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 margaret.ludemann@cbexchange.com
Margaret Ludemann, Glen resident and Coldwell Banker Realtor