home sales

Westgate at The Glen’s Grand Opening

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The new Westgate at the Glen housing development in Glenview, Illinois officially opened for sale last Saturday, May 31. The developer, E.R. James Partners held a “reservation event” for people who had pre-registered their interest. The neighborhood, on nearly 30 acres of land at the northwest corner of W. Lake Avenue and Shermer Road, will have 173 luxury homes when completed. It promises to be a very popular addition to The Glen which has 8 other neighborhoods offering a wide variety of home types.

71 row homes, 68 mews townhomes, and 34 single family homes are planned. This development may offer the last opportunity for new construction single family homes in The Glen.  Of particular interest to empty nesters will be the models with first floor master bedroom suites. The row homes and single family homes will have first floor master bedrooms. The townhomes are configured with second floor master bedrooms. The development will be built in two phases.  Each phase will include a mix of row homes and townhomes.  The entire development will have common areas; and it is intended to provide nearly maintenance-free living.

A big part of the attraction of Westgate is its proximity to two golf courses and Glen Town Center’s many restaurants, shops, and movie theater. Just across W. Lake is the ever popular Glen Club’s championship 18 hole course designed by Tom Fazio. On the other side of Shermer Road you’ll find Glenview Prairie Club, a 9 hole course which also offers paddle tennis. Glen Town Center is only a short walk away as is Kohl Children’s Museum. The development is also walking distance to the Glen’s Metra station offering service to downtown Chicago.

I attended the kick off with several of my clients. We received brochures, lots of information, and a nice lunch. Those who attended will be given appointment times to visit with E.R. James sales associates who will provide detailed floor plans and a list of available upgrades. I plan on attending these sessions with my clients; and I will write about all of this in future blogs.

For more information about The Glen you may contact me at margaretludemann@gmail.com. I am a Glen homeowner and a Realtor affiliated with @properties.

Margaret Ludemann

Glen real estate market strong. “Normal” by 2015/16.

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The residential real estate market in The Glen, Glenview, and elsewhere is in the early stages of returning to what we would recognize as normal, meaning relatively steady growth in sales and prices in most years.

Why? Well, consumer confidence has been trending up, and it is near a six year high. Interest rates remain low by historic standards. Inflation is low, the stock market has been moving higher (recently hitting an all-time high), the unemployment rate has fallen from 10% in October 2009 to 6.3% in April, and jobless claims recently hit at a 7 year low. While performance has fluctuated on a monthly and quarterly basis in each of these categories, the longer view suggests a positive environment for housing over the next several years.

This is how we got here: We had the unprecedented run-up in home sales and prices in the early-to-mid 2000’s, followed by the bust in 2007 through 2009. Steep declines were followed by less severe declines which were followed by modest improvement. Then came 2013, a year with booming sales and prices.

Sales in The Glen look strong again in 2014, though perhaps not at last year’s pace. Prices, too, continue to rise faster than normal, but they may not reach the levels of 2013. Are somewhat lower sales and price increases compared with red hot 2013 reason to worry? I would argue that for the longer term they are actually a positive sign. We’re moving toward an environment where most homes neither languish on the market for months on end nor sell immediately. This is positive because it is more sustainable. Hot markets are never sustainable. Weak markets eventually recover. We’re heading in the direction of moderate sales and pricing growth in most years, with a few bumps along the way which is…normal.

We’re not at normal yet. Home prices in The Glen are still on a strong recovery path; and we will make up a lot of lost ground this year. Then perhaps in 2015 or 2016 we’ll be back to a more sustainable real estate market, perhaps a little slower one year and a little faster the next, in line with the usual ups and downs of the economy and interest rates.

Margaret Ludemann

Glen homeowner and @properties Realtor

847-401-1802,margaretludemann@gmail.com

“It’s a Wonderful Life”…at Tower Crossing in the Glen

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Every now and then as I walk from my Tower Crossing townhome to Glen Town Center (all of one short block away) I half expect to see Frank Capra and Jimmy Stewart, the director and star respectively of the Christmas classic, It’s a Wonderful Life. Why? Well, it’s obvious. Living here is indeed wonderful. In fact, it’s as good as it gets.

The Glen, as most of my readers know, is an upscale residential and retail community on Chicagoland’s North Shore in Glenview Illinois. It is composed of several distinct neighborhoods with single family homes, condos, apartments, townhomes, two-flats, villas, and duplexes. At the center of it all is Tower Drive, Glen Town Center’s main street with scores of shops, restaurants, and entertainment venues. It’s also home to an annual art festival, antique auto show, and weekly outdoor concerts in summertime.

Surrounding Glen Town Center – literally SURROUNDING these lovely boutiques and eateries – is the Tower Crossing development, 154 striking townhomes, every home within steps of all the fun. These breathtaking 4 story brick homes, depending on model, offer between 3031 sq ft and 4105 sq ft of luxury living. The Georgian architecture, professional landscaping, superb floor plans, hardwood floors, and top-of-the-line everything make these among the finest townhomes to be found anywhere in the country…yet they are right here in lovely Glenview…convenient to downtown Chicago’s cultural and sports venues, Ravinia, the Botanic Garden, and O’Hare Airport.

But there’s even more. Within a very short walk of every Tower Crossing home you’ll find Battery Park, Lake Glenview, Little Bear Garden, Glenview Park District’s pools and health club, walking trails, and two stunning golf courses.

Life in Tower Crossing is indeed wonderful, I think even better than Capra’s fictional Bedford Falls. If you are interested in living Tower Crossing’s “wonderful life” please contact me. Not only do I live here, but I am an award winning Realtor who sells many of its homes. Tower Crossing townhomes sell for between $650,000 and $850,000.

Margaret Ludemann, @properties Realtor

847-401-1802, margaret.ludemann@gmail.com

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

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