home prices

Update: Southgate home sales & prices

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Southgate is a luxury housing development in The Glen, the north shore’s premier lifestyle community, located in Glenview, Illinois.  Southgate has 237 single family homes.  The following is an update on home sales and housing prices.

4 homes sold from mid-July to mid-September:

  • 4 bedroom semi-custom home on Saratoga sold for $1,279,000.  The home was listed in June, went under contract 3 days later, and closed on 7.30.13.
  • 5 bedroom, 3814 sq ft, semi-custom home on Midway sold for $1,315,000 which was more than the asking (list) price of $1,249,000.  The home was listed in May, went under contract 3 days later, and closed 7.19.13.
  • 5 bedroom semi-custom home on Kittyhawk sold for $1,250,000.  The home was listed in June for $1,275,000, went under contract in July, and closed on 8.14.13.
  • 4 bedroom semi-custom home on Bennington sold for $1,000,000.  This home was listed in March at $1,179,000; it had a price reduction to $1,139,000, went under contract in June, and closed on 8.20.13.

1 home is currently under contract:

  • 5 bedroom, 4200 sq ft, semi-custom home on Independence was most recently listed for $895,000.  This is a short sale.

2 homes are currently listed for sale:

  • 5 bedroom semi-custom home on Kittyhawk was listed in July at $1,399,000.  The home had a price reduction to $1,325,000 which is its current list price.
  • 3 bedroom semi-custom home on Independence was listed in July at $1,268,000.  The price was subsequently reduced to $1,235,000 which is its current list price.

Southgate is one of several developments in The Glen including Tower Crossing, Chapel Crossing, Landings, Cambridge, Regency, Patriot Commons and Glen Shore.  If you would like information about homes in any of these Glen developments, please contact me at margaretludemann@gmail.com or 847-401-1802.

Margaret Ludemann, Glen resident and @properties Realtor

*  The source of the information in this report is the MLS; and homes identified in this update/report were listed/sold/rented by various participants in the MLS.

Surprise Fed Announcement Good News for Home Sales

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I have an excuse for knowing about Gomer Pyle, Jim Nabors’ hayseed character on the 1960’s Andy Griffith show.  My husband is older than me (!) and he watches re-runs on ME-TV.  I bring this up because of his call to me Wednesday in his spot-on impression of Gomer’s signature adage…Sur-prise Sur-prise Sur-prise!  He had just heard of The Fed’s surprise announcement that it would continue its easy money, stimulus policy to, among other things, drive down mortgage interest rates which had been moving up the last couple of months.  This was indeed a surprise decision; and for the housing market it was most welcome.

While housing sales have been robust this year (in The Glen and elsewhere), there was universal concern that sales would slow and price increases would moderate as interest rates continued to climb.  None of us want another housing bubble, but home values are still below pre-crash levels so all homeowners would like to see continued improvement.

What does this mean for homeowners who may want to sell their homes?  Two things.  One, as interest rates fall more buyers can afford your home because they will be able to secure mortgages of higher values.  (Every 1% rise in interest rates reduces buying power by 11%.)  Two, sellers will have to move; and they will be able to afford higher priced homes.

The bottom line is this:  If you want to sell your home in this vastly improved housing market, the odds are very high that it will sell; and it is likely to sell at a decent price, certainly better than had it sold last year.  The market will remain robust until about Thanksgiving, so if you want to sell this year you should get your home on the market in the next few weeks.  The market will pick up again in March; and if that is a better time for you, plan to list your home in late February.

Tower Crossing Prices up 5.3%, Sales Too

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The Glen is the premier lifestyle community on the North Shore of the Chicago metropolitan area, located in Glenview, Illinois.  It is composed of several neighborhoods one of which is called Tower Crossing.

Tower Crossing is a townhome development with 154 stunning homes, built between 7 and 10 years ago.  It borders Glen Town Center (The Glen’s “main street” which offers restaurants, shopping, a theater, and much more) on three sides.  The 4th side of Tower Crossing borders The Glen Club’s Championship 18 hole golf course designed by Tom Fazio.

There are 6 models of Tower Crossing homes (Astoria, Biltmore, Blackstone, Drake, Omni, and Valencia), and they vary in size between 3031 sq ft and 4105 sq ft.  The current price range is between roughly $600,000 and $800,000.  I am one of the fortunate owners of a Tower Crossing home, an Astoria End Unit model.

As the #1 Realtor* in Tower Crossing, I track home sales and prices constantly.  2013 is turning out to be a banner year for the development.  Sales have increased dramatically in 2013.  So far 17 homes have sold vs. 11 in all of 2012, 13 in 2011, 6 in 2010, and 7 in 2009.  There is also one Tower Crossing home under contract waiting to close; and 2 homes are for sale.

Prices are up 5.3% in the first 8 months of 2013.  On average Tower Crossing homes sell for $196.77 p/sq ft.  In 2012, non-distressed Tower Crossing homes sold for $186.88.  (2011 = $188.86;  2010 = $189.50;  2009 = $179).  As you can see, prices were flat for the 3 years immediately prior to 2013 after dropping considerably when the real estate market collapsed.

If you are interested in Tower Crossing or any home in the other Glen neighborhoods (Cambridge, Chapel Crossing, Glen Shore, Landings, Patriot Commons, Regency (row homes, new construction), and Southgate), please contact me at 847-401-1802 or by email margaretLudemannl@gmail.com

Margaret Ludemann, Glen Resident & @properties Realtor

*  Margaret sold or rented more Tower Crossing homes in 2012 than any other Realtor.

The lull between the (sales) storms

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The spring and early summer real estate market in The Glen (in Glenview, Illinois) was the strongest in many years.  The Glen, as many of my blog followers know, is an upscale residential and retail community built on the site of the former Naval Air Station Glenview.

As an example, in The Glen’s Tower Crossing neighborhood with 154 row homes, 15 homes have already sold in 2013 as compared with 6 by this same time last year.  In fact, only 11 Tower Crossing homes sold in all of 2012.  Most other Glen neighborhoods have seen the same strong sales performance this year, especially in Chapel Crossing, Landings, Cambridge and Southgate.  I should add Regency to that list.  As the only new construction project in The Glen, sales have been hot all year.

There is, however, a bit of a lull right now.  Late summer is typically a slow period in real estate.  Many buyers want to make their purchases and move in prior to the start of school, which in the Glenview Public Schools is August 20.  Using again the example of Tower Crossing, only 1 home closed last year between August 15 and November 9.  Closings in this period correspond roughly to sales contracts being signed between mid-July and mid-September.

The market will pick up again – I suspect strongly – in late September, and it is likely to continue until Thanksgiving.  So the point is that this is a particularly great time for buyers to be searching for their next home.  They will face less competition with competing buyers; and some sellers who missed getting their homes sold in the spring and summer may be a bit more flexible on price.  If you are interested in living in The Glen, please call me at 847-401-1802 or send an email to margaret.ludemann@gmail.com.  I live in The Glen, and know this market inside and out.

Margaret Ludemann

Glen Resident and @properties Realtor

Low Inventory, Fast Sales In Southgate & Tower Crossing

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Southgate is a luxury development in The Glen, Glenview, Illinois with 239 single family homes.  Throughout 2013 there have been very few of these homes for sale at any given point in time.  In fact, last week there were none.  1 home came on the market this week.  It is likely to be under contract soon.

The lack of sellers is the primary reason for low inventory in Southgate, of course, but AVAILABLE inventory is determined not only by how many homes are offered for sale but also by how quickly they are sold.  Well, Southgate single family homes – when they do come on the market – sell so quickly that the cupboard remains bare or nearly so most of the time.  Looking at the 10 non-distressed homes (not bank owned, not short sales) that have either sold this year or are currently under contract, 5 went under contract in 9 days or less.  1 went under contract in 30 days; and the remaining 4 sold within a respectable 2 – 4 months period.  That’s fast, especially when you consider that the average price in 2013 has been over $1.1 million.

I also track the Tower Crossing development closely.  Tower Crossing in The Glen has 154 luxury town homes with 3031 to 4105 sq ft depending on model.  Home prices are typically between $650,000 and around $800,000.  As of mid-July, 17 homes have sold this year or are under contract vs. 11 sold in all of 2012.  Yet it’s been rare this year when more than 3 homes have been for sale at the same time.  Of 4 recent sales that I have made in Tower Crossing, 3 were contracted within a week; and the 4th had offers before the home was listed.

So the luxury home market is alive and well in The Glen.  If you would like to know more about homes in The Glen, please contact Margaret Ludemann, resident of The Glen, @properties Realtor.  847-401-1802.