This video is all about new construction! We will look at current new construction inventory in the western suburbs, proposed construction, vacant lots, and recent sales before turning our attention to five new construction homes currently for sale in Burr Ridge, Western Springs, Hinsdale, Downers Grove, and Oak Brook.
1139 Hickory Dr., Western Springs: https://www.ericandersenhomes.com/homes-for-sale-details/UNDISCLOSED-WESTERN-SPRINGS-IL-60558/11300166/34/
457 S Clay St., Hinsdale: https://www.ericandersenhomes.com/homes-for-sale-details/457-S-CLAY-STREET-HINSDALE-IL-60521/10904981/34/
4524 Sterling Rd., Downers Grove: https://www.ericandersenhomes.com/homes-for-sale-details/4524-STERLING-ROAD-DOWNERS-GROVE-IL-60515/11286409/34/
201 Wood Glen Ln., Oak Brook: https://www.ericandersenhomes.com/homes-for-sale-details/201-WOOD-GLEN-LANE-OAK-BROOK-IL-60523/11346097/34/
“Building from the Ground Up” by Kevin Erdmann: https://www.amazon.com/dp/B09LJKYPCB/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Eric Andersen Homes
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 www.ericandersenhomes.com
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Transcript:
If you’re interested in new construction in the western suburbs of Chicago, then this is the video for you. I’m Eric with Eric Andersen Homes, and today we’re going to take a big-picture look at what new construction is available in the western suburbs, including currently available inventory, proposed construction, homes that are currently under construction, and vacant lots. We’ll also look at what inventory has recently sold, and then we’ll take a closer look at five new construction homes that are currently for sale in Burr Ridge, Hinsdale, Downers Grove, Western Springs, and Oak Brook. Before we get to that, a quick reminder to like this video and subscribe to my channel so you always stay up-to-date with real estate in the western suburbs of Chicago. So let’s turn our attention to the current inventory of new construction. A quick search for DuPage county new construction on the MLS yielded one hundred ten results. The asking price on those ranged from $525,000 on the low end, $3,750,000 on the high end, and a median asking price of about $1.15 million. These one hundred ten homes are all proposed construction or homes that are currently under construction. As of this recording, there were no new construction homes in DuPage county that were finished and waiting for its new owner to move in. Builders have been struggling to keep up with demand, largely due to the high costs of materials and labor shortages we’ve been seeing. This has contributed to the current lack of new construction homes that are available for immediate occupancy. There is certainly no surplus of new construction in the current market. I recently came across a book by Kevin Erdmann called “Building from the Ground Up”, which calls attention to the lack of new construction since 2008 and makes an argument that myths and misunderstandings about the Great Recession have made us afraid of the thing we need most, which is more homes. I’ll put a link to that book in the video description, below. One of the most common questions I get about new construction is how long the process will take. Depending on the builder, what you’re looking to build, and whether or not the home is already under construction, you may be able to find something that will be ready for occupancy in a few months, or it could take six to twelve months, or possibly even longer. A search for land in DuPage county yielded 429 results, with a median asking price of $262,000, an average asking price of about $500,000, and a maximum asking price of $15 million. Some of these are lots with a tear-down home on them, and others are vacant. Looking specifically at Burr Ridge, Hinsdale, Downers Grove, Western Springs, La Grange, and Brookfield, only fifty one new construction homes have sold over the past twelve months, which is an average of about four homes per month. That’s not a lot, which again illustrates the difficulty builders have had in keeping up with demand. The price range on those fifty one was $550,000 on the low end, $2.4 million on the high end, and an average sale price right around $1.2 million. Now we’re going to look specifically at five new construction homes that are currently for sale in Burr Ridge, Western Springs, Hinsdale, Downers Grove, and Oak Brook. I will link to each of these homes in the video description below if you’d like to take a look for them yourself. Often, the photos you see with proposed construction might be a rendering, or sometimes they’re from a similar home the builder has already completed. First up is 6270 S Garfield Avenue in Burr Ridge, with an asking price of $2,599,000. This will be a six bedroom, six and a half bathroom home on a one and a quarter acre lot with about 5,000 square feet above grade and an additional 2,760 square feet in the basement (almost all of which will be finished), and the home will also have a four-car garage. 6270 Garfield is located about as north as you can get in Burr Ridge, north of 63rd, east of Madison, and just south of Elm Elementary school. The schools that come with the northern location are one of the things that makes this home fairly unique for Burr Ridge, as it belongs to Elm Elementary, Hinsdale Middle School, and Hinsdale Central High School. Moving on to our next home, just east of 6270 S Garfield is 1139 Hickory Drive in Western Springs, which is located at the very southwest edge of Western Springs in Timber Trails. This is a smaller home than the one we just looked at in Burr Ridge, with a square footage of 4,322. And happily, this is one of those needle-in-a-haystack homes that is ready for occupancy. You might say, wait, didn’t you just say there were no new construction homes ready for occupancy? I did, but in DuPage county. Western Springs is Cook. The asking price here at Hickory is $1,199,900. It’s a five bedroom, four and a half bathroom two-story home with a walkout basement. Schools here are Highlands Elementary and Middle schools, and Lyons Township High School. Moving a little northwest up to Hinsdale, next up is 457 S. Clay Street. The asking price is $2,499,000, and it’s currently under construction with an estimated completion date in May. It has five above-grade bedrooms with a sixth in the basement, five and a half baths, and 5,575 square feet, which includes the basement. The lot is 60×175, which is a little wider and deeper than usual. The schools are Madison Elementary, Hinsdale Middle, and Hinsdale Central High School. Heading west to Downers Grove, we now turn our attention to 4524 Sterling Road, a five bedroom, five bathroom home with a walkout basement and an asking price of $1,299,900. Schools are Lester, Herrick, and North, and this one should be finished by the end of summer. Above grade, you’re looking at 3,771 square feet, 1,558 square feet in the basement, and a total square footage of 5,329. Finally, let’s head up north to Oak Brook’s Forest Glen subdivision to 201 Wood Glen Lane. This is proposed construction on a vacant, 1/3 acre lot with a pond view. The proposal is to build a ranch home with three bedrooms and two and a half bathrooms, and the estimated completion time is nine months. Schools are Jackson, Bryan, and York Community. Well, that does it for our review of new construction in the western suburbs. If you’re interested in buying new construction or building a new construction home, I can help you with the entire process, whether you’re looking to move into something that’s already designed or if you’d like to buy the land and build it yourself. I’m Eric with Eric Andersen Homes, here to remove the headache from real estate and provide expert guidance for your next purchase or sale.