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Now’s the best time to buy or sell a home in The Glen

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OK, I know you’ve heard it before, but here it is again. If you want to sell your home, now is the best time of the year to get it listed on the MLS. It’s March folks. Spring is in the air. Home buyers come out of hibernation and start looking around.

There is logic in this timing. Buyers with kids want to make their purchase so that they can close on it before the start of the next school year. So if you are a buyer, get going. You’ll get into your new Glen digs in time for the kids to make friends around the neighborhood, and be ready to start school in August.

Last year in The Glen, greater Glenview, and neighboring North Shore communities it took about two months for a listed home to come under contract with a buyer. The time between “under contract” and closing is typically four to six weeks. While I wasn’t a math major in college, I’m pretty sure that gets us to late June or July.

So, if this is the year to move to a larger home or to downsize, now’s the best time to sell or purchase. I am an award winning Realtor affiliated with The Glen Realty Group, and I would be delighted to work with you. I can be reached at 847-401-1802 or margaretludemann@gmail.com.

Margaret Ludemann, Realtor, @properties

Home rental market in The Glen

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Applied Research Counselors, a Chicago consulting firm, recently analyzed the Chicago area suburban rental market. They discovered that rents in suburbia averaged $1.24 p/sq ft in the 1st quarter. I decided to look at 2013 rentals in The Glen. Since it would be difficult to analyze the entire Glen, I chose the Tower Crossing neighborhood where I already have a great deal of data.

The Glen (in Glenview Illinois) is the North Shore’s premier lifestyle community with many unique neighborhoods, a large variety of housing types, and a vibrant “main street” in Glen Town Center. Tower Crossing’s 154 luxury townhomes surround Glen Town Center on three sides. These homes range in size from 3,031 sq ft to 4,105 sq ft; and their sales prices are in a range of mid-$600,000 to mid-$800,000. While the development sold out years ago, several homes are rented by homeowners each year.

There were 10 MLS listed Tower Crossing rentals in 2013; and they averaged $1.23 p/sq ft. Actually, the math came out to be $1.236, so rounded up our 2013 rentals matched the Q1, 2014 suburban number as reported by Allied Research. Looks like a draw to me! However, I did find some variance in the rental amounts in the various models in Tower Crossing.

The dollar rental values of Omnis (and occasionally Biltmores) tend to be higher than other models while Valencias are lower.

Taking into consideration the size of the models, Drakes (3075 sq ft) and Astorias (3210 sq ft) have somewhat higher monthly rental prices p/sq ft while Omnis and Valencias are a bit lower. Biltmore rents are all over the place. Over the last couple of years they have ranged from $3800 ($1.06 p/sq ft) to $4700 ($1.31 p/sq ft) per month.

So, what I discovered is that Tower Crossing rents overall equal the suburban average, but the rental prices p/sq ft have a rather significant range. Knowing the Glen real estate market as I do, I suspect that rental prices in other Glen neighborhoods (on a p/sq ft basis) are similar to Tower Crossing.

If you may be interested in living in The Glen as a homeowner or renter, please contact me at margaretludemann@gmail.com.

Margaret Ludemann, Glen resident and @properties Realtor

Home sales in The Glen by neighborhood

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The Glen is an upscale residential and retail development in Glenview Illinois on Chicagoland‘s North Shore.  It is home to 1,255 privately owned residences in 9 distinct neighborhoods.  The Glen’s “main street” called Glen Town Center offers scores of restaurants and shops, as well as a movie theater, coffee shop, book store, and Kohl Children’s Museum.  The development also boasts a lake, park, recreation center, playgrounds, and two golf courses.  Recently I did an accounting of all home sales in The Glen in 2013 by neighborhood using MLS data, and here is what I found:

Cambridge is the development north of W. Lake, and it runs from Patriot Blvd to The Glen’s Metra train station.  It has 278 homes (townhomes, duplexes, two-flats, and single family homes).  14 homes sold in 2013 totaling $7,702,500, an average of $550,178.

Chapel Crossing is a development east of Patriot Blvd and south of Chestnut.  It has 168 single family homes.  9 homes sold totaling $9,283,750, an average of $1,031,527.

Glen Shore is a condominium development on the north side of Chestnut, nearly bordering Lehigh.  It has 31 units.  3 units sold totaling $917,500, an average of $305,833.

Landings is a development south of Chestnut and east of Chapel Crossing.  It has 143 single family homes.  8 homes sold totaling $7,110,000, an average of $888,750.

Patriot Commons is a development west of Patriot Blvd and south of Chestnut.  It borders The Glen Club golf course to the west. It has 68 townhomes and condo apartments.  1 home sold at $465,000.

Regency is the new Pulte development a quarter mile north of W. Lake and west of Shermer Rd.  149 townhomes and ranch villas (and 2 SFH) are planned.  All but 9 units have been sold as of 2.15.14.  29 sales totaled $13,397,485, an average of $461,982.

Southgate Single Family Homes is a development south of W. Lake, and it is bordered on the west by The Glen Club’s golf course.  The southern boundary is Independence Avenue.  It has 237 homes.  11 homes sold for a total of $13,037,000, an average of $1,185,181.

Southgate townhomes are in the confines of the Southgate development.  There are 62 units.  6 homes sold totaling $2,320,000 an average of $386,666.

Tower Crossing is a luxury townhome development bordering Glen Town Center on 3 sides.  It has 154 units.  20 homes sold totaling $13,673,900, an average of $683,695.

Obviously it was a very successful year for home sales in The Glen.  For information about homes for sale in The Glen, please contact me at 847-401-1802 or by email margaretludemann@gmail.com.

Margaret Ludemann, Glen resident and @properties Realtor