real estate market

What you should know about home appraisals

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A neighbor of mine here in The Glen is considering selling his home, and knowing this will require an appraisal of his home, he asked me how they work. So I thought I would write to you about it in today’s blog.

Home appraisals are performed by independent, certified professionals (not realtors) to establish the current fair market value of a home, information that lenders use to determine if and how much they will lend. They will examine the most recent selling prices of comparable homes to yours (known as “comps”). They will consider other factors such as your home’s condition (which they will personally inspect) and whether the residential real estate market in The Glen is appreciating or depreciating. In a housing market where prices are steadily rising (which is the case in The Glen currently) appraisals are typically not a problem unless the seller and buyer have agreed on a price that is much higher than similar homes have sold for recently. In markets where prices are falling appraisals many times come in below agreed-upon sales prices.

When a home is appraised at less than the agreed upon sale price lenders either reject the buyer’s application for a mortgage or require that they put more money down. Some buyers may not have the ability to come up with additional down payment money or they may not wish to do so. In this case buyers might choose to simply walk away from the deal or they may ask you to renegotiate the purchase price downward so that they can qualify for the mortgage loan. At this point it is your choice whether to renegotiate or walk away.

Even if a home purchase transaction is for cash (not requiring a loan) some buyers still require an appraisal as a condition of the sale. This is to protect them from purchasing a home above fair market value.

So that’s how it works. If you have any questions please call or email me. I am a long time homeowner in The Glen and an award winning Realtor affiliated with @properties.

Margaret Ludemann   847-401-1802   margaretludemann@gmail.com

Huge luxury townhomes at Tower Crossing in the Glen

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I frequently receive calls from home buyers interested in The Glen (in Glenview Illinois) who want large homes but without the maintenance of grass to mow and walks to shovel. I immediately tell them about Tower Crossing, a Glen development with townhomes ranging in size from roughly 3,000 sq ft to over 4,000 sq ft.

Tower Crossing is one of 13 development areas (9 with privately owned homes) in The Glen. It was developed by Kimball Hill Homes which built the 154 townhomes beginning in 2003. The development was completed in 2007. All of the homes were sold by the developer and are now available from time-to-time from individual homeowners.

There are six basic models in Tower Crossing.  Here are the sizes of each model:

Valencia – 3031 sq ft  (bridge units 3401 sq ft)

Drake – 3075 sq ft

Astoria – 3210 sq ft  (end units 3500 sq ft)

Biltmore – 3600 sq ft

Omni – 3625 sq ft (bridge units 4105 sq ft)

Blackstone – 3840 sq ft

The point is that Tower Crossing’s townhomes are large by any standard of any kind of home including single family homes. As townhomes go…they are extremely large.  Home prices in Tower Crossing begin in the $600,000’s, and larger models sell in the $800,000’s.

For more information about Tower Crossing you can go to my proprietary website www.towercrossinghomes.com or call me at 847-401-1802. Alternatively you can email me at margaretludemann@gmail.com. I am a Tower Crossing homeowner and an award winning Realtor with @properties.

Margaret Ludemann

 

Your Pie and Funtopia coming to the Glen

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One of the wonderful things about living in The Glen (in Glenview, Illinois) is the vast array of fun things to do and great places to eat…all within a short walk of any home in the development. And there are two additions coming to Glen Town Center, the Glen’s “main street”.

Your Pie is coming soon, and it sure looks tasty, pardon the pun. Your Pie is a make-your-own pizza restaurant where you select the dough, sauce, cheese, and toppings. So you can make a pizza just the way you and your family like it. You can also make your own Paninis and salads. Gelato is on the menu, too, along with your choice of soft drinks or craft beer. I live in the Tower Crossing neighborhood of the Glen which is only a block away from what will soon be this great addition to the Glen. Not only am I excited about Your Pie, but so are my husband and son. OK, especially my son. (He’s a teenager with a teenager’s appetite!)

Funtopia will open in early 2016, and what a great addition to the Glen. Geared especially for kids, Funtopia will offer climbing, games, and a play area. More information will become available soon.

The Glen is a special place to live. There are numerous neighborhoods with every possible housing type including single family homes, townhomes, row homes, two-flats, and condos. The price points are in the $300s to over $2 million. But homeowners will tell you that their homes are only part of the enjoyment in living here. It’s the whole lifestyle…the boutiques, restaurants, movie theater, and bookstore. There is something for everyone in the Glen.

If you may be interested in living in the Glen, give me a call or send an email. I’ve lived here for 12 years, and I am a Glen-focused, award winning Realtor affiliated with @properties.

Margaret Ludemann   847-401-1802   margaretludemann@gmail.com

The Glen’s art fair was a huge success…again!

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The annual Glen Art Fair was held this past weekend, August 8 and 9, and as always it was a huge success. This prestigious (and fun!) event attracted scores of artists from throughout the United States to Tower Drive, Glen Town Center’s “main street”. Attendance was high, and as they say, a good time was had by all.

The Glen is the north shore’s premier lifestyle community, meaning it has beautiful homes, an outstanding array of restaurants, upscale shopping, jogging trails, golf courses, tennis courts, and a picturesque lake.  It is located on the site of the former Glenview Naval Air Station in Glenview, Illinois, approximately 18 miles north of downtown Chicago.

Visitors to the fair were treated to art of many genres including paintings, photography, sculpture, glass works, folk art, crafts, cartooning, digital art, and even what is known as “wearable art”. In fact, as I’m typing this blog, I’m wearing a striking blouse that I purchased at the fair. I live in the Glen’s Tower Crossing development only a block away from the fair!

This will all occur again next August. You might want to jot it down in your calendar. I’m sure you’ll enjoy it as much as those of us who are fortunate homeowners and residents of The Glen. And if you may be interested in living in the Glen, please give me a call. I am a local realtor who specializes in Glen properties – single family homes, row homes, town homes, two flats, duplexes and condos.

Margaret Ludemann

@properties Realtor   847-401-1802   margaretludemann@gmail.com

Regency at The Glen sales are picking up steam

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Judging from 2015 real estate sales in the Glen’s Regency development, it’s obvious that this new’ish neighborhood is already turning over to second owners. While the development only sold out last year, several homes of early buyers have re-sold and others rented in the first half of this year. This is good news for buyers looking for Glen properties at somewhat smaller sizes with more modest price points than many other local neighborhoods.

Here’s a little background. Pulte Homes constructed 104 luxury townhomes, 38 ranch villas, and 2 single family homes in the Regency at the Glen development in Glenview Illinois. The townhomes are offered in 4 different models ranging in size from 1523 sq ft to 1835 sq ft. There are 2 models of villas (duplexes) ranging in size from 1883 sq ft to 2493 sq ft. Regency is located literally across the street from two wonderful golf courses, The Glen Club (18 hole championship course) and Glenview Prairie Club (9 holes). It’s also a short walk to Glen Town Center’s many shops and restaurants.

Six Regency homes have already been sold by their original owners in the first half of 2015, 4 of these were townhomes and 2 were villas. The townhomes each sold in the $400s, and the villas sold in the high $600s. There are 4 more Regency homes (all townhomes) under contract between their original owners and new buyers; these are expected to close in the third quarter of the year. Four townhomes have also rented this year.

So now is a great time for buyers who want to live in the Glen. Regency homes are on the market as well as single family homes, row homes, townhomes, and condos in other areas of the Glen including Chapel Crossing, Cambridge, Landings, Tower Crossing, Patriot Commons, and Southgate. I’ve lived in the Glen for 12 years, and as a leading Glen realtor I am familiar with each neighborhood and housing type. If you may be interested in living in Regency or any other area of the Glen, please contact me.

Margaret Ludemann, @properties Realtor

MargaretLudemann@cbexchange.com   847-401-1802