New Construction is on the Rise on the North Shore

As one can tell by the multiple signs up and the construction noise up and down the North Shore, new construction is on the rise again. Spurred by a recovering real estate market and renewed construction lending, builders are aggressively building and buying property up and down the North Shore. In Glencoe, the Village has issued twice as many new home-building permits over the past twelve months than the same previous period. Glencoe issued 26 building permits in the last twelve months compared to 13 building permits in the previous twelve months.

This increase in new construction is healthy and is not close to the peak levels in 2006 when the Village of Glencoe issued 60 permits in a year. During the real estate market downturn, new construction on the North Shore was dominated by custom homes that were being constructed for specific end-user clients. However, in 2013, there has been a resurgence of “speculative” homes or homes built without a buyer. The boom in housing starts has also been fueled by low inventory and pent up demand from buyers who have been sitting on the sidelines. Additionally, rising home price increases in the Chicago area bode well for new construction projects in our local market.

We look for this trend to continue and urge you to contact us regarding custom building a new home.