Chicago Tribune
August 2007

When Jason Baker sized up his housing options, he found himself wincing at the thought of tossing rent money down the drain.

That was all the motivation the 29-year-old single needed to purchase a one-bedroom, one-bath condo at Grand Bend at Green Bay, a new 49-unit condominium building west of downtown Evanston. “Honestly, I was tired of writing a rent check every month that got me nowhere,” he recalls of his decision to buy. “I’ve been renting in Evanston for about three years. It looks like I’m going to be here for a while, and I like Evanston. It’s got the 20-something demographic, lots of entertainment and restaurants. I do see it as a good investment.”

Reflecting on the housing status of his peers, Baker says he may be something of a minority as a single male home buyer.

“My contemporaries back East from college haven’t gotten to the point where they can make a purchase,” he says.

If men are from Mars and women from Venus, it also appears they’re light years away from one another in their willingness to become homeowners while single.

Anecdotal evidence that single men trail single females in home buying is backed by solid quantitative proof.

The National Association of Realtors reports single women currently make up better than one in five home buyers. The association’s 2005 survey of 7,800 home buyers and sellers found single women comprised 21 percent of all home buyer households, far outstripping the 9 percent registered by single men. Both trailed married couples, which made up 61 percent of the market.

A recent study by Harvard University’s Joint Center for Housing Studies noted that there are more unmarried women in the population, more women are delaying marriage and more women are forming their own households. Those factors help account for the $550 billion of real estate purchased by unmarried females between 2000 and 2003, the Harvard study concluded.

Talk to home builders, and many will tell you they just don’t see as many single men as they do single women buyers.

Agreeing that single men finish a poor second to single women in home buying is Pam Albrecht, vice-president of sales and marketing for Northbrook-based Ferris Homes, developer of Baker’s new home, Evanston’s Grand Bend at Green Bay.

“We find a lot more single women buying, as opposed to single men,” she said. “And in our Evanston community, that seems to be holding true… It is about 8 percent that single males comprise of the total numbers.”

Albrecht considers it surprising that more single men aren’t buying homes, given the financial logic of doing so.

“It’s just odd that it’s a low number, to be honest, because many males are good with math skills, and recognize the investment return”. she said.

Some male buyers dread the perceived permanence linked to home buying, but not Baker. He doesn’t see his new condo being a barrier to mobility in the years ahead.

“One of the important aspects of choosing new construction was that I could turn around and sell it in a couple of years, which I anticipate doing,” he said. “When the time comes to move up and out, I was looking for a place that wouldn’t be difficult to sell, It is an EXCELLENT INVESTMENT.”

Pioneer Press
May 2007

Northbrook-based Ferris Homes Grand Bend at Green Bay project is proving to be the most exciting and spacious condominium project in Evanston, with prices that are amazing prospective buyers. The Grand Bend building, when completed, will be a six story structure with 49 individual residences, offering buyers one, two and three bedroom units and all the amenities that every Ferris homebuyer has come to expect.

According to Drew Ferris, President of Ferris Homes, all ages and prospective buyers are thrilled with the exciting choices available to them at Grand Band at Greeen Bay.

“The response to the project has been strong, by first time buyers as well as those who are very experienced. The design of the building, the amenities offered and the pricepoint have all been components of our success with this project and our entrance into Evanston,” he continues. “In every aspect, the response from the market has been enthusiastic.”

And with good reason. Grand Bend at Green Bay is an eyecatcher. The building features a gracefully curved brick exterior. The recently completed top, 6th floor has put in place a unique addition to the surrounding area that is both pleasant as well as quite remarkable. Floor plans at Grand Bend are typically larger and include finishes that competitors consider optional. Value, design and great location add up to a winning combination.

Most enticing for buyers are the private terraces and brushed steel and glass balconies that each unit will offer as well as the nine foot floor to ceiling windows throughout the unit that give as much light in as possible and allow buyers to have incredible views of outside. Units boast gourmet kitchens, with a fabulous, functional layout. The kitchens feature state of the art stainless steel appliances, granite countertops and Wellborn 36 inch oversized upper cabinetry, all included as standard features. The units also include hardwood floors throughout the foyer, kitchen, hallways, living room, and dining room, beautiful full size fireplaces are available in most units are included and professionally selected window treatments are included throughout all the condominiums.

The building itself boasts secure, deeded indoor parking for each unit, lobby intercom telephone access with video monitors, individual storage spaces, a professionally decorated lobby and many other perks.

“The Grand Bend at Green Bay offers buyers the best of everything,” says Ferris. “Our project is in the heart of Evanston and offers the buyer everything — city energy, amenities and attractions all with the just the right amount of suburbia mixed in,” continues Ferris. Grand Bend at Green Bay is located near shopping, Lake Michigan, Northwestern University, the train, and the highlights of downtown Evanston.”

Spacious floor plans begin at 915 square feet for the smallest 1 bedroom, 1 bath unit with the largest unit being 2055 square feet. Pricing for the units start range from $300,000-$700,000 penthouse unit. Monthly association fees, which cover building insurance, interior and exterior maintenance, landscaping, snow removal and water and gas utilities range from $159 to $424, depending on the unit.

For more information on Grand Bend at Green Bay, interested parties can visit the Sales Center, located at 1131 Emerson Street in Evanston. Sales center hours are Sunday and Monday, noon to 5 pm, and Tuesday through Saturday 10am – 5 pm. For more information, calls can be directed to 847.491.1600.

Chicago Tribune
August 5th, 2006
By Jeffrey Steele

The upgrade selection process can be intimidating for some first- time buyers. But it wasn’t for Amanda and Mike Jauch.

Because they’d done their homework and legwork before buying, they were well prepared for the upgrade choice challenge.

“We looked at a number of builders before we decided on a home, and one of the things we looked at was what they included [as standard] and what they didn’t include,” Amanda Jauch said. “We were trying to get the most for our money.”

The Jauchs also quizzed acquaintances who had recently bought homes about their experiences.

“We talked to a lot of friends who had bought before we had, and asked–’What did you do and what do you wish you did differently?’” Amanda Jauch said.

A common complaint, she said, was that they hadn’t upgraded from their builders’ standard laminate kitchen countertops to more high-end surfaces.

The Jauchs took their friends’ advice into account when they purchased their two-bedroom town home at Village Station in Grayslake in June.

“Initially we were going to do the standard [countertop], and upgrade after we were in the home for a couple of years,” Amanda Jauch added. “We looked at it and realized we could upgrade now and put it in our mortgage for a few dollars more a month, rather than wait and pay thousands of dollars down the line.”

Like the Jauchs, many young first-time buyers are investing the time to learn about their upgrade options before they sit down to make their selections, builders report.

As a result, many buyers are well versed in what to expect when choosing upgrades, and frequently possess a good idea of what they want.

“They’ve gone to their friends’ homes and condos, seen all the bells and whistles and know they want an upgraded shower door, for instance,” said design consultant Peggy Holloway of Northbrook-based Ferris Homes, a semicustom builder.

“They’ve stayed at resorts and seen the fun things they have in the bathrooms. First-time buyers are much more educated and much more decisive than I ever was.”

Ann Danner, president of Residential Homes of America in Lake Forest, agrees, reporting that Internet and media coverage of what’s available in new homes is helping to make this generation of first-time buyers the most informed in history.

Though novice buyers have well-prepared wish lists of upgrades, they may not have fully considered which enhancements will provide them with enjoyment while they live in the house, and which add value at resale time.

That’s where builders’ personnel can be helpful, said Tina Baxter, sales manager at Toll Brothers’ Bowes Creek Country Club community in Elgin.

“There are new products that come on the market every day,” she said. “It’s my responsibility to know and be familiar with these products, and make sure I inform our buyers of what all the choices are out there.

“What I try to do is help people identify the best places to put their money now, and the places where they can wait and do it down the road.”

More than ever, first-time buyers of new construction homes are shopping among many builders, said Erik Carlson, home finishes manager with Chicago-based builder Dubin Residential. As they do, they should learn which builders limit a buyer’s range of options, and which allow comparatively more freedom.

Some people, he said, spend a lot of time in their kitchens and need a wide range of upgrade offerings there, while others eat out frequently and would rather spend their upgrade budgets turning bathrooms into spas.

“Find out what builders offer as standard items, and what your opportunities are,” Carlson said.

Some buyers take their time, weighing all the choices.

“For a year-and-a-half before we were ready to buy a house, we would go to new development models, do the tour and talk to salespeople afterwards,” Amanda Jauch said. “That gave us a lot of knowledge about what builders offer.”

A top priority should be choosing structural options that can’t be installed later without incurring often-prohibitive costs of additional construction.

For example, a fireplace generally can’t be added to a home later without substantial expense.

“If buyers think a fireplace is important for them and for resale, they should include it right away,” Danner advised.

Next, look at flooring options. Unless selecting carpet, buyers should make sure their flooring of choice is installed right from the start, Danner said.

In particular, hardwood flooring, or ceramic or marble tile is more affordable when bought from the builder than from an after- market provider, she said.

Moreover, to install a wood or tile floor later would require removing the baseboard and probably some of the moldings around doors, which would make the project more expensive.

Carlson advises buyers to switch from soft surfaces to hardwood flooring wherever possible. In some new homes, for instance, hardwood flooring might be standard in kitchens and living rooms, but not elsewhere.

“Use your upgrade budget to continue that [hardwood] into the bedrooms,” he advised.

Selecting proper upgrades in kitchens and bathrooms also should be a key concern.

“Beautiful kitchens and bathrooms help take a home’s value higher,” said Baxter.

If granite countertops aren’t offered as standard, they are among the most popular upgrade choices, Danner said.

No longer is granite seen simply as a status symbol. It is an option that not only enhances resale value, but adds to buyers’ enjoyment of their homes.

“A granite countertop is really functional,” she said. “You can put hot pans on it, and clean it up readily. Formica can scratch and burn.”

For more value at resale time, consider going with higher grades or enhanced thicknesses of granite.

“The thicker the granite the better,” Carlson said, adding buyers may want to upgrade from typical three-quarter-inch stone to 1 1/4- inch granite.

In granite countertops, there are a multitude of choices, Carlson said, advising buyers to select “more popular stones, because they complement any kind of decor, versus going with something that’s a very contemporary read.”
Also in the kitchen, first-time buyers should carefully consider their appliance packages, Danner said. That’s because the built-in look is becoming increasingly important at resale time.

Instead of refrigerators that protrude into the kitchen space, she strongly recommends refrigerators that are built in and flush with cabinet facings.

When looking at kitchen cabinets, buyers should consider upgrading from flat- to raised-panel cabinet doors, another hot button in building resale value.

In the bathroom, if steam showers and body sprays are desired, buyers should upgrade to them before the tile is installed, Holloway said.

Other kitchen and bathroom upgrades touted by Carlson include undermount kitchen sinks, kitchen faucets with pull-out sprays that add novelty, 42-inch wall cabinets, European or “back-saver” bathroom vanity cabinets and lighting fixtures that create ambiance.

While many of these recommendations apply to single-family homes, townhouses and condominiums, some of the suggested upgrades aren’t right for condos.

“For big-ticket upgrades, first-time buyers should definitely take the size of their home into consideration,” Carlson said. “A fireplace, while adding to a home’s ambiance, costs thousands of dollars and takes up precious wall space. When you’re [buying] a studio or one-bedroom, that could be very valuable wall space put to better use.”

So what can buyers delay purchasing until later?

According to Holloway, they can wait to add crown molding, change mirrors and upgrade bath accessories.

“Many people will also accept a builder’s standard countertop, for instance a Corian, in a secondary bathroom,” she added. “As long as you have your plumbing lines in place, it’s an easier switch later.”

Builder representatives differ in their estimates of how much first-time buyers spend on upgrades, citing figures ranging from 10 percent to 25 percent of the price of the home.

In other words, a buyer of a $300,000 home spending 10 percent on upgrades would budget an additional $30,000 for those add-ons, according to Baxter.

That’s not a trifling sum.

As the Jauchs learned, it can make sense to fold additional upgrades into your mortgage, rather than paying for them later.

After all, “you’re paying for today’s dollars over time, making the upgrades more affordable,” Danner said. “And because the average first-time buyers live in their homes five years or less according to the national average, they’ll be making back their investments fairly quickly.”