Realtor

Home rental market in The Glen

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Applied Research Counselors, a Chicago consulting firm, recently analyzed the Chicago area suburban rental market. They discovered that rents in suburbia averaged $1.24 p/sq ft in the 1st quarter. I decided to look at 2013 rentals in The Glen. Since it would be difficult to analyze the entire Glen, I chose the Tower Crossing neighborhood where I already have a great deal of data.

The Glen (in Glenview Illinois) is the North Shore’s premier lifestyle community with many unique neighborhoods, a large variety of housing types, and a vibrant “main street” in Glen Town Center. Tower Crossing’s 154 luxury townhomes surround Glen Town Center on three sides. These homes range in size from 3,031 sq ft to 4,105 sq ft; and their sales prices are in a range of mid-$600,000 to mid-$800,000. While the development sold out years ago, several homes are rented by homeowners each year.

There were 10 MLS listed Tower Crossing rentals in 2013; and they averaged $1.23 p/sq ft. Actually, the math came out to be $1.236, so rounded up our 2013 rentals matched the Q1, 2014 suburban number as reported by Allied Research. Looks like a draw to me! However, I did find some variance in the rental amounts in the various models in Tower Crossing.

The dollar rental values of Omnis (and occasionally Biltmores) tend to be higher than other models while Valencias are lower.

Taking into consideration the size of the models, Drakes (3075 sq ft) and Astorias (3210 sq ft) have somewhat higher monthly rental prices p/sq ft while Omnis and Valencias are a bit lower. Biltmore rents are all over the place. Over the last couple of years they have ranged from $3800 ($1.06 p/sq ft) to $4700 ($1.31 p/sq ft) per month.

So, what I discovered is that Tower Crossing rents overall equal the suburban average, but the rental prices p/sq ft have a rather significant range. Knowing the Glen real estate market as I do, I suspect that rental prices in other Glen neighborhoods (on a p/sq ft basis) are similar to Tower Crossing.

If you may be interested in living in The Glen as a homeowner or renter, please contact me at margaretludemann@gmail.com.

Margaret Ludemann, Glen resident and @properties Realtor

Glen Town Center Sold

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Glen Town Center has recently sold. Owned by the Oliver McMillan Company out of San Diego since inception, it sold to Dallas, Texas based Tabani Group, Inc. last month. Glen Town Center is The Glen’s shopping and dining hub, basically the neighborhood’s “main street.”

The Glen is an upscale residential and retail development in Glenview, Illinois; and it’s generally considered the finest lifestyle community on Chicagoland’s North Shore. Nine residential neighborhoods reside in The Glen offering homes of all kinds including single family homes, town homes, row homes, apartments, duplexes, two-flats, villas, and condos. Home prices range from the $400,000’s to well over $1,000,000.

At the center of it all is Glen Town Center’s excellent restaurants (many with outdoor dining in the summer), shops & boutiques, a movie theater, a book store and a spa. Some of the popular spots along Tower Drive (main street) include Von Maur department store, Dick’s Sporting Goods, Glenview Jewelers, Hot Mama, and numerous small boutiques. Restaurants include Bravo Cucina Italiana, Yard House, MooYah, Jamisons, Ted’s Montana Grill, RA Sushi, and The Curragh Traditional Irish Pub. 90% of retail space is filled.  It is only Glen Town Center that sold, not the residential areas.

Glen homeowners love the lifestyle created by the vibrancy of Glen Town Center. It’s not just the restaurants and shops that attract area residents; Oliver McMillan sponsored many activities including an annual art festival, classic car days, weekly concerts on the green, and many things for children. The new owner promises even more activities in Glen Town Center.

The real estate market in The Glen is strong. Most homes sell rather quickly here and at a very high percentage of asking price. If you may be interested in living in The Glen, please contact me at MargaretLudemann@gmail.com. I am an original Glen homeowner and an award winning Realtor affiliated with @properties.

Margaret Ludemann

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