North Shore

Home sales in Southgate at The Glen

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Southgate is a housing development with 237 single family homes in The Glen. It also has 62 townhomes and villas. The Glen is the premier lifestyle community on Chicagoland’s North Shore in Glenview Illinois with 9 distinct neighborhoods offering luxury homes of all kinds, including single family homes, townhomes, row homes, villas, apartment condos, duplexes, and two-flats.

I haven’t blogged about Southgate since February 3rd, so I’m devoting this blog and my next to that wonderful neighborhood. Today I’ll address the sales of its single family homes, comparing with last year-to-date. Next week I’ll write about home prices. (Hint, they’re going up this year.)

So, analyzing sales data from January 1 through June 15, I’ve found that overall activity is similar to last year. That is rather amazing given the fact that we experienced such a long and severe winter. Real estate sales throughout the country were down through March, but started to pick up thereafter.

HOMES SOLD: In this 5.5 month period 4 single family homes have sold, meaning that the transactions are not only under contract, but they have actually closed. In the same period last year, 5 homes had closed.

UNDER CONTRACT HOMES: In addition to the homes that have closed, 5 are under contract (at June 15th) waiting to close sometime in the next couple of months. Last year, 4 were under contract on that date.

FOR SALE LISTINGS: Both in 2013 and 2014 there were 2 homes listed for sale at June 15th.

While activity has been similar in the two years, I’ve noticed that the real estate market in Southgate picked up last year after June 15. In fact, while 5 had closed by June 15, 2013, 8 more closed the rest of the year. Perhaps Southgate will experience a similar increase the rest of this year, though my guess is that 2014 may see somewhat fewer sales as compared with the red hot market in 2013.

If you would like to know more about living in Southgate or anywhere in The Glen, please contact me at 847-401-1802 or by email MargaretLudemann@gmail.com. I am a long time Glen resident and a @properties Realtor.

Margaret Ludemann

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

Glen Town Center Sold

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Glen Town Center has recently sold. Owned by the Oliver McMillan Company out of San Diego since inception, it sold to Dallas, Texas based Tabani Group, Inc. last month. Glen Town Center is The Glen’s shopping and dining hub, basically the neighborhood’s “main street.”

The Glen is an upscale residential and retail development in Glenview, Illinois; and it’s generally considered the finest lifestyle community on Chicagoland’s North Shore. Nine residential neighborhoods reside in The Glen offering homes of all kinds including single family homes, town homes, row homes, apartments, duplexes, two-flats, villas, and condos. Home prices range from the $400,000’s to well over $1,000,000.

At the center of it all is Glen Town Center’s excellent restaurants (many with outdoor dining in the summer), shops & boutiques, a movie theater, a book store and a spa. Some of the popular spots along Tower Drive (main street) include Von Maur department store, Dick’s Sporting Goods, Glenview Jewelers, Hot Mama, and numerous small boutiques. Restaurants include Bravo Cucina Italiana, Yard House, MooYah, Jamisons, Ted’s Montana Grill, RA Sushi, and The Curragh Traditional Irish Pub. 90% of retail space is filled.  It is only Glen Town Center that sold, not the residential areas.

Glen homeowners love the lifestyle created by the vibrancy of Glen Town Center. It’s not just the restaurants and shops that attract area residents; Oliver McMillan sponsored many activities including an annual art festival, classic car days, weekly concerts on the green, and many things for children. The new owner promises even more activities in Glen Town Center.

The real estate market in The Glen is strong. Most homes sell rather quickly here and at a very high percentage of asking price. If you may be interested in living in The Glen, please contact me at MargaretLudemann@gmail.com. I am an original Glen homeowner and an award winning Realtor affiliated with @properties.

Margaret Ludemann

“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