The Glen

Regency at The Glen, only 9 homes left to sell

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For anyone interested in new construction in The Glen, you still have a chance to purchase a Regency townhome.  But only 9 homes remain to be sold among the 149 homes in the development.

Regency at the Glen is an upscale housing development in The Glen, the premier lifestyle community on Chicagoland’s North Shore, located in Glenview, Illinois.  There are 1,255 privately owned residences in 8 neighborhoods (Cambridge, Chapel Crossing, Glen Shore, Landings, Patriot Commons, Regency, Southgate, and Tower Crossing).  The Glen’s “main street” is called Glen Town Center, and it offers scores of restaurants and shops, along with a book store, movie theater, art gallery, spa, and the ever popular Kohl Children’s Museum.  The Glen has its own Metra train station with service to and from the city in less than 45 minutes.  O’Hare International Airport is approximately 20 minutes away by car.

Regency, built by Pulte Homes, is located off of Shermer Road, about a quarter mile north of West Lake Avenue.  It has 4 models of townhomes, 2 models of ranch villas (duplexes), and 2 single family homes.  The villas and single family homes sold out long ago, and only 9 townhomes remain. 8 of the available homes are of the Providence model with 1,835 sq ft.  Each of these has 2 bedrooms + loft except one unit which is configured with 3 bedrooms + loft.  All of the 2 bedroom homes are end units with windows on 3 sides.  The Providence models are priced between $416,990 and $488,525.

1 Freeport model may still be purchased.  It has 1,523 sq ft, and it is priced at $368,690.  It offers 2 bedrooms + loft.  All of the available homes may be customized with numerous upgrades.

To tour a Regency townhome you may call me, Realtor Margaret Ludemann, at 847-401-1802 or email me at margaret.ludemann@gmail.com.

Margaret Ludemann, Glen homeowner and @properties Realtor

2013 sales increase in Southgate on The Glen

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Single family home sales in the Southgate neighborhood increased in 2013, from 9 in 2012 to 13 in 2013.  Further, 3 additional homes went under contract that had not closed by year end.  More impressive is the improvement from 2009 when only 2 single family home’s sold.

Before going further, here’s a little Southgate 101.  Southgate is a housing development in The Glen in Glenview, Illinois on Chicago’s North Shore.  The Glen is an upscale residential and retail community with 9 named neighborhoods, one of which is Southgate, and a shopping & dining “main street” called Glen Town Center.  Southgate has 299 homes of which 237 are luxury single family homes.  Many of these homes border The Glen Club’s 18 hole championship golf course.

Let’s look at the prices of the Southgate homes that sold in 2013.  (Street name, followed by size in square feet, and price.)  I do not provide specific addresses out of courtesy to the new homeowners. 

Kittyhawk ,  4618,  $1,250,000

Independence,  4618,   $1,430,000

Bennington,  3456,  $1,000,000

Kittyhawk, 4080,  $1,250,000

Saratoga,  4080, $1,279,000

Midway,  3814,  $1,315,000

Independence,  4164,  $1,350,000

Saratoga,  3805,  $1,140,000

Cabot,  4700,  $1,310,000

Independence,  3498,  $1,160,000

Bennington,  3796,  $1,100,000

Independence,  4232,  $972,000

Kittyhawk,  4253,  $1,215,000

Digging deeper into the sales data we find two other pieces of very good news.  First, no sales listings expired or were cancelled due to an inability to find buyers.  By contrast, 4 listed single family homes in Southgate failed to sell in 2012 and 1 rental listing did not find a renter.  Second, Southgate had no distressed properties listed for sale last year.  A distressed property is either bank owned or it involves a short sale; and they typically sell for well under market value.

Southgate’s sales performance is consistent with what occurred throughout the country in 2013.   The number of homes sold nationally increased by 9.1%; Illinois home sales increased 18.9%; and in the Chicago primary Metropolitan Statistical Area (+ 23%).  Glenview home sales increased 19%.  I see another strong year for home sales in The Glen and in Southgate in 2014.

Margaret Ludemann, Glen homeowner and @properties Realtor

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

Westage at the Glen…one step closer to reality

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The Glenview Planning Commission just approved a new housing project to be constructed in The Glen and called Westgate at The Glen Townes.  It will go before Glenview’s board in February for final approval which is expected.

The Glen is the North Shore’s premier lifestyle community located in Glenview, Illinois approximately 20 miles north of downtown Chicago.  It offers luxury homes (single family homes, row homes, townhomes, condos, duplexes, and two-flats) as well as a park, lake, walking trails, health club, movie theater, two golf courses, and a quaint main street called Glen Town Center filled with shops and restaurants.  Westgate will be the most recent – and perhaps the last – new construction community in the Glen.

173 homes are planned for this E.R. James Partners project.  As I’ve written in previous blogs, 34 will be single family homes and 139 will be row homes and townhomes.  I’ve recently learned more about the homes to be offered, particularly the sizes.  The single family home models, all with first floor master bedrooms, will range between 1,885 sq ft and 2,464 sq ft; and the architectural designs will be offered in New England shingle, French Country, and Old English.  The attached housing models will range between 2,037 sq ft and 2,980 (a mix of first and second level master bedrooms),and their architectural styles will be offered in New England shingle, Classic Revival, Old English, Craftsman, and Federal.  All homes will have three bedrooms and two-car attached garages.

Prices have not been announced.  There is some speculation (only speculation at this point) that the builder will attempt to price the homes roughly in between those in the Regency and Tower Crossing developments in The Glen.  Timeframes for construction and sales have not been announced.  E. R. James Partners has a sterling reputation for quality, as evidenced by its very upscale Glen development called Southgate on The Glen.  I believe the Westgate development will be very popular.

Margaret Ludemann, resident of The Glen and Tower Crossing Realtor  margaret.ludemann@gmail.com, (847) 401-1802

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

Home sales surge, prices rise, time on market falls in The Glen

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2013 was the year that Glen homeowners have been waiting for.  The Glen is an upscale residential and retail development in Glenview, Illinois in the Chicago area’s North Shore. The real estate market for its homes was exceptionally strong.  Sales were up considerably, prices rebounded nicely, and the time it took to sell homes fell.  Further, nearly every Glen home listed for sale in 2013 sold.

Broad economic factors positively influenced existing home sales in the U.S. which gained 9.3% for the year.  The U.S. economy gathered strength through 2013.  Job growth continued to climb.  According to the Bureau of Labor Statistics the unemployment rate fell to 7% by November 2013 from 7.9% in January 2013 and from its recent high of 10% in October 2009.  Interest rates remained at historically low levels, though they inched upward during the year.  Low rates and the prospect of higher future interest rates served as incentives for many potential home buyers.  Stocks soared during the year with the S & P 500 gaining 29.6% which no doubt made potential home buyers feel more financially secure.

Years of declining values once again brought many bargain hunting investors into the U.S. housing market.  Pent up demand by trade-up buyers also fueled the increase in home sales. 

As prices rose during the year fewer homeowners found themselves “under water” (homes worth less than the mortgage balance), thereby reducing their incentive to sell.  This resulted in a decline of available housing inventory.  Over the last several years sellers far outnumbered buyers, but that was reversed in 2013 giving sellers the negotiating advantage.  The result…further improvement in home prices.

It was the best year for home sales and prices in years, and you will see that reflected in my future blogs dealing specifically with sales of Glen homes.

Margaret Ludemann

Glen homeowner and @properties Realtor