- New single-family construction is planned for a trio of Lake Forest subdivisions this summer.
- Builders are focusing on different types of for-sale product to attract younger buyers.
- The single-family homes part of this development are considered "maintenance free."
Single-family home construction activity in the North Shore market of Lake Forest is said to be at the highest levels in several years. A recently approved project looks to increase the city’s inventory of newly built for-sale inventory.
Northfield-based Focus Development recently received final approval for a community that will consist of 12 “maintenance-free” single-family homes and 42 condos, along with 111 rental units.
Phase one of the project is slated to commence construction during the fall. The phase will include the development of one condo structure, six single-family homes and the rental units. The homes and condos will go on sale this summer.
According to Michael Golden, co-founder of @properties, there exists a pent-up demand in the North Shore for maintenance-free homes and condominiums. Considered one the largest Chicago brokerages, in terms of market sales volume, @properties is the sales and marketing representative for Focus Development’s for-sale product.
Buyers interested in the development’s single-family homes will have four floor plan option to choose from. Home will range from three to five bedrooms in size and features 3.5 to 4.5 baths. The two- to four-bed condos will also feature a balcony terrace and similar finishes to the homes – hardwood floors, master baths, modern appliances.
The entire development will rest on a 10.7 acre site that is currently a vacant public works site. Roughly 50 percent of the project’s land is dedicated to open space, with the various building connected via pocket parks. Of note, the community is in close proximity to a Metra station.
Lake Forest homebuilding
Future for-sale construction activity in the North Shore city of 19,000 isn’t relegated only to Focus’ development. According to the city, new homes are being constructed in the Willow Lakes and Amberley subdivisions, along with the Oak Knolls Woodlands neighborhood.
Additionally, new homes are being built on vacant lots in established neighborhoods and replacement houses are being planned for existing sites/homes approved for demolition.
In other Chicago suburbs homebuilders are focusing their attention on for-sale product they’ve previously avoided.
Townhomes to attract young buyers
Lexington Homes will break ground on three communities in Des Plaines, Park Ridge and Kenwood that will each feature 20 or more townhomes. These projects will rest on infill parcels typically reserved for multifamily projects.
According to Jeff Benach, co-principal of Lexington, the builder is constructing more three-story townhomes to attract primarily “younger” buyers. The builder expects to deliver 120 homes this year within the Chicago metro.