real estate market

What if your realtor doesn’t know the Glen neighborhoods?

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Home purchases can go south when buyers are ill advised by uninformed realtors. I run into this all the time here in The Glen (in Glenview IL) where there are ten unique neighborhoods with different types of homes, different sizes, and different price points. This is especially true for attached homes such as townhomes, condos, and duplexes because there typically are multiple models within a development that have their own unique characteristics and price histories.

The Regency at the Glen development is a prime example. Regency offers 104 townhomes, 38 duplexes, and two single family homes. There are four models of townhomes with sizes ranging from 1523 square feet to 1835 square feet. The beautiful duplexes come in two basic models, and like the townhomes there are many upgrades that add value. I was recently involved in a deal in this development where I represented a townhome seller. Another realtor brought a potential buyer to the home, and an offer was made. The offer was extremely low, but the buyer and his agent didn’t think so. Why? Because the realtor found “comps” (the prices of recent sales of supposedly similar Regency homes) that were incorrect. The realtor was not intimately familiar with that market and didn’t realize that he was finding comps for the wrong model which was much smaller than my listed property. The buyer was ill advised, being told that the home should sell for $X. So his expectation was set at an unrealistically low price. I had to educate the buyer’s realtor about the various models, their sizes, their upgrades, and price histories.

This happens frequently in Tower Crossing at the Glen as well where there are six basic townhome models and significant variations even within each model; and some of the upgrades make material differences in price. For instance some models have expensive elevators while others do not. Tower Crossing’s homes vary in size from 3037 square feet to 4105 square feet…a significant difference. Home prices range, based on model and upgrades, between the low $600’s to nearly $900,000. So for a buyer to be properly advised, the realtor has to understand Tower Crossing intimately.

The bottom line is this: If you are buying a home be sure to find a realtor who is very, very familiar with the specific neighborhoods in which you are looking at homes. If you choose the wrong one, you may be making a costly mistake.

Margaret Ludemann, @properties Realtor

847-401-1802  margaretludemann@gmail.com

Million dollar homes in The Glen

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Of the 62 home sales in the Glen in 2014, 18 were for over $1,000,000. The Glen, on Chicago’s north shore in Glenview Illinois, is a luxury home residential development at the site of the former Naval Air Station Glenview.

There are several distinct neighborhoods in the Glen built by a variety of developers. Of these, three experienced $1+ million dollar sales last year: 3 were in Chapel Crossing, 4 were in Landings (formerly Concord), and 11 were in Southgate.

Southgate has the highest percentage of million dollar homes. In fact, of the 237 single family homes in the neighborhood, it is rare for a home to sell for under $1,000,000. The highest price paid for a home in 2014 was $2.2 million dollars, and it was in Southgate on property bordering the The Glen Club 18 hole championship golf course. Homes bordering the golf course have dramatic views, and the lots are larger than in any other area of Southgate and The Glen. The other ten Southgate homes with million dollar sales in 2014 sold for an average of $1,265,000. There are currently three Southgate homes listed for sale at over a million dollars: $2,795,000 and $1,799,000 and $1,689,000.

The four million dollar homes in Landings sold for $1,225,000 and $1,193,000 and $1,100,000 and $1,015,000, an average of $1,113,250.

The three million dollar homes in Chapel Crossing sold for $1,065,000 and $1,055,000 and $1,040,000, an average of $1,053,333.

Of the 18 Glen homes that sold for more than a million dollars in 2014 only 2 realtors sold multiple homes. There are more than 170 realtors in Glenview. I was fortunate to be among the three.

If you may be interested in purchasing a Glen home, please contact me. I am a long time Glen homeowner and a realtor affiliated with @properties.

Margaret Ludemann  

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

The Glen’s Glen Shore condos offer luxury and affordability

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The Glen in Glenview Illinois on Chicago’s north shore consists of privately owned homes, rental apartments, retirement communities and Navy housing. Of the 1,252 privately owned homes, occupied by 3,725 residents, you’ll find single family homes, townhomes, row homes, duplexes, two-flats and condo apartments. The largest of the various neighborhoods, Southgate, has 299 homes and 1,039 residents.

On the other end of the spectrum is Glen Shore, a luxury condo development with 31 units and 46 residents; and that’s my subject for today’s blog. Glen Shore is located at 2300 Chestnut Avenue, east of Attea Middle School, near Lehigh. It’s in the same area as Glenview State Bank. It is an attractive brick building with one, two and three bedroom units. The homes in the west side of the building have lovely views of Lake Glenview and Gallery Park which are the center pieces of The Glen.

One of the great attractions to Glen Shore is its proximity to the Glenview Park Center and Gallery Park. The park center offers a health & fitness center, indoor track, swimming pools, water park, a basketball court, and a senior center. Gallery Park has walking trails, tennis courts, playing fields, a lookout tower, amphitheater, Little Bear Garden, and fishing in Lake Glenview. Glen Shore is also equally convenient to the Glenview Train Station with Metra service to Chicago and Amtrak service to Milwaukee and the North Glenview/Glen Metra Station. Glen Town Center’s many shops and restaurants are also nearby.

The condos are beautiful units. One bedroom homes can be purchased in the $300s and larger unit pricing is in the $400s and $500s depending on size and view. The problem is that few come on the market due to the number and quality of homes and affordability. No homes sold in 2014, though three were sold in 2013.

If you may be interested in Glen Shore or other homes in The Glen, please contact me. I am a Glen resident and an award winning Realtor affiliated with @properties.

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

Many neighborhoods and housing types in The Glen

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There are 1,255 privately owned homes in The Glen in Glenview, Illinois. I’m frequently asked questions about the Glen real estate market, and my answer often surprises people. I tell them that there is no Glen housing market. The fact is that there are ten real estate markets within the Glen development. Ten? Indeed, and here is what I mean.

The Glen is composed of ten neighborhoods built by several different developers. Each has its own unique characteristics. Different kinds of homes…such as single family homes, townhomes, row homes, duplexes, two-flats and condos. The homes are of vastly different sizes ranging from about 1200 to over 5,000 square feet. There is also great diversity in price points. They range from the mid-$300,000’s to well over $2 million. Because of these differences the demographics of Glen homeowners and prospective homeowners vary widely. Hence, ten unique Glen real estate markets.

The nine neighborhoods with completed homes (the 10th, Westgate, is currently under construction) are large…and small…and in between. By that I mean that, for example, Glen Shore has 31 homes while Cambridge has 244. Here is a list of the ten developments, along with the number of completed homes and home types in each.

Cambridge: 244 single family homes, townhomes, row homes, duplexes, and two-flats

Chapel Crossing: 167 single family homes

Glen Shore: 31 condo apartments

Landings: 143 single family homes

Patriot Commons: 68 completed townhomes and condo apartments; and more are under construction

Regency: 149 townhomes, attached villas (duplexes), and two single family homes

Southgate SFH: 237 single family homes

Southgate TH: 62 townhomes

Tower Crossing: 154 townhomes

The Westgate neighborhood will have 171 homes, a mix of single family, townhomes and row homes.

So you see, the great diversity of home types, sizes, and prices make The Glen an attractive choice for many different prospective buyers. If you are interested in living in The Glen, please contact me. I am an original Glen homeowner and a Realtor affiliated with @properties.

Margaret Ludemann

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

Positive economic environment for real estate sales

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The economic environment for real estate sales was positive through most of 2014, and that good news should continue in 2015. After a slow start in the first quarter 2014 due to the long winter, the American economy had the strongest 6 month performance in 11 years including a 5% growth rate on an annual basis in the 3rd quarter.

Job growth picked up steam in 2014. Nationally the seasonally adjusted unemployment rate fell to 5.6%, down from 7% a year ago and from its high of 10% in October 2009. Illinois unemployment dropped to 6.4% (through November 30), its lowest point since June 2008.

Interest rates remained low during the year. That was somewhat surprising as they were expected to rise in the 3rd and 4th quarters.

The Dow ended 2014 at 17,823, up 7.52% after a remarkable increase of 29.65% in 2013.

The economy is expected to be favorable for home sales in 2015…with growth picking up, unemployment continuing to fall, and mortgage interest rates remaining low (though moving up modestly later in the year). A week ago, mortgage rates hit their 20 month low. Freddie Mac reported the average 30 year fixed rate mortgage interest rate at 3.59%; and 15 year fixed rate mortgages averaging 2.92%

I see home prices rising again, in line with historical norms of 3% to 4%. The bottom line is that if you want to sell your home in 2015, you’ll probably get it done and at a better price than a few years ago.

Margaret Ludemann, @properties Realtor, homeowner in The Glen, Glenview, Illinois