real estate market

Update on Patriot Commons at The Glen

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After a construction pause of a few years, Toll Brothers is once again building at its luxury townhome and condo site in The Glen (in Glenview, Illinois). I visited the construction site – about 3 blocks from my Glen home – last week and again over the weekend to get a full understanding of what’s been sold and what’s for sale. But first a little history.

Patriot Commons burst onto the Glen scene just as the real estate bubble was about to burst. I well remember the long lines on the first day the homes were available to purchase. But that happy scene was short lived as the economy went south and real estate sales dried up. Toll Brothers built and delivered part of the development, then took a time out until the market recovered. Last year they re-started sales and construction, and Patriot Commons has once again been a hit.

The development – just south of the Glen’s shopping and restaurant “main street” called Glen Town Center – includes townhomes and condos. The townhomes have nearly sold out. In fact there is only one unit still available, a Brantley model with 9’ ceilings, 3 bedrooms, a study and a loft, and a 2 car garage. This home carries a base price of $674,995; and the buyer will receive credits to be used for options/add-ons.

The next phase of development will be a condo building which will offer 35 one and two bedroom homes + dens; plus each unit will have 1 indoor parking space. Size of units range from 1100 to 1450 square feet. Prices of 1 bedroom units begin in the $300s. Six homes have already been sold. Construction for this building will begin in the spring, and delivery is scheduled for the summer of 2016.

For Glen buyers who want new construction, Patriot Commons is a great choice. Not only are the homes lovely, but the proximity to Glen Town Center’s restaurants, shops and movie theater make for a rich and active lifestyle.

If you would like to visit or just learn more about Patriot Commons or The Glen please call me at 847-401-1802 or email me at margaret.ludemann@gmail.com.

Margaret Ludemann, Glen homeowner and @properties Realtor

Glenview home sales in perspective

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In my blog a few weeks ago I provided a Cliff’s Notes summary of housing sales in Glenview Illinois (on Chicago‘s North Shore), comparing 2014 to 2013. A little longer view is interesting because it shows the result of the real estate market collapse and the subsequent rebound. This blog will deal with Glenview, not merely The Glen which is the upscale housing and retail development on the grounds of the former Naval Air Station Glenview.

Real estate sales and home prices increased rapidly in the early 2000’s peaking roughly in 2006 and 2007, when the home price “bubble” burst. 382 single family homes sold in Glenview in 2006. From there the decline was rapid and severe. 348 homes sold in 2007, a decline of 9%. In 2008 the story was even worse with only 290 homes sold, a decline of nearly 17%. From this point through 2013 home sales rose, as follows:

2009   305

2010   373

2011   394

2012   447

2013   536

So, from the low of 290 sales in 2008 to 536 in 2013, single family home sales increased 85%.

2014, however, was a different story. Home sales declined to 472. The question is why? Well, I suspect it was largely a hangover from the huge number of sales listings in 2013. In other words, as economic conditions improved in 2013 many homeowners – those who had been waiting to sell for years – finally listed their homes. With so many homes sold in 2013, there were fewer homeowners wishing to move in 2014. Some perspective is helpful, though. 2014, while having fewer sales than 2013, experienced the second highest number of sales in 10 years. So…was it a disappointing year? I say not. The market merely corrected a bit as a response to 2013.

I don’t yet have full year sales data for The Glen, but having analyzed two of its neighborhoods in depth, I believe we will find a similar pattern to greater Glenview. When I’ve completed my analysis, I will write about it in a future blog.

Glenview is an incredible place to live. If you are interested in living here – and perhaps in The Glen where I live – please email me at Margaret.Ludemann@gmail.com or give me a call at 847-401-1802.

Margaret Ludemann, @properties Realtor

Prices increased in The Glen in 2014

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Home prices in The Glen (in Glenview, Illinois on Chicago’s north shore) rose again in 2014. While I haven’t completed my analysis of the entire Glen, I do have information about two of its neighborhoods.

Tower Crossing is the development adjacent to Glen Town Center (the shopping and dining “main street) with 154 luxury townhomes. If you’ve been to the Glen you will remember seeing them because the homes are 4 story, brick homes of Georgian architecture. These homes are large, ranging in size from 3031 sq ft to 4105 sq ft. In 2014 prices increased 3.9% after rising over 6% in 2013. The average price p/sq ft in 2014 was $206.01 compared with $198.28 in 2013. In the prior 3 years (2010 through 2012) prices were relatively steady at approximately $188 p/sq ft.

Prices also rose in Southgate. This development contains 237 large single family homes and 62 row homes. Among the single family homes 55 border The Glen Club’s 18 hole golf course, and 182 do not. I have analyzed the prices of single family homes. Prices for the homes that are not on the golf course increased 7% in 2014 to an average of $315.42 p/sq ft compared with $294.61 p/sq ft in 2013. There was only 1 home sold on the golf course, so I did not reach any conclusion as to pricing trends for golf course properties. Home sales (the number sold) in both developments were down last year, but I’ll save that discussion for a future blog.

When I complete my analysis for the entire Glen I believe I’ll find the same thing…home sales down, home prices up. That’s essentially what occurred in the real estate market nationally and in Glenview.

If you are interested in purchasing a home in The Glen, please give me a call. I am a long time Glen homeowner and a leading Realtor in the Glen and greater Glenview.

Margaret Ludemann

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

Glenview home sales down, prices up

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Full-year 2014 real estate sales and pricing data for Glenview Illinois are not yet available, but I have some preliminary numbers that are quite interesting.  Glenview is a north shore community near Chicago with many luxury homes.  The data represent transactions from January 1 through November 30. This data is not only for The Glen but rather for all of Glenview. Later in January I will be able to provide Glen-specific full year sales and pricing information.

So, for the first eleven months of 2014 home sales in Glenview were down 8%. This is for unit sales; that is, the number of homes sold. That’s not really surprising since 2013 was a banner year, a period when home sellers got off the sidelines after the long haul back from the depths of the recession.

Home prices in 2014, however, show an entirely different story. The median price of homes sold in Glenview was up 6%, and the price per square foot was up 10%. This is rather remarkable after such a strong 2013.

I also have information about sales prices vs. list prices in 2014, through November. The average selling price of a Glenview home was 96.4% of the average list price. Not bad. In real estate anything at 95% or higher is considered quite good. So, 96.4% suggests solid performance, though perhaps not extraordinary. In other words, the negotiating leverage between sellers and buyers was relatively even.

Home prices in The Glen tend to be higher than most (though not all) of Glenview. It will be interesting to see Glen-only sales and pricing data for the year. So check back with me via these weekly blogs toward the end of January or early February.

Margaret Ludemann, Glen homeowner and @properties Realtor

MargaretLudemann@gmail.com   847-401-1802

21 homes for sale in The Glen

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There are currently 21 beautiful homes for sale in The Glen, in Glenview Illinois. The Glen is the premier lifestyle community on Chicagoland’s North Shore with over 2,000 luxury homes, and a vibrant community of 17 restaurants, numerous shops and boutiques, and a movie theater in Glen Town Center.  The Glen also offers 2 golf courses and Kohl Children’s Museum.

6 of the current listings are single family homes. The price range is from $869,000 to $2,795,000. They are located in the following Glen neighborhoods: Southgate, Chapel Crossing, Cambridge, and Landings.

15 listings are of attached properties (townhomes, duplexes, and condos), and they range in price from $561,000 to $810,000. They are located in the Tower Crossing, Southgate, Westgate, Regency, Patriot Commons, Glen Shore and Cambridge neighborhoods. In addition to these homes being sold by current homeowners, there are new construction homes available in Westgate and Patriot Commons.

A description of each neighborhood may be found at www.homesintheglen.com. A description of each property for sale may be found on the same website.  There are also numerous rental homes available.

I am a long time Glen homeowner and an award-winning Realtor affiliated with @properties, the #1 producing real estate company in Glenview and on the North Shore. If you may be interested in living in The Glen, please email me at margaret.ludemann@gmail.com or call me at 847-401-1802.

Margaret Ludemann