The Elgin City Council approved plans to build 13 new homes at the site of the former YMCA. The three acre development will be located in the Gifford Park area of the city.
Channing Partners LLC is the developer behind the project, and will receive the property from the city. In exchange, the developer agreed to set the homes further back from the street and provide additional parking to avoid on-street parking.
The homes will range from 1,900 square feet to about 2,400 square feet. The developer has said that prices will start at $300,000.
The market for single family homes in Elgin has gone through a bit of an upheaval in recent months. Sales during the third quarter were 30 percent less than the same period last year, according to the Chicago Association of Realtors.
Homeowners and developers are facing longer waits when it comes time to sell a home in the area. The average turnover time for a home in Elgin now sits at 128 days.
Despite the drop in demand and an increase in unsold inventory, home prices continued to increase in Elgin. During the third quarter, the average sales price was up almost 10 percent in the area.
However, if demand continues to drop, then buyers looking for quality Chicago Homes in Elgin should start to see lower prices in the next few months.
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