Elgin tops area market for housing starts
By Mike Danahey firstname.lastname@example.org @DanaheyECN February 24, 2014 4:40PM
Elgin led the Chicago area in new homes starts in 2013 with 299, outdistancing second place Naperville which had 236 that year. Sun-Times Media file
Updated: February 25, 2014 2:23AM
ELGIN — Another sign that the economy is picking up in Elgin: Housing starts and closings are inching upward and are at or near the top of such rankings for the Chicago area.
Elgin ranked first for starts with 299 in 2013, with Naperville in second place at 236, according to Chris Huecksteadt director for Midwest Markets at Metrostudy. According to its website, the company, which has an office in Elgin, is a “provider of primary research and analysis on residential real estate development and new-home construction.”
“Concerning closings, Elgin ranked second in 2013, with 247 new home closings — behind only Naperville, which closed a total of 271 new homes,” Huecksteadt said.
Huecksteadt noted that the starts and closings activity has been spread among several developments in Elgin, mostly on the far-west side.
Topping the starts were Regency at Bowes Creek, with 27 townhomes and 22 single-family homes; Del Webb’s Edgewater/Lakeshore Classics, with 24 single-family homes; and Del Webb’s Edgewater/Lakeshore Manor, with 22 single-family homes.
There were 27 closings in the Providence/Cape Cod community and in Del Webb’s Edgewater/Lakeshore Classics, with 21 closings on Regency at Bowes Creek townhomes and 20 at Del Webb’s Edgewater/Lakeshore Manor.
In 2012, Elgin recorded a total of 193 new home starts and 199 new home closings, Huecksteadt said.
According to information provided previously by the city of Elgin, single-family housing starts permitted in Elgin stood at just 36 in 2001. They peaked in 2005 at 1,050 and dropped to 835 in 2006, 537 in 2007, and 333 in 2008. With the recession hitting, single-family housing permits dropped to 149 in 2009, rose to 182 in 2010, then slid to 141 in 2011 before rising in 2012 and 2013.
Huecksteadt said, “Further growth is expected in 2014; with the positive job numbers in Elgin and the variety of communities offering a diverse range of new home product, Elgin will likely see from 300 to 350 new home starts in the coming year.”
While foreclosures are a continuing concern, Huecksteadt said the rate of activity has slowed.
“Much of the remaining foreclosure stock is not deemed comparable or competitive with new home product,” Huecksteadt said. “Much of the foreclosure activity that was occurring among newer communities has ceased.”