Realtor

Southgate on the Glen…huge single family homes and cozy row homes and villas

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Southgate is a very high end residential community in The Glen, an upscale residential and retail development in Glenview, Illinois.

The Southgate neighborhood lies comfortably on 104 beautifully landscaped acres, and is home to 299 attached and detached homes of very quality. The property borders The Glen Club’s 18 hole championship golf course. Southgate has a private playground, multiple pocket parks, and a pedestrian path to Westbrook Elementary School. 642 adults and 413 children live in Southgate for a total of 1,055 total residents, making it the largest of the various Glen communities.

There are four housing types in Southgate. Here is a brief overview of each:

There are 55 custom, detached “estate” homes which border The Glen Club golf course. These properties are zoned R-3 (three homes per acre) so they offer very large yards. The homes are large, too, many over 5,000 square feet; and they sell at price points between about $1.6 and $2.7 million, though some have sold for more.

182 detached, single family homes – which the developer referred to as “semi-custom” – were extensively adapted and modified so that no two homes are identical. Zoning is R-4, four homes per acre. Most of these homes range between 3,000 and 4,500 square feet, and they typically sell between $1.3 and $1.6 million.

38 lovely row homes offer 1,585 to 1,919 square feet and two to three bedrooms. They typically sell in the $500s.

24 cozy villas are sized between 1,625 to 2,055 square feet, and they offer two or three bedrooms. Most of these homes sell in the $400s to low $500s.

If you would like more information about Southgate or The Glen generally, please contact me. I am an award winning Realtor and a proud owner of a Glen home.

Margaret Ludemann, @properties Realtor

847-401-1802     margaretludemann@gmail.com

Impact of new jobs report on Glen home buyers & sellers

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The Labor Department reported last Friday that the economy created 271,000 new jobs in October which is much better than anticipated; and the unemployment rate dropped to 5%. That’s great news, of course.   In simple terms, people without jobs can’t purchase homes, so more jobs = a larger pool of prospective buyers.

Even entry level jobs can positively impact the market for higher priced homes in places like The Glen and greater Glenview where I focus my real estate practice. Why? Because the sale of an existing entry level home turns the home seller into a buyer of another home, presumably one with a higher price point.

There is a downside to today’s report, though my sense is that it will modest, at least in the short term. With the very positive news on job growth, the Fed is more likely to increase interest rates at its next meeting in December. If so, it will be the first increase since 2006. While the federal funds rate is not directly tied to mortgage interest rates, it increases the borrowing costs of lenders who will pass along their additional costs to their home buyer clients in the form of higher mortgage rates. I’m not an economist and I don’t play one on TV, but I suspect that the Fed’s December increase (if it occurs) and any further increases next year will be modest because the Fed does not want to throw a wrench into a still recovering economy.

So here’s the take away:  A healthier employment climate will increase housing demand, but expect modest increases in mortgage interest rates in 2016.

Margaret Ludemann

Realtor, @properties, Glenview Illinois

847-401-1802   margaretludemann@gmail.com

Porch Piracy

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I hadn’t heard of the term “porch piracy” until recently when I read an article about it. Basically it involves the theft of packages delivered to a home and left at the front door. Thieves look for opportunities such as this, some even following Fed Ex and UPS trucks as they make their deliveries. This is a very real problem in much of the country, and it’s growing.

Crime in The Glen is not a common occurrence. In fact, there is little of it in this beautiful residential and retail development in Glenview Illinois, about 18 miles north of downtown Chicago. This is an upscale area with home prices ranging from around $400,000 to over $2,000,000. That’s not the community profile one thinks of as a high crime area. But what makes the community so lovely also can make it a target of porch piracy. In an area like ours packages left at the door are likely to be filled with expensive items such as electronics.

I decided to ask the Fed Ex delivery guy who regularly delivers in The Glen how he decides whether to leave a package if there’s no one home to receive it. He told me that the company provides some guidance based on historical data of porch piracy by location, and as a person familiar with the various streets in the The Glen development he uses his best judgment as to whether a theft may occur. I’ve never had a problem myself, and none of my immediate neighbors have ever mentioned it. But all of us in The Glen should be aware of the potential problem.

The most effective way to ensure that your packages won’t be stolen is to require signatures for items that you’ve ordered. Alternatively you can ask that packages only be delivered during hours that someone is likely to be home.

Margaret Ludemann

Glen homeowner and @properties Realtor

margaretludemann@gmail.com         847-401-1802

Homeowner associations’ role in a home sale

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Home sale transactions in The Glen generally involve homeowner associations after an agreement has been reached between buyers and sellers. When the Village of Glenview Illinois took ownership of the former Naval Air Station Glenview in the late 1990’s it developed a master plan for its use. The result is what we now know as The Glen with large areas of luxury homes, a retail area known as Glen Town Center, commercial space for corporate and professional offices, and open space as well.

The residential areas were divided into several large parcels, and home builders were allowed to submit bids for development. This resulted in the following neighborhoods being built: Cambridge, Chapel Crossing, Glen Shore, Landings, Southgate, and Tower Crossing. Three additional developments have since been built: Regency, Patriot Commons, and Westgate. The latter two are still under construction. Homeowner associations, generally referred to as HOAs, were created; and they are governed by boards of directors composed of residents.

Generally speaking if a home is being sold in an area governed by a homeowners association – whether it is The Glen or elsewhere – that association will likely be asked to provide governing documents such as articles of incorporation, bylaws, covenants, rules, and regulations. They also are asked for financial information and the status of legal actions. Attorneys representing the buyer, seller, and lender review these documents. It is important for the buyer and the lender to understand the financial and legal health of the association. Among other things they want to know whether there are outstanding obligations that could impact the new owner. If there are lawsuits or excessive debt a buyer may not wish to complete the purchase and/or the prospective lender may choose to deny the home mortgage application.

The HOAs that I am aware of in The Glen are sound, and seldom do I hear of problems that result in a failure of a housing purchase. I am a Glen resident, and I am an active Realtor in the local real estate market. If you may be interested in buying or renting a home in The Glen, please contact me at 847-401-1802 or margaretludemann@gmail.com.

Margaret Ludemann, @properties Realtor

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