Calumet Country Club – Residential Condominium Component
The subject property is located on the northwest corner of 175th Street and Dixie Highway, just south of I-80 The subject site is a 128.36000-acre or 5,591,362-square-foot parcel. The subject property consists of a 128.36-acre parcel of land that is currently occupied with the Calumet Country Club. The Calumet Country Club is a private 18-hole championship golf course. The property is improved with various structures, including:
• An approximately 31,500 square foot, two-story clubhouse
• An approximately 1,240 square foot, single-story locker room and swimming pool building
• An approximately 275 square foot, single-story halfway house
• An approximately 5,940 square foot, single-story storage building
• An approximately 4,900 square foot, single-story maintenance building
• A pump house
Currently, the property is under review for potential redevelopment with proposed uses to include industrial, retail, commercial, residential condos, hotel, training facility, recreational land and aquaponics along with a dog park and walking trails. More specifically, the proposed development will feature an indoor I would probably however, put a lead into intro paragraph giving an overview on the entire development. The go onto to say that the following letter provides a brief overview of the market forces effecting the residential condominium component of the project waterpark and a state of the art sporting complex. Other tenants may include a fresh market farm stand, per groomer, UPS Store, Bamenda Coffee shop and more. The mixed-use industrial plans will also include the introduction of Factory Town and Warehousing. This inclusion will provide continuous support and growth for the proposed retail tenants.
The following market analysis pertains only to the residential condo component of the proposed development. We have been advised that the proposed condo development will likely comprise of a 6 story condominium building. The conclusion of our report provides our professional opinion for what the ideal price point, configuration and quality od the building would be best suited and most feasible for the market.
Subject Demographics
Neighborhood Demographics Radius (Miles) 1 Mile 3 Mile 5 Mile Population Summary 2010 Population 630 25,504 59,485 2022 Population Estimate 1,948 33,173 80,474 2027 Population Projection 2,961 38,863 93,113 Annual % Change (2022 - 2027) 8.7% 3.2% 3.0% Housing Unit Summary 2010 Housing Units 222 8,879 21,902 % Owner Occupied 61.3% 53.9% 52.9% % Renter Occupied 33.8% 38.5% 38.1% 2022 Housing Units 733 11,232 29,222 % Owner Occupied 80.5% 59.2% 55.9% % Renter Occupied 16.2% 35.5% 37.2% 2027 Housing Units 1,087 13,202 33,947 % Owner Occupied 87.9% 59.8% 55.6% % Renter Occupied 11.3% 35.4% 37.9% Annual % Change (2022 - 2027) 8.3% 3.3% 3.0% Income Summary 2022 Median Household Income Estimate $61,069 $54,550 $60,338 2027 Median Household Income Projection $68,351 $60,776 $67,825 Annual % Change 2.3% 2.2% 2.4% 2022 Per Capita Income Estimate $33,084 $27,036 $30,653 2027 Per Capita Income Projection $39,695 $30,646 $34,467 Annual % Change 3.7% 2.5% 2.4%
Homewood Residential Market Analysis
Average and Median Sales Price
Attached Single-Family
Data collected August 2022
The average sales price in the Chicagoland PMSA for attached single family was $323,231 in August of 2022, up 6.2% over the trailing 12 month period. Cook County experienced a 4.6% annual increase, with the average sales price ending at $359,455 in August of 2022. The subject PMA was significantly lower at $171,945, however, it was up almost 11% from the same time last year.
Please note that the Median Sales Price over the same time period was $249,000 in the Chicago PMSA, up 8.0% over the last 12 month period. Cook County was up 1.9% at $270,000 and the PMA median sales price was up 11.5% at $165,000.
Tables below from MRED Midwest Real Estate Data – December 2022
Sales Comparables
We note that there are very few modern apartment buildings within Homewood and surrounding areas Majority of attachedresidential properties are dated/older style lowrise buildings or townhomes See below a collection of condominium sales of modern lowrise buildings located within nearby/compatible areas to the village of Homewood.
This building is part of the Fountain Hills of Orland Park development which comprises of three 4-story buildings and numerous detached single-family residences. The building is a modern brick building constructed in 2013 and is of average quality Each of the units have lake views and features include: vaulted ceilings, vinyl flooring, gas fireplace, granite, walk-in closets. The building amenities basic and typical for this area and include: elevator, heated parking garage on the ground floor, and landscaping
11110
Comments:
Orland Park provides similar demographics and attributes to the subject, and provides a better indication of the type of property, unit type, and amenities that could be in demand for the Village of Homeward.
Comp 1: “Fountain Hills of Orland Park” 11110 Waters Edge Drive, Orland Park IL
Unit configuration price SF $/SF Sale Date Car 4B 2b 2b $305,000.00 1770 $172 6/1/2022 1 4D 2b 2b $307,000.00 1828 $168 3/4/2020 1 Average $306,000 $170
- 11111 Waters Edge Drive, Orland Park IL
Comp 2: “Forest Trails” 6880 Winding Trail, Oak Forest IL
Forest Trails is a modern low-rise brick building constructed in 2014 of average quality. The units feature: vaulted ceilings, granite, skylights, and ceiling fans. The building amenities are basic and typical for this area including: heated ground level parking garage, intercom, lawn with landscaping and pond.
6880 Winding Trail, Oak Forest IL
Comments:
Oak provides similar demographics and attributes to the subject, and provides a better indication of the type of property, unit type and amenities that could be in demand for the Village of Homeward.
Unit configuration price SF $/SF Sale Date Car 406 2b 2b $227,000.00 1350 $168 9/7/2022 1 204 2b 2b $223,000.00 1350 $165 7/29/2022 1 304 2b 2b $208,000.00 1350 $154 5/13/2022 1 306 2b 2b $213,000.00 1350 $158 4/26/2022 1 101 2b 2b $214,000.00 1350 $159 3/25/2022 1 405 2b 2b $199,000.00 1100 $181 1/27/2022 1 201 2b 2b $215,000.00 1350 $159 12/15/2021 1 203 2b 2b $216,000.00 1350 $160 12/15/2021 1 402 2b 2b $218,000.00 1350 $161 12/2/2021 1 Average $214,778 $163
Comp 3. “The Residences of Burr Ridge” 1000 Village Center Drive, Burr Ridge IL
The Residences of Burr Ridge comprise of a modern low-rise building constructed in 2013 and is of above average quality. The building is well situated within Burr Ridge Village Center which comprises of multiple fast food, dining, and retail use properties. The Village of Burr Wood is one of the more desirable villages of the southern Cook County area. Unit features are of good quality and include: hardwood floors, granite, California closets, plantation shutters, quality lighting + carpet, in-unit laundry, island bench, good quality bathroom and kitchen fixtures. The building amenities basic and typical for this area and include: landscaping, heated parking garage, and storage space in garage.
1000 Village Center Drive, Burr Ridge IL
Comments:
Average income and average household prices are higher than Orland Park, Oak Forest, and Homewood, therefore there is more of a demand for good quality condominiums in this village and thus a higher $/SF rate is achievable in this market.
Unit configuration price SF $/SF Sale Date Car 112 2b 2.5 b $440,000.00 1690 $260 1/25/2021 2 Average $440,000 $260
Conclusion
The Village of Homewood is a lower-middle income area with median sales prices reported to be $86,000 and average sales prices $105,000. Average market prices have increased compared to 2021, but sales prices have remained relatively stable. The subject’ s immediate population has increased within the last 10 years and is projected to continue to increase. In terms of luxury style residential housing within Homewood and surrounding areas, there is none, likely due to the demographic of the area. Taking this into consideration, we believe there would be insufficient demand for a luxury style medium-rise building in Homewood.
It is our opinion that this would be the most feasible development for the residential component of the site would be for a medium-rise residential condominium building with a mixture of average/basic quality condos with the top floor reserved for larger luxury style penthouse style units. Details as follows:
Quality
Configuration
Unit Sizes
Average quality for basic condos, very good quality for top story penthouses
2 bedroom 2 bathroom units
1,250 – 1,500 square feet for basic condos, 1,750 square feet for penthouses
Condo Features vinyl, tile, and carpet flooring, in-unit laundry, granite countertops, basic/average quality bathroom/kitchen fittings/fixtures.
Penthouse Features
Amenities
Price Point
hardwood floors throughout and stone tiling for bathroom, high ceilings, good quality kitchen/bathroom fittings/fixtures, quality light fittings, quality window furnishings, walk-in closets, in-unit laundry
Basic: lobby, landscaping, heated basement car parking*
Basic condos: $200,000 - $225,000
Penthouses: $250,000 - $260,000
*We considered that due to the residential building being within close proximity to the proposed sporing complex, dog park, walking trails, recreational land, and retail use properties, additional and nonessential amenities would not be as crucial to potential occupants.
