townhomes

The Glen’s Tower Crossing townhomes saw a 6.1% increase in prices in 2013

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In a blog about a month ago I wrote about the substantial increase in sales of Tower Crossing townhomes in 2013.  Today I would like to tell you about the increase in prices.  Tower Crossing is a townhome development in the larger development called The Glen in Glenview, Illinois.  The Glen is home to several luxury housing neighborhoods, a “main street” called Glen Town Center with numerous shops and eateries, a lake, park, and two golf courses.  Tower Crossing has 154 stunning brick homes with 2 to 5 bedrooms and 3031 sq ft to 4105 sq ft, depending on model.

The developer began selling Tower Crossing’s luxury townhomes in 2003 and sold out by 2007. Nationally the housing bubble began to burst in 2005/06 with prices peaking in July 2006.  A steep decline followed.  2007, the year of the collapse of the sub-prime mortgage industry, saw the first year-over-year decline in home prices nationally since 1991.  Like the national downward trend, Tower Crossing suffered a sizable and rapid decline in home values.  From peak to bottom, Tower Crossing homes lost approximately 25% of their market value.

Homes in Tower Crossing currently sell in a range from the mid-$600,000’s to about $800,000 depending on size and model.  Prices in 2009 averaged $179.43 p/sq ft.  They rose to $189.02 in 2010 and stayed relatively flat in 2011 ($188.86) and 2012 ($186.88).  In 2013, however, prices in Tower Crossing rose 6.1% to $198.28 p/sq ft.  This represents an increase of 10.5% since 2009.

The Tower Crossing rental market also saw an increase in prices.  11 MLS-listed townhomes rented in 2013 vs. 12 in 2012 and 13 in 2011.  The range of prices paid in 2013 was $3400 to $4400 p/month.  The average rental price paid p/sq ft (using 1 month rental price) was $1.24 compared with $1.15 in 2012, a 7.8% increase.

Tower Crossing is a very popular development in The Glen, and it had a great 2013 in terms of home sales and prices.  If you would like more information about Tower Crossing please contact me at 847-401-1802 or margaretludemann@gmail.com

Margaret Ludemann, Glen resident and @properties Realtor

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

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

No homes for sale in Tower Crossing in The Glen

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That’s right.  There are no homes available in Tower Crossing, the luxury townhome development in the heart of The Glen.

The Glen is an upscale residential and retail development in Glenview, Illinois in the Chicago area’s North Shore.  It is composed of eight residential neighborhoods (not counting retirement and assisted living communities) with a total of 1,349 homes and 3912 residents.  Glen Town Center is The Glen’s “Main Street” with scores of shops and restaurants, along with a movie theatre, coffee shop, book store and Kohl Children’s Museum.

Tower Crossing borders Glen Town Center on three sides which puts its residents within a few steps of dining and shopping venues.  This is one of the key attractions of Tower Crossing.  The homes are stunning, but the lifestyle is perhaps even more important to homeowners.

Tower Crossing has 154 four-story brick townhomes, all of which were sold by the developer years ago.  There are 6 models and 8 floor plans ranging in size from 3,031 to 4,105 square feet.  Home prices currently range from the low $600’s to around $800,000.  Many have views of Battery Park, Lake Glenview and The Glen Club’s 18 hole championship golf course.

Back to my point about inventory.  2013 has been an active one for Tower Crossing homes sales.  19 homes have sold and another is under contract waiting to close, but in a development of this size to have nothing currently on the market is rare.  Winter, of course, is typically slow in real estate, but Tower Crossing since its inception in 2003 has always had homes for sale either from the developer (through 2006) or since then from homeowners.  Another reason for no listings?  Because the people who live here LOVE IT.

Undoubtedly we will see some listings after the first of the year, so if you may be interested in Tower Crossing (where I proudly live!) or anywhere in The Glen, please contact me at margaretludemann@gmail.com.

Margaret Ludemann, Tower Crossing resident and @properties Realtor