The Glen

Planes, Trains and Automobiles: The Glen is a convenient place to live.

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One of the great advantages to living in The Glen (an upscale development in north shore community Glenview, Illinois) is its proximity to rail, automobile and air transportation.  When my family and I moved here 10 years ago, our primary considerations were the quality of schools, the Glen Town Center lifestyle, and the stunning townhome we were purchasing at Tower Crossing.  Only after we moved here did we learn how easy and fast it is to get around.

Having previously lived in the city we hoped to make regular trips downtown.  We were happy to learn that the new Glen Metra station would deliver us to Union Station in 30 – 45 minutes depending on time of day.  The station is especially close to the Cambridge neighborhood with its many townhomes, duplexes, two-flats and single family homes.

Speaking of trains, Amtrak stops at the Glenview station, about 5 minutes away by car; and it is very helpful to people needing to get to Milwaukee (67 minutes) or to Milwaukee’s Mitchell Airport (52 minutes).  Using Mitchell gives air travelers an additional option.

A huge surprise was the speedy trip to O’Hare.  At that time my husband was travelling extensively.  How pleasant to discover that the morning trip to O’Hare took 23 minutes, and an evening return trip took about the same time.  Reverse commute traffic is to thank for that.

The best news of all is that if you don’t want to go anywhere there is much to do right here in The Glen.  We have 15 restaurants, a movie theater, spa, art gallery, and scores of shops in Glen Town Center which is walking distance or very short drive from any home in The Glen.  It is particularly close to the Chapel Crossing, Patriot Commons, Cambridge and Tower Crossing developments.

If you would like to learn about homes in The Glen, please give me a call at 847-401-1802 or by email at margaretludemann@gmail.com.

Margaret Ludemann, Glen Resident and @properties Realtor

Only 31 Homes Left at Regency at The Glen

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I have previously written about a new development under construction in The Glen, Regency.  Pulte is the developer of this new Glenview, Illinois neighborhood.   It is located just north of West Lake Avenue and west of Shermer Road.  For golfers it is an ideal location, walking distance to both The Glen Club’s 18 home championship course and Glenview Prairie Club, a 9 hole course + 4 paddle tennis courts.  All homes are short distances from Glen Town Center’s many shops and restaurants, and also to the Glen’s Metra Station.

149 homes are planned in Regency, consisting of 109 townhomes, 38 villas, and 2 single family homes.  The townhomes come in 4 models.  There are two models of villas (duplexes), both with first floor master suites.  I recently sat down with my friends at Pulte, and received these new updates.

Update:  As of today, all villas and single family homes have been sold, though some have not yet been completed.  Only 1 villa is currently for sale (it just came on the market); and it is a re-sale which I have listed.  It is the first villa re-sale in Regency.  The couple who owns this home have lived there for only 9 months, and they have been transferred.

Update:  Of the planned 109 townhomes 78 have been sold.  This is up to the minute news.  While I wasn’t a math major, I’m pretty sure that leaves 31 homes still for sale.  This is important information for anyone interested in maintenance free, new construction, townhome living in The Glen.  This has proven to be a very popular development, so the 31 remaining homes will not be available for long.

For additional information or to tour a Regency home please call me at 847-401-3325 or email me at margaretludemann@gmail.com.

Margaret Ludemann, Resident of The Glen & @properties Realtor

Low Inventory, Fast Sales In Southgate & Tower Crossing

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Southgate is a luxury development in The Glen, Glenview, Illinois with 239 single family homes.  Throughout 2013 there have been very few of these homes for sale at any given point in time.  In fact, last week there were none.  1 home came on the market this week.  It is likely to be under contract soon.

The lack of sellers is the primary reason for low inventory in Southgate, of course, but AVAILABLE inventory is determined not only by how many homes are offered for sale but also by how quickly they are sold.  Well, Southgate single family homes – when they do come on the market – sell so quickly that the cupboard remains bare or nearly so most of the time.  Looking at the 10 non-distressed homes (not bank owned, not short sales) that have either sold this year or are currently under contract, 5 went under contract in 9 days or less.  1 went under contract in 30 days; and the remaining 4 sold within a respectable 2 – 4 months period.  That’s fast, especially when you consider that the average price in 2013 has been over $1.1 million.

I also track the Tower Crossing development closely.  Tower Crossing in The Glen has 154 luxury town homes with 3031 to 4105 sq ft depending on model.  Home prices are typically between $650,000 and around $800,000.  As of mid-July, 17 homes have sold this year or are under contract vs. 11 sold in all of 2012.  Yet it’s been rare this year when more than 3 homes have been for sale at the same time.  Of 4 recent sales that I have made in Tower Crossing, 3 were contracted within a week; and the 4th had offers before the home was listed.

So the luxury home market is alive and well in The Glen.  If you would like to know more about homes in The Glen, please contact Margaret Ludemann, resident of The Glen, @properties Realtor.  847-401-1802.

 

Kids in The Glen & Where They Go To School

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Hard to believe, but schools open here in Glenview, Illinois in just over a month.  Getting my son ready for 7th grade is on my mind, and I thought I would share with you what I know about kids in the Glen and their schools.

Before I get into the numbers, I should tell you that the public schools attended by children in the Glen are considered top notch.  Westbrook and Glen Grove are the elementary schools, Attea is the middle school (located in the Glen), and Glenbrook South is the high school.  This is what pointed my husband and me to the Glen a decade ago.  Here is some evidence:  In the recent national debating championships in Atlanta, the two finalist high schools (from all across the country) were Glenbrook South and Glenbrook North (about one mile away.)

OK, the numbers, according to the annual census of the Glen 2012:

  • There are 4,068 residents in the Glen who do not live in senior housing; and 1420 are children (35%).
  • 1,158 are enrolled in school.  262 children are not yet of school age.
  • 948 are in public schools (81.9% of school age children)
  • 210 are in non-public schools (18.1%).  Glen students in non-public schools attend one of 27 schools, most of these are enrolled in 3 Catholic schools: OLPH (Our Lady of Perpetual Help), Loyola Academy, and Saint Catherine.

By neighborhood (except for Regency which was too new for the census), here are the numbers homes followed by the numbers of Glen children:

Southgate, 299 homes, 405 children

Chapel Crossing, 167 homes, 307 children

Landings, 143 homes, 269 children

Cambridge, 244 homes, 223 children

Navy housing, 112 homes, 108 children

Tower Crossing, 154 homes, 73 children

Patriot Commons, 68 homes, 24 children

Aloft apartments, 181 homes, 11 children

Glenshore, 31 homes, 0 children

The Glen is a special place for adults and children alike.  If you would like more information about the Glen, please contact me at 847-401-3325 or margaretludemann@gmail.com.

Margaret Ludemann, resident of the Glen and @properties Realtor

Buying a Home In the Glen Now vs. Waiting

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I have been speaking with a homeowner in The Glen (in Glenview, Illinois) who is interested in buying a larger home.  He currently owns a beautiful home in the Chapel Crossing neighborhood with a market value of $800,000.  He is interested in purchasing a home in Southgate, and he is willing to pay $1 million.

My client, let’s call him Bob, is concerned about the return he will receive on his current home which he paid $875,000 for a few years back.  He wants the larger Southgate home, but he doesn’t want to take the loss on his current home.

Together we looked at the current and projected increases in Glen home prices and interest rates.  He felt comfortable projecting an increase in Glen home prices of 12% in three years.  Interest rates are low, but they are moving up.  In fact, they have increased more than a point in the last 6 weeks.  Based on projections of a number of experts, Bob decided to project an increase in mortgage interest rates of 2.1% in three years.  So we did the math, and here are the results.

  • While Bob would lose $75,000 on his current home, his $1 million Southgate purchase would be $120,000 higher in three years.
  • If Bob bought the new home now, he would put $200,000 down (assuming 20%) vs. $224,000 in three years due to its appreciated value.
  • In three years Bob would be financing $896,000 rather than $800,000 today.
  • His mortgage would be $1,600 more each month if he waits three years.

The lesson is this:  If you are buying a more expensive home in a period of rising prices and rising interest rates, it’s often best  to not wait; take the loss on your current home now.  You will likely make up the loss on your next purchase, and you will end up paying less overall.  I will point out, though, that no one can be certain what will happen in the future.  So, be conservative in your projections and consider all options.

Margaret Ludemann, resident of The Glen, @properties Realtor, 847-401-1802