housing sales

Glen market: lower inventory, but more sales

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My, how the real estate market has changed.  Yes, here in the Glen and throughout the country.

A couple of years ago, most real estate markets had a glut of homes for sale but few buyers.  Today, home inventory is very low, but the buyers are back.  The result is this:  New listings, if priced competitively, will sell…often very quickly.

So, why has this occurred?  First, many homeowners have decided to wait out the market until prices increase substantially.  Second, buyers who have been on the sidelines have decided it’s time to buy.  They are attracted by the extremely low interest rates and the prospect of home prices going up over the next few years.  In other words, they know they can buy more home now than they can in a few years.

Here is one example.  Tower Crossing has 154 beautiful town homes.  Two and three years ago it was not uncommon to see 15 or more of these homes for sale at one time.  But the buyers didn’t come or those who did come wanted very big discounts.  Only seven homes sold in 2009 and six sold in 2010.  It was a buyers market.  Today, there are only three Tower Crossing homes for sale.  It’s been like that since early 2012.  But eleven homes sold in 2012!  We are now seeing multiple offers for Tower Crossing homes, and the time on market has been roughly half what it was a few years ago.  The same is true in other Glen neighborhoods such as Southgate, Chapel Crossing, Landings, and Cambridge.

The bottom line for buyers is this:  There are still good deals on Glen homes, but there are fewer to choose from.  And if you are interested in buying, you should be prepared to act quickly when you find what you want.  I am an original homeowner in the Glen, so I know it well.  If you are interested in a Glen home, please call me at 847-401-1802 or send an email to Margaret.Ludemann@gmail.com.

 

 

Over 500 Townhomes & Villas in The Glen

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The Glen in Glenview, Illinois is known for many things including Glen Town Center (shopping, dining, entertainment), two golf courses (The Glen Club, Glenview National 9), the Park Center, Kohl Childrens Museum, and several beautiful neighborhoods (Cambridge, Chapel Crossing, Glen Shore, Landings in The Glen, Patriot Commons, Regency at The Glen, Southgate, and Tower Crossing), and 671 single family homes.  Today, though, I want to tell you about the many townhomes, villas, duplexes and two-flats in The Glen.

There are over 500 multi-family private homes in The Glen, and there is significant diversity among these lovely properties.  They range in size from 1141 sq ft to over 4100 sq ft…and in price from around $300,000 to the high $700,000s.  Here is a breakdown of the various neighborhoods which have multi-family homes:

Cambridge:  108 townhomes, 35 duplexes, 13 two-flats.  There is a variety of sizes and models.

Glen Shore:  38 condo/apartments are available in various sizes & models.

Patriot Commons:  Six townhome and condominium models are available, offering 1141 sq ft to 1388 sq ft.

Regency:  109 townhomes and 40 ranch villas.  Townhomes range in size between 1523 sq ft and 1835 sq ft.  Villas are larger at 1883 sq ft – 2493 sq ft.

Southgate – Phase 1:  38 lovely row homes offer 1,585 to 1,919 sq ft.  24 charming villas offer 1,625 to 2,055 sq ft.

Tower Crossing:  154 row homes, 6 models, 3031 sq ft to 4105 sq ft.

Some new construction homes are available, and many existing homes are for sale.  If you would like additional information, please contact me at 847-401-1802.

Margaret Ludemann, resident of The Glen

Regency at The Glen – Townhomes & Villas Selling Fast

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New ranch villa in Regency in The Glen

The Glen’s newest housing development, Regency at The Glen, is really taking shape.  In fact, several homes have been completed, and the new owners have moved in.  I’ve been following construction progress since developer Pulte broke ground early in 2012, and I am amazed at how much has happened just in the last month.  Regency will have 109 townhomes and 40 ranch villas when all is said and done sometime in 2013.   Townhomes range in size between 1523 sq ft and 1835 sq ft.  The beautiful ranch villas are larger at 1883 sq ft – 2493 sq ft.

There is only one villa still for sale; all others have been sold.  Many of the townhomes are still available, but they too are moving fast.

The Glen has incorporated different housing styles and sizes quite nicely.  Naturally there are several single family home neighborhoods such as Chapel Crossing, Landings at The Glen, Cambridge and Southgate on The Glen.  There is one condo development as well, Glen Shore.  Townhomes are very popular here due to the urban feeling of the community with it’s own main street, restaurants, and shops.  Neighborhoods with townhomes include Tower Crossing, Cambridge, Southgate, and Patriot Commons.  Cambridge, Patriot Commons, and Southgate, like Regency, also offer ranch villas.

Regency is a short walk to Glen Town Center.  If you would like a tour, please give me a call at 847-401-1802.

Margaret Ludemann, Glen Resident & @properties Realtor

Big year for home sales in Southgate in The Glen

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Southgate sign at the corner of Patriot Blvd and Independence.

Southgate in The Glen is experiencing a big year in home sales.  In fact, nearly double as many Southgate homes have already sold in 2012 vs. all of 2011, and the year isn’t over!

Southgate is one of the wonderful communities in The Glen, Glenview Illinois.  There are 299 homes in the 104 acres of Southgate.  237 of these are single family detached homes,  55 border The Glen Club’s championship golf course.  There are also 62 attached homes:  38 are row homes and 24 are villas.

A little sales history will prove my point regarding the big sales jump in 2012.  Seven Southgate homes sold in 2011, which is about the average over the last three years.  But so far in 2012, thirteen homes have sold.  Plus there are three homes under contract, waiting to close.  I suspect that at least two of these will close yet in 2012, so Southgate should end up with 15 sales for the full year.

What’s behind the increase in sales?  Let’s begin with the community itself.  Southgate is one of the most desirable neighborhoods on the north shore.  The homes are stunning in appearance and built with the highest quality of materials and workmanship.  Second, many people waited to buy their next homes until the economy improved and jobs became more secure.  Well, that time has arrived, and the buyers are looking for quality properties. Third, prices are well below their 2006 highs, but they are beginning to increase.  So now is an ideal time to buy.  Finally, mortgage interest rates are at historically low levels.  It all adds up to a boom in Southgate sales.  If you are interested in a Southgate home, please contact me at 847-401-1802.

Improving Consumer Confidence Boosting Housing Sales

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Southgate is experiencing a much improved year in terms of housing sales, just as we are seeing across the country, in Chicagoland’s North Shore, and throughout the other neighborhoods in The Glen.  Certainly low housing inventory, low interest rates and pent up demand are factors.

Another huge factor is the improved financial health of American families.  In particular family net worth has been on the rise as the stock market more than doubled since the low point of the Dow at 6,443 in March of 2009.  Modest improvement in home values has also impacted family financial health.  According to some economists, the combination of dramatically improving equity markets and improving home values has increased net worth to within 5% of the peak prior to the Great Recession.

The result of improving family financial health is growing confidence in the future.   The Conference Board tracks consumer confidence monthly.  After examining its September poll Lynn Franco, Director of Economic Indicators at the Conference Board, said this:

Consumers feel more positive in their assessment of current condition, in particular the job market, and considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation.

Confidence in the future translates into housing purchase decisions; and this is a huge driver of housing’s rebound.  There is evidence of this in Southgate where twice as many homes have sold in the first three quarters of 2012 as compared with all of 2011.  With three more months to go, it is likely that Southgate will experience its best sales year since 2007.