Cambridge

Homeowner associations’ role in a home sale

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Home sale transactions in The Glen generally involve homeowner associations after an agreement has been reached between buyers and sellers. When the Village of Glenview Illinois took ownership of the former Naval Air Station Glenview in the late 1990’s it developed a master plan for its use. The result is what we now know as The Glen with large areas of luxury homes, a retail area known as Glen Town Center, commercial space for corporate and professional offices, and open space as well.

The residential areas were divided into several large parcels, and home builders were allowed to submit bids for development. This resulted in the following neighborhoods being built: Cambridge, Chapel Crossing, Glen Shore, Landings, Southgate, and Tower Crossing. Three additional developments have since been built: Regency, Patriot Commons, and Westgate. The latter two are still under construction. Homeowner associations, generally referred to as HOAs, were created; and they are governed by boards of directors composed of residents.

Generally speaking if a home is being sold in an area governed by a homeowners association – whether it is The Glen or elsewhere – that association will likely be asked to provide governing documents such as articles of incorporation, bylaws, covenants, rules, and regulations. They also are asked for financial information and the status of legal actions. Attorneys representing the buyer, seller, and lender review these documents. It is important for the buyer and the lender to understand the financial and legal health of the association. Among other things they want to know whether there are outstanding obligations that could impact the new owner. If there are lawsuits or excessive debt a buyer may not wish to complete the purchase and/or the prospective lender may choose to deny the home mortgage application.

The HOAs that I am aware of in The Glen are sound, and seldom do I hear of problems that result in a failure of a housing purchase. I am a Glen resident, and I am an active Realtor in the local real estate market. If you may be interested in buying or renting a home in The Glen, please contact me at 847-401-1802 or margaretludemann@gmail.com.

Margaret Ludemann, @properties Realtor

Regency at The Glen sales are picking up steam

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Judging from 2015 real estate sales in the Glen’s Regency development, it’s obvious that this new’ish neighborhood is already turning over to second owners. While the development only sold out last year, several homes of early buyers have re-sold and others rented in the first half of this year. This is good news for buyers looking for Glen properties at somewhat smaller sizes with more modest price points than many other local neighborhoods.

Here’s a little background. Pulte Homes constructed 104 luxury townhomes, 38 ranch villas, and 2 single family homes in the Regency at the Glen development in Glenview Illinois. The townhomes are offered in 4 different models ranging in size from 1523 sq ft to 1835 sq ft. There are 2 models of villas (duplexes) ranging in size from 1883 sq ft to 2493 sq ft. Regency is located literally across the street from two wonderful golf courses, The Glen Club (18 hole championship course) and Glenview Prairie Club (9 holes). It’s also a short walk to Glen Town Center’s many shops and restaurants.

Six Regency homes have already been sold by their original owners in the first half of 2015, 4 of these were townhomes and 2 were villas. The townhomes each sold in the $400s, and the villas sold in the high $600s. There are 4 more Regency homes (all townhomes) under contract between their original owners and new buyers; these are expected to close in the third quarter of the year. Four townhomes have also rented this year.

So now is a great time for buyers who want to live in the Glen. Regency homes are on the market as well as single family homes, row homes, townhomes, and condos in other areas of the Glen including Chapel Crossing, Cambridge, Landings, Tower Crossing, Patriot Commons, and Southgate. I’ve lived in the Glen for 12 years, and as a leading Glen realtor I am familiar with each neighborhood and housing type. If you may be interested in living in Regency or any other area of the Glen, please contact me.

Margaret Ludemann, @properties Realtor

MargaretLudemann@cbexchange.com   847-401-1802

The real estate market is strong this year…nationally and in the Glen

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As a realtor I’m asked about the real estate market every day.  And since I live in The Glen, a luxury home development in Glenview Illinois, everyone wants to know how homes are selling here.  Well, the market is strong, thank you very much.

Home sales are up nationally and in in the Glen. New construction is leading the way; and in the Glen that means in the Westgate and Patriot Commons neighborhoods.  It’s anticipated that new home sales will be up over 20% across the country. Existing home sales nationwide will likely increase 5% to 7% this year which is also strong.

The strength of home sales is primarily due to three factors:

  1. First time home buyers. Rents have increased substantially this year, encouraging many renters to purchase homes.
  2. Lending standards have eased up which is increasing the buyer pool.
  3. Continued low interest rates. Mortgage interest rates have trended up modestly in the last few months (about a quarter point), but they remain low by historical standards. Thirty year fixed rate loans are currently at about 4.1%, and jumbos are at this same level. Many home sales in the Glen – particularly in the Southgate, Tower Crossing, Chapel Crossing, Landings, and Cambridge neighborhoods – involve jumbo loans. Jumbos typically carry a somewhat higher rate, though that is not the case currently. Interest rates may increase a bit more in 2016 and 2017 making now a good time for buyers (and therefore for sellers, too).

The Glen is a wonderful place to live. In addition to all of the beautiful homes, the community lifestyle is hard to beat. There are two great golf courses, both within walking distance of any home in the Glen. The central marketplace is called Glen Town Center which has numerous restaurants (casual and upscale), many shops and boutiques, a movie theater, and a book store. If you are 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   margaretludemann@gmail.com   847-401-1802

Beaver Cleaver would love this Glen home, and so will you.

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The Cleaver family would love this home. So would Ozzie and Harriet.

I generally don’t blog about my individual sales listings. And today’s blog isn’t really about this specific house; it’s more about a style of home found in the Cambridge subdivision in the Glen in Glenview Illinois. It’s a throwback to the 1950’s, and I love it.

I scheduled an open house at this home at 2458 W. Lake Avenue in Glenview a few days ago; and after I set everything up I took a glass of lemonade out to the front porch. (Yes, a front porch!) While enjoying the great weather and my view of Lake Glenview and Gallery Park across the street, my husband dropped by delivering some treats I like to serve at open houses. He joined me on the porch, and the stress of life in 2015 just oozed out of our bodies. It was quiet, a little warm but with a light breeze, and…we just sat there. Just like people did when Ike was President, Elvis was king, and cars had fins.

There are many housing types in Cambridge ranging from row homes, townhouses, duplexes, two-flats, large estate homes, and traditional single family homes. Several of the other Glen subdivisions have a single home type. Tower Crossing has its red brick Georgian townhomes, Southgate its huge estate homes, Glen Shore its luxury condos. But Cambridge is a wonderful mix of…well, of everything.

Anyway, if you like the idea of a front porch, tidy yard, and pretty flowers bordering your front walk, maybe you should visit Cambridge. Just give me a call or send an email. I am an award-winning Realtor and a long term resident of the Glen.

Margaret Ludemann, @properties Realtor

847-401-1802    margaretludemann@gmail.com

Home prices in The Glen…by Neighborhood

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Home prices in the Glen vary by neighborhood, and they range from the $300,000’s to over $2 million. There are ten subdivisions within the Glen development. Each was conceived, designed, and built by its own developer between about 2000 and…well, two neighborhoods are still being built. I’m frequently asked about home prices in these various neighborhoods, and that’s the topic of today’s blog.

But first a little background. The Glen resides on the land which was formerly Naval Air Station Glenview. When the base closed the land was sold to the Village of Glenview for development. In addition to privately owned residences, the Glen has an exciting retail area known as Glen Town Center. There are also parks, a lake, golf courses, a middle school and so much more. It has become the North Shore’s premier residential and retail community.

OK, now for housing prices; and I’ll break them down for you by neighborhood:

Cambridge has 244 single family homes, townhomes, row homes, duplexes, and two-flats. Prices range from the $400’s to over $1 million depending on housing type.

Chapel Crossing has 167 single family homes with prices between the mid-$800’s to approximately $1.4 million

Glen Shore offers 31 condo apartments priced in the $300’s to $500’s.

Landings’ 143 single family homes reside adjacent to Chapel Crossing with similar price points.

Patriot Commons currently has 68 completed townhomes and condo apartments; and more are under construction. These can be purchased from the $400’s to $700’s.

Regency is a newly completed subdivision with 149 townhomes and attached villas (duplexes), and two single family homes. Price points are in the $400’s to the high $700’s.

Southgate is composed of 237 single family homes ranging from $1 million to over $2 million. This community carries the highest price points in the Glen.

Southgate (on Langley Circle) has 62 townhomes and villas selling in the high $300’s to $500’s.

Tower Crossing’s 154 townhomes offer several models with prices in the mid-$600’s to mid-$800’s.

The Westgate neighborhood (currently under construction) will have 171 homes, a mix of single family, townhomes and row homes. Price points are between the high $400’s for townhomes to the low $800’s for single family homes.

So as you can see there is a great deal of variety in neighborhoods, home types, and pricing in the Glen. If you would like to learn more about homes in the Glen, please contact me at 847-401-1802 or margaret.ludemann@gmail.com.

Margaret Ludemann, Glen homeowner and @properties Realtor.