE IT.

Undoubtedly we will see some listings after the first of the year, so if you may be interested in Tower Crossing (where I proudly live!) or anywhere in The Glen, please contact me at margaretludemann@gmail.com.

Margaret Ludemann, Tower Crossing resident and @properties Realtor

Should I list my home now or wait until spring?

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Neighbors and clients here in The Glen (the North Shore’s premier lifestyle community in Glenview) often ask me about when is the best time of year to sell their home.  Here is what I tell them, and it is generally as true everywhere as it is here in The Glen.

The winter real estate market:  Homes DO sell in the winter, though not as many as during the rest of the year.  Spring and early summer are the strongest periods for home sales.  Typically there is a late summer swoon as many buyers want to have closed on their new homes prior to the start of school.  This is especially true here in The Glen where we have 1440 children according to the 2013 Glen census.  The market picks up again in mid-to-late September and does well until Thanksgiving.  There is a precipitous decline during the holiday season through February.  If a homeowner needs to list in winter, though, sales can indeed be made.  In fact, while there are fewer buyers in the dead of winter there are also fewer homes on the market with which to compete.  I could also argue that homes in The Glen, attractive to senior corporate executives, may be less impacted by seasonal sales swings due to in-transfers from large corporate headquarters in the area such as Kraft Foods, Allstate Insurance, Baxter International, Walgreens, and AON.  These tend to have little calendar bias.

If you can wait.  Smart homeowners with some flexibility on the timing of their listings should contact their realtors after the first of the year to begin making plans for listing their homes.  Realtors can use this time to develop the home’s marketing plan, arrange for professional photography of interiors, build a home-specific website, and design brochures.  If all of this has been accomplished by mid-February, a listing date of late February or early March positions a home to be among the first to be considered by spring buyers.

If you have any questions about buying in The Glen, please contact me at margaretludemann@gmail.com.

Margaret Ludemann, Glen Resident and @properties Realtor

New restaurants coming to The Glen

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There are currently 25 dining venues in The Glen, the North Shore’s premier lifestyle community located in Glenview, Illinois.  The Glen resides on the former Naval Air Station Glenview; and it is composed of several upscale housing neighborhoods and a quaint retail district called Glen Town Center.

From sandwiches to steaks to seafood and more, Glen Town Center’s 17 dining venues offer it all.  8 more restaurants and sandwich shops are located in The Glen, 2 in the local Glen golf courses, 3 by the train station, and 2 more in the retail area connected to our local Jewell grocery store.

Actually I lied just a bit, and that’s the purpose of today’s blog.  2 of those 17 dining venues in Glen Town Center are currently under construction; and they will be great additions.  The Curragh Traditional Irish Pub will come online in 2014.  The genuine “Irish Fayre” will include Guinness Fish & Chips, Shepherd’s Pie, Corned Beef & Cabbage, Bangers and Mash (Irish sausages & potatoes), Irish Stew, Dungarvan Salmon, Traditional Irish Breakfast, and Irish Boxty (stuffed Irish potato pancakes).  Naturally a large variety of beers, spirits, and wines will be offered.

The other new restaurant will be as American as apple pie.  Mooyah Burgers Fries and Shakes will open early next year.  It will offer beef, turkey and veggie burgers on your choice of white or wheat buns baked on site….or you can order an Iceburger (wrapped in lettuce).  9 sauces and 8 veggies will be offered…and 14 different flavors of shakes.

So, why does a realtor (me!) blog about restaurants?  Well, because The Glen is not just about beautiful homes, but also about the lifestyle.  From my Tower Crossing townhome I can walk to all of these restaurants, many shops and boutiques, a movie theater, 2 golf courses, Kohl Children’s Museum and much more. I can’t imagine living anywhere else.

Margaret Ludemann, Glen Resident and @properties Realtor

Margaret.Ludemann@gmail.com