Million Dollar Plus Homes in Arlington Heights IL

By
Real Estate Agent with Suburban House Hunters

Million dollar homes in Arlington Heights is becoming common place. With 25 current listing over 1 million dollars and as high as $2.5 million you have a large selection of new construction high end homes. These homes are up to 6,000 sq feet and have up to 4 car garages. But with only 5 homes selling in this price range in the last 6 months the question becomes why are so many being built?

The highest price closed sale in Arlington Heights in the last 6 months is only $1,225,000. This is less than half the price of the current highest priced listing and the marketing time on this home was 273 days.

Builders have taken the "build it and they will come" approach, to bad for them the buyers don't agree. Many of these high end listings have been reducing prices to try and get buyers in the door, but this price range is truly hurting currently. With well over 2 years of inventory builders better be ready to hold these homes in inventory for an extended period of time.

Visit us for more Arlington Heights Real Estate information. 

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Location:
Illinois Cook County Arlington Heights
Tags:
arlington heights
market conditions

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Rainer
447,032
Jacqulyn Richey
Las Vegas Real Estate
Prominent Realty Group

They tried the same thing here. People did come alright, but not until after they got a bunch of free upgrades and the prices was dropped by 40k.

October 03, 2006 02:15 AM
Rainer
278,047
Ken Smith
Suburban House Hunters
I don't think that $40k will be enough for some of these listings. Some have already dropped more than that and still area sitting months later. It would be a great time to be in the market for one of these homes as you could get a great deal. At least you could if your agent knew what he/she was doing.
October 03, 2006 10:28 AM
Rainer
278,047
Ken Smith
Suburban House Hunters
Want to include a link to Arlington Heights Market Stats. 07/05/06 and 09/25/06.
October 12, 2006 01:37 PM
Anonymous
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Rainer
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Ken Smith

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