Southgate in The Glen

Update on Patriot Commons in The Glen

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Patriot Commons is a beautiful housing development in The Glen, Glenview, Illinois.  The developer is highly respected Toll Brothers.  This development of condos and townhomes (near Glen Town Center’s many restaurants and shops) really took off a few years ago, but like many new construction projects it hit the wall during the recession.  After completing and selling out phase one, construction stopped, and I haven’t seen activity at the sales center in some time.  Since I occasionally receive emails and calls about Patriot Commons, I decided to do some investigating.

I learned that Toll Brothers does indeed plan to complete this development; however no schedule has been established at this time.  Construction may begin again sometime in 2014.  At that time, the company plans to build 51 more homes, 35 condos and 16 townhomes.  Assuming the configurations remain the same, there will be 6 different condo models ranging in size between 1141 – 1388 sq ft and 3 different townhome models.

I toured the models a few years ago.  They are close to my Tower Crossing home in The Glen.  The homes were stunning, and some had breathtaking views of the championship golf course at The Glen Club.  The materials and workmanship were of very high quality.  I’m sure existing owners love their homes and the Glen lifestyle.  When Toll Brothers begins building in Patriot Commons again, the homes will compete with row homes, condos and villas in several existing Glen neighborhoods including Regency (Pulte’s new development), Cambridge, Southgate, and Glen Shores.  The townhome/villa development recently announced by Edward R. James Partners for the Glen will be coming online next year, too.

Margaret Ludemann, Resident of The Glen, @properties Realtor

New Glen Homes On the Drawing Board

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With less than 1% of The Glen’s existing homes currently for sale, it was encouraging to hear of a new development on the drawing board.

Glenview officials preliminarily approved a plan to sell 29 acres of land in the Glen to Edward R. James Partners.  Upon final approval and closing, the James group proposes to build a new housing development north of West Lake Avenue and west of Shermer Road.  This would place the development to the southeast of the new Pulte development called Regency and within a couple of blocks of two golf courses, The Glen Club and Prairie Golf and Paddle Club.  It will be a 5 – 10 minute walk to Glen Town Center.

While James has not as yet released details, I do know that two and three story townhomes are planned in addition to “cluster homes” which will offer first floor master bedroom suites.  Each home is likely to include three bedrooms.  The target market for the new James homes is empty nesters.  In fact, James predicts that the development will add only 22 children to school districts 34 and 225.  Edward R. James Partners has a reputation for quality, and has won numerous awards during its 50+ years of home building.  It also has experience in the Glen; it was the developer of the very popular Southgate neighborhood.

The James development, unnamed as yet, will compete with other new construction in the Glen.  Regency and Patriot Commons both plan additional phases.  Regency is currently selling phase 2.  Patriot Commons’ development schedule is unknown.  3 existing developments, fully built and sold, provide other town homes and villas, sold by current owners. These are Tower Crossing, Cambridge, and Southgate.

Margaret Ludemann

Glen Resident and @properties Realtor, 847-401-1802

How fast are Glen homes selling? REALLY FAST!

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Don’t blink your eyes or you’ll miss the sale of a home in The Glen.  Really!

The days on market for homes in The Glen have gone from a snail’s pace a couple of years ago to “not bad” last year to warp speed in 2013.  About a month ago I put a Tower Crossing townhome (Blackstone model with 3840 sq ft) on the market at $789,000, and it sold the same day.

A couple of weeks ago I put a single family home on the market in Glenview.  The next day I had 50 people tour the home with appointments, and a day later over 70 people attended my open house.  A contract was signed within 4 days.

A couple of days ago I put another Tower Crossing townhome on the market at 11am.  I received my first call  36 minutes later.  I showed the home over the lunch hour, and a purchase contract was in by 3pm.  It took 4 hours to sell a property listed at $699.000.

The same dynamic is occurring throughout the several neighborhoods in The Glen and in greater Glenview.  So, what’s going on?  Well, the real estate market has turned.  Buyers used to have all of the leverage.  So they made low ball offers, many of which were accepted by desperate sellers.  But now…well, there are only 2 homes for sale in the uber-upscale Southgate neighborhood of 299 homes.  Not a typo.  TWO!  In Tower Crossing’s 154 home development only 5 homes are for sale.  Limited inventory and high demand can be seen in other Glen communities such as Chapel Crossing, Landings, and Cambridge.

So anyone interested in buying into The Glen needs to move fast.  But…it’s worth it to live in this magnificent community.

Margaret Ludemann (847-401-1802)

Resident of The Glen, @properties Realtor

Market Update: Townhomes in The Glen

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It has been a busy spring for attached homes (townhomes, row houses, villas) in The Glen, the premier residential, retail, and dining venue in Glenview, Illinois.

The newest housing development in The Glen is called Regency.  Pulte Homes is currently building 109 townhomes and 40 villas ranging is size from 1523 sq ft to 2493 sq ft.  The development is not yet sold out, but homes are moving rather quickly.  Buyers are attracted to The Glen, and also by the prospect of purchasing new construction at competitive prices in an area known for excellent schools.

The row homes and villas in Southgate were built approximately 9 years ago; the development offers 38 row homes and 24 villas ranging in size from 1585 sq f to 2055 sq ft.  There are no homes on the market currently.  (Homes do show on the MLS and in this website, but they are under contract.  They are removed from the MLS and website when the purchases close.)  3 have sold so far in 2013 and 6 were sold in 2012.  These homes are so popular that they sell rapidly.

There are 3 Tower Crossing townhomes currently for sale.  This development includes 154 homes in 6 models which range in size from 3031 sq ft to 4105 sq ft.  2 of the homes currently for sale are Drake models (3075 sq ft) with elevators!  They have direct views of Lake Glenview and Gallery Park.  The other home for sale is an Astoria model with 3210 sq ft.  There are 2 Tower Crossing homes for rent currently.  7 homes in this development have sold or are under contract so far in 2013, and 3 have rented.  11 sold and 12 rented in 2012.

If you are interested in a luxury townhome or villa on the North Shore, please contact me at 847-401-1802.

Margaret Ludemann

 

Glen market: lower inventory, but more sales

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My, how the real estate market has changed.  Yes, here in the Glen and throughout the country.

A couple of years ago, most real estate markets had a glut of homes for sale but few buyers.  Today, home inventory is very low, but the buyers are back.  The result is this:  New listings, if priced competitively, will sell…often very quickly.

So, why has this occurred?  First, many homeowners have decided to wait out the market until prices increase substantially.  Second, buyers who have been on the sidelines have decided it’s time to buy.  They are attracted by the extremely low interest rates and the prospect of home prices going up over the next few years.  In other words, they know they can buy more home now than they can in a few years.

Here is one example.  Tower Crossing has 154 beautiful town homes.  Two and three years ago it was not uncommon to see 15 or more of these homes for sale at one time.  But the buyers didn’t come or those who did come wanted very big discounts.  Only seven homes sold in 2009 and six sold in 2010.  It was a buyers market.  Today, there are only three Tower Crossing homes for sale.  It’s been like that since early 2012.  But eleven homes sold in 2012!  We are now seeing multiple offers for Tower Crossing homes, and the time on market has been roughly half what it was a few years ago.  The same is true in other Glen neighborhoods such as Southgate, Chapel Crossing, Landings, and Cambridge.

The bottom line for buyers is this:  There are still good deals on Glen homes, but there are fewer to choose from.  And if you are interested in buying, you should be prepared to act quickly when you find what you want.  I am an original homeowner in the Glen, so I know it well.  If you are interested in a Glen home, please call me at 847-401-1802 or send an email to Margaret.Ludemann@gmail.com.