Realtor

Mid-Year analysis of Tower Crossing home prices

by

Since I haven’t written about the Tower Crossing neighborhood in The Glen since February, I thought I would provide an update on pricing. Tower Crossing has 154 luxury townhomes ranging in size from 3031 sq ft to 4015 sq ft depending on model. Yes indeed, these are large homes! They reside in The Glen, the North Shore’s premier lifestyle community in Glenview Illinois. All homes are of brick construction, and they are 4 stories high. A particularly attractive benefit of living in Tower Crossing is that it borders Glen Town Center on 3 sides. GTC is The Glen’s main shopping and dining “main street”.

Like every housing development in the country, home prices rose rapidly between 2003 and 2006; then they dropped from 2007 until late 2012. Since then, they have recovered nicely.

2014 PRICES:

The price p/sq ft of the 3 non-distressed Tower Crossing homes that have sold in the first half of 2014 is $215.21. This was heavily influenced by an $850,000 sale, the highest price paid for a TC home in at least 6 years.

2013 PRICES:

The prices of the 8 homes that sold in the first half of 2013 averaged $195.78. Thus, Tower Crossing prices increased by 9.9% comparing the first halves of the two years.

PRICES 5 YEARS AGO:

In 2009 (during the heart of the real estate market collapse) Tower Crossing homes sold for an average of $179.43 p/sq ft. Thus prices have increased by 19.9% from 2009 to the first half of 2014.

Price appreciation in 2012 through 2014 has brought original homeowners back roughly to where they began in 2013. Most homeowners who bought in the 2005/06 timeframe still have some catching up to do on prices. Most who bought in 2009 through 2013 have realized a gain in the value of their homes.

If you would like to learn more about living in The Glen please call me at 847-401-1802 or send an email to MargaretLudemann@gmail.com. I am a long time Glen homeowner and an award winning realtor affiliated with @properties.

Margaret Ludemann

The next phase is now for sale at Patriot Commons at The Glen

by

Surprise! The developer Toll Brothers has re-started construction of Patriot Commons at The Glen in Glenview Illinois. This townhome and condo development kicked off with huge crowds and many first day buyers several years ago. After completing much of the development Toll Brothers stopped construction when the real estate market collapsed. But now, with little fanfare, orders are once again being taken for new construction townhomes.

You’ve heard the real estate mantra, “location, location, location”. Well, Patriot Commons has one of the finest locations on Chicagoland’s North Shore. The development borders The Glen Club’s 18 hole championship golf course designed by Tom Fazio, and it is but a very short walk to Glen Town Center. GTC is The Glen’s shopping and dining “main street” where one can find wonderful restaurants, bistros, a pub and numerous retail stores and boutiques. It’s also only a block or two from Gallery Park, Lake Glenview and the Glenview Park Center with pools and a full health club.

Three townhome models will be constructed in this next phase of the development. For buyers looking for a first floor master bedroom, the Hargrove model fits the bill. It is a one level (first floor) home with two bedrooms, two baths, a lovely covered porch, and a below grade garage.

The Brantley model offers three bedrooms, three bathrooms, a study, loft, and balcony.

The Randall model is a more traditional townhome design with two levels. The first floor is the main living area with a living room, family room, dining room, kitchen and powder room. The second floor offers three bedrooms and two baths, one of which is located in the master suite.

Home prices range from the $400’s to the $700’s.  Construction will begin soon with anticipated delivery in 2015. At a future date the final building in the development will be offered for sale, and it will be composed of condos.

If you are interested in Patriot Commons please contact me. I am a long time Glen homeowner and an award winning realtor with @properties.

Margaret Ludemann

Phone: 847-401-1802

Email: MargaretLudemann@gmail.com

Chapel Crossing at The Glen… a great place for families

by

Chapel Crossing is an upscale housing development in The Glen, in Glenview Illinois. It consists of 168 luxury homes, all single family detached.

It was constructed 13 years ago when The Glen was just getting under way. The developer was Kimball Hill Homes which also developed nearby Tower Crossing. Homes in Chapel Crossing range in size from 2300 sq ft to 4200 sq ft with most being toward the high end of this range. The architecture is traditional, and the interior designs are elegant yet comfortable. All have large beautifully landscaped yards and detached garages.

The development is named after the lovely chapel at the corner of Patriot Boulevard and Chestnut Avenue which had served as the place of worship for the Naval Air Station Glenview which is the former occupant of the land upon which The Glen now resides. The Chapel still stands, though now it is used mainly for weddings, community events and a pre-school.

The main entrance into Chapel Crossing is from Patriot on Independence Avenue. Kimball Hill Homes wished to create a grand boulevard of large, stately homes; and the firm succeeded masterfully. The boulevard has a broad, wonderfully landscaped median with many park-like amenities including benches, play areas, and large trees.

The real estate market in Chapel Crossing is stable. As the primary homeowner demographic is defined by families with children, the annual turnover of homes is relatively small. In 2013, only 9 homes were sold (5.3% of the development.) Home prices range from about $900,000 to roughly $1.25 million. Prices last year averaged $1,031,527.

Chapel Crossing resides across Chestnut Avenue to Attea Middle School, the Glenview Park Center, Little Bear Garden,  and Gallery Park. It is but a short walk to Glen Town Center, The Glen’s main shopping and restaurant area, and to two impressive golf courses.

If you would like to learn about living in Chapel Crossing please email me at margaret.ludemann@gmail.com or call at 847-401-1802. I am a Glen homeowner and an award-winning realtor affiliated with @properties.

Margaret Ludemann

Home prices UP at Southgate On The Glen

by

There is evidence that Southgate On The Glen home prices are improving in 2014. This is consistent with real estate markets in greater Glenview, the North Shore, and most of the country. Southgate is a housing development in The Glen, the North Shore’s premier lifestyle community in Glenview, Illinois. Single family luxury homes in Southgate generally sell in a range from $1 million to $1.5 million unless they are “estate” homes on The Glen Club’s golf course in which case the range is typically between $1.5 – $2.2 million. Some have sold for more. Southgate also has townhomes and villas, however they are not a part of this report and blog.

In my last blog I reported on home SALES in Southgate. Here are my calculations to substantiate the improvement in Southgate PRICES:

  • Through June 15 this year, the prices of the 4 Southgate homes that have closed have averaged $332.55 per square foot (hereinafter “p/sq ft”).All are detached/single family homes, but not on the golf course.
  • In the same period last year (January 1 – June 15) the prices of the 5 homes that closed averaged $283.56 p/sq ft. (also non-golf course) This represents an increase of 17.3%.
  • The prices of Southgate (non-golf course) homes sold in all of last year averaged $294.61 p/sq ft. Obviously the prices increased last year from June 15 through the end of the year by $11.05 p/sq ft.
  • Comparing this year’s prices ($332.55 p/sq ft) vs. all of last year ($294.61 p/sq ft), we see an increase of 12.9%.

We should be cautious in reading too much in these numbers because we only have 4 sales this year. Any single sale could throw off the average. But because the percentage improvement is so substantial, I believe it is fair to assume that prices in Southgate have indeed increased to some degree. At year end we will have more 2014 sales to compare against last year; thus the percentage improvement will be more certain.

Margaret Ludemann, Homeowner in The Glen and @properties Realtor

847-401-1802,margaretludemann@gmail.com

Home sales in Southgate at The Glen

by

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