@properties

Mortgage interest rates: good news for home buyers and sellers

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A few weeks ago a potential buyer of a home in The Glen (in Glenview Illinois) told me that he was holding off buying a home until mortgage interest rates improve. I believed that was unwise, so I researched historical 30 year, fixed rate mortgage interest rates using Freddie Mac data. I grouped them into 5 year periods and calculated the averages. What did I learn…that recent mortgage interest rates are roughly half what they were 25 years ago!

The average rate in August (the most recent data available) was 4.12% for a 30 year fixed rate mortgage. This is a smidgeon higher than early months of 2013. Rates, however, have inched downward in each of the last 4 months; and that August rate of 4.12% is actually lower than the same month last year. So it is clear that home financing today is extremely low. While rates may bump along with modest increases and decreases in the short term, there is no evidence that they will become appreciably lower in the foreseeable future. In fact, it is likely that rates will eventually increase to more normal levels.

Interest rates matter…a lot…because they affect a buyer’s monthly payment and the total cost of financing over the period of ownership of a home. Every 1% rise in interest rates reduces buying power by approximately 11%. Obviously today’s low interest rates are beneficial to home buyers, but they are also good for home sellers. If buyers can purchase more house because of low interest rates, there are more qualified buyers for sellers’ homes.

If you are interesting in buying a home in The Glen or greater Glenview, please email me at Margaret.ludemann@cbexchange.com or call me at 847-401-1802.

Margaret Ludemann, Glen homeowner and @properties Realtor

New homes in Westgate at the Glen are still available

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So, how many Westgate at the Glen homes are still available? Read on.

Westgate is the new, upscale housing development in The Glen in Glenview Illinois. It is located at the northwest corner of W. Lake Avenue and Shermer Road. Respected home builder E. R. James Partners LLC is the developer. 173 luxury homes are planned in three housing types. There will be 71 row homes, 68 Mews Townhomes, and 34 single family homes. The development will be built in 2 phases with deliveries between 2015 and 2017.

The project kicked off with a reservation event a couple of months ago, and the development opened for sales shortly thereafter.  As of last Friday there were still many homes available for sale.  Here is the breakdown by housing type:

Row Homes:

  • All row homes to be built in phase 1 have sold.
  • Phase 2 homes cannot yet be purchased, however the developer is taking “reservations” with a down payment. Reservations are not binding on the buyer. When final home prices become available for this phase, buyers with reservations may complete their purchase. Currently there are 24 row home reservations. 8 units do not as yet have reservations.

Mews Townhomes:

  • 19 townhomes are still available in phase 1.
  • All 26 townhomes planned for phase 2 are available.

Single Family Homes:

  • 26 of the 38 single family homes have been sold. All single family homes will be built in phase 1.

The news here is that Westgate homes are indeed still available! There were rumors that the development sold out, however as you can see homes in all 3 housing types may be purchased. If you may be interested in a Westgate home or perhaps a home in any other Glen neighborhood, you may contact me for a showing at 847-401-1802 or by email at margaret.ludemann@gmail.com.

Margaret Ludemann, Glen homeowner and @properties Realtor

Westgate at the Glen Update

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It has been a couple of months since I last blogged about Westgate, the new construction housing development in The Glen in Glenview Illinois. At that time I told you about the “reservation event” which allowed early registrants to receive more information about the proposed development and arrange appointments with developer E.R. James Partners to select home types and locations. Two months later the vast majority of homes have been sold, though many are still available. Home construction has not yet begun, though as you can see from the attached photo, the builder has initiated grading. Work on underground infrastructure should begin soon.

Westgate, which is located on nearly 30 acres of land at the northwest corner of W. Lake Avenue and Shermer Road, offers 173 luxury homes. There will be 71 row homes, 68 mews townhomes, and 34 single family homes with first floor master bedroom suites. The development will have professionally landscaped common areas; and it will provide nearly maintenance-free living.

The early interest in Westgate suggests that this will be a popular addition to The Glen which already has 8 lovely neighborhoods with a wide variety of home types including single family, townhomes, row homes, duplexes, two-flats, villas, and condo apartments. In addition to beautiful homes the Glen offers two golf courses, upscale shopping, and over 20 restaurants in Glen Town Center. A local Metra station gets residents into downtown Chicago in 44 minutes. The development is also convenient to O’Hare International Airport by car.

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

Margaret Ludemann, Glen homeowner and @properties Realtor

Real estate in The Glen: August lull, September to pick up

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I have a Glen-specific, proprietary website. In fact you may be reading this blog on that site. It provides information about real estate in the Glen (in Glenview Illinois)and allows visitors to search Glen listings. The search engine optimization firm that I employ provides the tech-marketing magic that brings prospective home buyers to the site; and I am provided with numbers of all kinds weekly.  These numbers show a late summer slow down in the Glen, which is seen nationally as well. In the 4 week period in May over 2,000 first time visitors came to my site. (This is a very POWERFUL tool!) The following 4 week periods declined by 7.6%, 6.7% and 10.9%. In the last two weeks alone (August 10 – 24) the number of first time visitors was down 35% from May. Looking at the site’s first time visitors in previous years shows this same pattern.

The good news for prospective home sellers in the Glen is that the number of first time visitors increases in September and then remains relatively even and strong until December. This trend is supported by my site’s prior-years data. So homowners thinking of selling, should be getting their homes on the real estate market soon to take advantage of the increase in buyer interest just around the corner.

But it’s not only buyers who take a real estate time-out in mid-to-late summer. The listings cupboard in the Glen is pretty bare right now, too. Of the 237 single family homes in the Southgate neighborhood, there is only 1 home listed for sale. The same is true in Tower Crossing, the large, 4 story brick townhomes adjacent to Glen Town Center. In that development there are 154 homes, but only 1 is listed for sale. At the Landings (formerly Concord) and Chapel Crossing neighborhoods (with 311 homes combined) there are only a couple of listings.

Spring interest among buyers is matched by sellers who want to take advantage of that peak selling season. People with children want to make their purchases and get moved in before the new school year begins. In mid-to-late summer interest drops as I’ve shown above; and smart sellers know this so many get their homes on the market in late winter/early spring; and conversely there are few new listings in mid-to-late summer or from Thanksgiving until early March.

Margaret Ludemann, Glen homeowner and @properties Realtor

MargaretLudemann@gmail.com   847-401-1802

Only 1 Tower Crossing home for sale, and it’s a great one

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Only one Tower Crossing townhome is currently for sale, at 1840 Admiral Court. Tower Crossing is a 154 luxury townhome development in The Glen, the north shore’s finest lifestyle community in Glenview, Illinois. Tower Crossing is an ultra-popular Glen development, owing its popularity to the homes’ stunning architecture inside and out, quality construction, and location.

These 4 story brick homes are huge, ranging in size from 3031 sq ft to 4105 sq ft. They border Glen Town Center (the Glen’s retail and shopping “main street”) making them particularly handy for shopping and dining.

1840 Admiral Court is a “Blackstone”, one of the most sought after models in the development. Blackstones offer 3840 sq ft, and they open to a large, professionally landscaped courtyard. In fact, each Blackstone model has both a deck and a covered patio facing this beautiful area.

It’s hard to find townhomes with 4 bedrooms, but that’s what you’ll find at 1840 Admiral Court, along with 2.2 bathrooms. You’ll also find a walk-thru butler’s pantry connecting the gourmet kitchen to the dining room. The kitchen offers granite counters, custom maple cabinets, and a large island. The spacious owner’s suite has a large bedroom, a lovely seating area, a private bath with a whirlpool tub and double sinks, and his/her walk-in closets.

1840 Admiral Court is offered at $785,000 which is a great price for this model. So if you may be interested in Tower Crossing, you should move quickly. There is only one for sale, and it’s a great home at a great price.

Margaret Ludemann

Tower Crossing homeowner and @properties Realtor  margaretludemann@gmail.com   847-401-1802