Realtor

Westgate at The Glen’s Grand Opening

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The new Westgate at the Glen housing development in Glenview, Illinois officially opened for sale last Saturday, May 31. The developer, E.R. James Partners held a “reservation event” for people who had pre-registered their interest. The neighborhood, on nearly 30 acres of land at the northwest corner of W. Lake Avenue and Shermer Road, will have 173 luxury homes when completed. It promises to be a very popular addition to The Glen which has 8 other neighborhoods offering a wide variety of home types.

71 row homes, 68 mews townhomes, and 34 single family homes are planned. This development may offer the last opportunity for new construction single family homes in The Glen.  Of particular interest to empty nesters will be the models with first floor master bedroom suites. The row homes and single family homes will have first floor master bedrooms. The townhomes are configured with second floor master bedrooms. The development will be built in two phases.  Each phase will include a mix of row homes and townhomes.  The entire development will have common areas; and it is intended to provide nearly maintenance-free living.

A big part of the attraction of Westgate is its proximity to two golf courses and Glen Town Center’s many restaurants, shops, and movie theater. Just across W. Lake is the ever popular Glen Club’s championship 18 hole course designed by Tom Fazio. On the other side of Shermer Road you’ll find Glenview Prairie Club, a 9 hole course which also offers paddle tennis. Glen Town Center is only a short walk away as is Kohl Children’s Museum. The development is also walking distance to the Glen’s Metra station offering service to downtown Chicago.

I attended the kick off with several of my clients. We received brochures, lots of information, and a nice lunch. Those who attended will be given appointment times to visit with E.R. James sales associates who will provide detailed floor plans and a list of available upgrades. I plan on attending these sessions with my clients; and I will write about all of this in future blogs.

For more information about The Glen you may contact me at margaretludemann@gmail.com. I am a Glen homeowner and a Realtor affiliated with @properties.

Margaret Ludemann

Glen real estate market strong. “Normal” by 2015/16.

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The residential real estate market in The Glen, Glenview, and elsewhere is in the early stages of returning to what we would recognize as normal, meaning relatively steady growth in sales and prices in most years.

Why? Well, consumer confidence has been trending up, and it is near a six year high. Interest rates remain low by historic standards. Inflation is low, the stock market has been moving higher (recently hitting an all-time high), the unemployment rate has fallen from 10% in October 2009 to 6.3% in April, and jobless claims recently hit at a 7 year low. While performance has fluctuated on a monthly and quarterly basis in each of these categories, the longer view suggests a positive environment for housing over the next several years.

This is how we got here: We had the unprecedented run-up in home sales and prices in the early-to-mid 2000’s, followed by the bust in 2007 through 2009. Steep declines were followed by less severe declines which were followed by modest improvement. Then came 2013, a year with booming sales and prices.

Sales in The Glen look strong again in 2014, though perhaps not at last year’s pace. Prices, too, continue to rise faster than normal, but they may not reach the levels of 2013. Are somewhat lower sales and price increases compared with red hot 2013 reason to worry? I would argue that for the longer term they are actually a positive sign. We’re moving toward an environment where most homes neither languish on the market for months on end nor sell immediately. This is positive because it is more sustainable. Hot markets are never sustainable. Weak markets eventually recover. We’re heading in the direction of moderate sales and pricing growth in most years, with a few bumps along the way which is…normal.

We’re not at normal yet. Home prices in The Glen are still on a strong recovery path; and we will make up a lot of lost ground this year. Then perhaps in 2015 or 2016 we’ll be back to a more sustainable real estate market, perhaps a little slower one year and a little faster the next, in line with the usual ups and downs of the economy and interest rates.

Margaret Ludemann

Glen homeowner and @properties Realtor

847-401-1802,margaretludemann@gmail.com

“It’s a Wonderful Life”…at Tower Crossing in the Glen

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Every now and then as I walk from my Tower Crossing townhome to Glen Town Center (all of one short block away) I half expect to see Frank Capra and Jimmy Stewart, the director and star respectively of the Christmas classic, It’s a Wonderful Life. Why? Well, it’s obvious. Living here is indeed wonderful. In fact, it’s as good as it gets.

The Glen, as most of my readers know, is an upscale residential and retail community on Chicagoland’s North Shore in Glenview Illinois. It is composed of several distinct neighborhoods with single family homes, condos, apartments, townhomes, two-flats, villas, and duplexes. At the center of it all is Tower Drive, Glen Town Center’s main street with scores of shops, restaurants, and entertainment venues. It’s also home to an annual art festival, antique auto show, and weekly outdoor concerts in summertime.

Surrounding Glen Town Center – literally SURROUNDING these lovely boutiques and eateries – is the Tower Crossing development, 154 striking townhomes, every home within steps of all the fun. These breathtaking 4 story brick homes, depending on model, offer between 3031 sq ft and 4105 sq ft of luxury living. The Georgian architecture, professional landscaping, superb floor plans, hardwood floors, and top-of-the-line everything make these among the finest townhomes to be found anywhere in the country…yet they are right here in lovely Glenview…convenient to downtown Chicago’s cultural and sports venues, Ravinia, the Botanic Garden, and O’Hare Airport.

But there’s even more. Within a very short walk of every Tower Crossing home you’ll find Battery Park, Lake Glenview, Little Bear Garden, Glenview Park District’s pools and health club, walking trails, and two stunning golf courses.

Life in Tower Crossing is indeed wonderful, I think even better than Capra’s fictional Bedford Falls. If you are interested in living Tower Crossing’s “wonderful life” please contact me. Not only do I live here, but I am an award winning Realtor who sells many of its homes. Tower Crossing townhomes sell for between $650,000 and $850,000.

Margaret Ludemann, @properties Realtor

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

2013 homes sales UP in Tower Crossing

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Tower Crossing is a townhome development in The Glen, Glenview Illinois.  It is composed of 154 stunning units varying in size from 3031 sq ft to 4105 sq ft.  2013 was a very successful year for real estate sales, home rentals and home prices in this development.  In this blog I will tell you about the increase in sales.

20 Tower Crossing homes sold in 2013, compared with 11 in 2012, 13 in 2011, 6 in 2010, and 7 in 2009.  I had the good fortune to list and sell nearly half of all homes sold in 2013 (9 of 20).  7 realtors combined to sell the other 11 homes.

1 Distressed property sold in 2013.  A single distressed property sale in 2013 represents an improvement as compared with 2012 (4 sales) and 2011 (3 sales).  Distressed properties (bank owned or short sales) typically sell for well under market value, and that was the case with the Omni model bank owned property that sold in 2013.

Only 1 listed Tower Crossing home failed to sell in 2013!  20 of 21 listed homes sold last year compared with 4 failures in 2012.  Given the strength of the real estate market last year, it is surprising that even one home failed to sell. This was NOT my listing.

Time-on-market was greatly improved in 2013.  Time-on-market refers to the number of days between listing a home for sale and when it goes under contract with buyers.

The 19 non-distressed Tower Crossing homes sold in 2013 were on the market for a combined 1012 days, an average of 53 days.  This compares very favorably to 75 days in 2012.  It is vastly improved over the roughly 4 months in 2011 and 7 months in 2010.  I am proud that my non-distressed Tower Crossing sales in 2013 averaged only 17 days on market.  Tower Crossing homes sold by other realtors averaged 79 days.

Margaret Ludemann, Tower Crossing homeowner and @properties Realtor, 847-401-1802

Wagner Farm’s Farmers Market, a Hit With Glen Residents

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A large variety of fresh foods on display at Wager Farm’s farmers market.

A short drive from The Glen takes you to Wagner Farm, one of the few remaining farms in north suburban Cook County.  The Wagner family worked and lived on the farm until 1997 when the Glenview Park District purchased it for the benefit of Glenview and area residents.   It is preserved as a working farm to allow children to learn about farming and animals.  The district tells us that Wagner Farm is “where education meets history”.

There are many special events at Wagner Farm including picnics, barn dances, build-your-own scarecrow, a harvest bonfire, hayrack rides, and ice cream socials.  My family and I have taken advantage of many of these since we moved into our Tower Crossing townhome in 2003.  Our favorite activity, though, is the Wagner Farm Farmers Market which runs each Saturday morning from mid-June to mid-October.   In addition to the many booths and tables of farmers and local artisans, a musical artist or group performs; and local chefs perform cooking demonstrations using food from the market.  “The Green Table” is staffed by experts who provide education about sustainable living.

Wagner Farm’s Farmers Market is a special treat for residents of The Glen.  Not only can we purchase wonderful, fresh food, but it provides us with an opportunity to mingle with neighbors and catch up on our families and activities.  Wagner Farm is located at 1510 Wagner Road in Glenview, and parking is available across the street at Saints Peter and Paul Church.

Margaret Ludemann, Realtor, @properties

847-401-1802    MargaretLudemann@gmail.com