Buyer’s Look to Glenview for a Strong Housing Market
Defying downward trends in the housing market, home sales in the Glenview area continue to appreciate above regional and national market averages.
Glenview enjoys a well-earned reputation along Chicago’s exclusive North Shore as a family-friendly community. A rich mix of housing styles, excellent school systems, convenient location within the grid of Chicagoland’s highways and railway systems, and strong municipal infrastructure are also reasons for the community’s preeminence.
“Prices and sales will never go down in this area,” predicts Anne DuBray, a sales leader and knowledgeable market evaluator with Coldwell Banker. This confidence in the market is driven by people upgrading from within, as well as the number of new buyers looking to settle in this upscale area, she contends.
“No one moves out of this town,” says DuBray. “The number one commodity of Glenview is the people who live here.”
Glenview very comfortably encompasses a great diversity of homes and homeowners, from young families in apartments and starter homes to multi-million-dollar estates to seniors downsizing within the community.
Glenview has also become a trendsetter with the development of The Glen, a 1.5 square mile development of upscale single and multi-family residential housing units, retail and commercial sites. Also built into The Glen are public facilities and open spaces, including a lake, parks and a golf course. This large land area, encompassing nearly 15 percent of the village, was the former home of the Glenview Naval Air Station. When the government closed the base in 1993, the village came up with a Master Plan that combined almost 2,000 homes in a lifestyle environment of amenities, recreation and job opportunities.
The project met the needs of a huge market, and home sales in The Glen skyrocketed. The majority of residential land is low and moderate-density single-family residences. Other sites were developed for multi-family living with apartments and townhomes. Another important residential component is the three senior housing facilities located within The Glen. Although not inexpensive, these senior residential complexes reflect a wide range of price tags, and are perfect for those who want the advantages of senior housing without having to leave their community.
“The Glen is a dream place for a number of families,” says Don Owen, the Director of Capital Projects for the Village of Glenview. The Glen also had a very favorable impact on housing throughout Glenview, he explained. While the community had been primarily residential, the new amenities that were incorporated into The Glen, including the unique shops, the amount of space devoted to office and light industrial parks, and open space, provided new opportunity and revenue to the community.
While the spotlight has been on The Glen in recent years, growth has taken place throughout the village as well. Within the same time frame, almost the same number of new homes have been built outside The Glen in various developments.
The range and style of homes in the Glenview area reflect a community that is proud of its 100-year heritage. Well-built older homes and 50s-style ranch homes still vie for attention, and are sought by younger families with tighter budgets. Over the years their value has continued to climb. However, now, as in many of the popular suburban areas, some of the older homes in the village are being razed while larger, more modern structures are rising in their footprint.
Demetri Partalis, a mortgage-banking leader with Wachovia, agrees there is a great resale market for older homes in the Glenview area. But, he adds, trends clearly indicate buyers like the amenities of new homes in The Glen.
“For the money, the best buy is the newer house,” Partalis advises. “Older homes need updates, and that can be expensive.”
Partalis is dedicated to helping homebuyers find the right loan or refinance an existing loan to best suit their financial circumstances. Most borrowers today are choosing adjustable rate mortgages, or ARMs, to take advantage of lower initial interest rates. While adjustable rate mortgages are here to stay, Partalis says borrowers need to make responsible choices to be able to afford their homes long term. To avoid running into problems, he urges clients to make full-amortized payments every month. Making the minimum payment on a loan can be helpful for a short-term problem, but is not sustainable. “Rely on the minimum payment only in an emergency, such as a temporary job loss or unexpected bills,” he says.
Whatever the trends in housing styles, Glenview promises to remain a smart value for home investors.