Housing Prices Plunge in Affluent Boulder Ridge Subdivision

One Lake in the Hills neighborhood continues to feel the sting from a weary economy as home prices remain on the downfall.

In November, Lake in the Hills Patch looked at housing sales in Lake in the Hills’ upscale Boulder Ridge development, located between Miller and Algonquin roads and east of Frank Road. Five months later, real estate agents are reporting that houses in the gated, golf-course neighborhood are finally selling.

Unfortunately, for the sellers, the prices have plummeted far below the original purchase price.

Buyers, however, are reaping the benefits of the low sale prices and short sales in the development.

Sellers, who've invested thousands of dollars in upgrades, are losing as much as $100,000 to $200,000 in some cases, according to numbers gathered from area real estate agents multiple listing service reports.

“Home values are crashing so much there,” said Vince Romano, real estate agent for ReMax Unlimited Northwest in Algonquin. “It’s really sad to see. A lot of those owners are seniors, and they’ve invested a lot in those houses.”

In the past five months, nine Boulder Ridge houses have sold from $250,000 to $500,000. Two of those sales were short sales. During a short sale, homeowners and the bank holding the mortgage agree to sell the house for less than the purchase price.

Currently five more houses are under contract, most in the $400,000 price range, and one with an asking price of $1.3 million, Romano said.

There are 27 more Boulder Ridge houses listed as active for sale. Prices start at $275,000 for a four-bedroom, 2-bathroom house and go up to a $1.3 million for a four-bedroom, 3-bathroom custom built home at 510 Mason Lane, which was also featured on Lake in the Hills Patch in November. The price on the Mason Lane home has not dropped in the past five months.

“For whatever reason, that neighborhood has a lot of homes for sale, more than most neighborhoods,” Romano said.  

What is selling in Lake in the Hills, Romano said, are the lower-priced homes that appeal to first-time buyers.  The onset of spring has inspired more foot traffic, and first-time buyers are eager to own their home, despite the state of the economy, Romano said.

"Most of the buyers right now are first-time buyers,” Romano said. “A lot of the move-up buyers are struggling to sell their own houses.  Personally, I think people are tired of the gloom and doom attitude. They just want to move on with their lives. The prices are not going to get any lower.”

While prices have flattened in the Lake in the Hills area, Romano said real estate agents are seeing home prices in areas like Palatine, Schaumburg and Lake Zurich slowly creeping up. He hopes the trend spreads westward.

Nine Boulder Ridge Properties Sold Since November

1. 5 Point O Woods Ct. 4 bdrm./3.1 bath $250,000
2. 512 Barton Creek Dr. 4 bdrm./ 2.5 bath $270,000
3. 7 Shoal Creek Ct. 4 bdrm./3.1 bath $285,000
4. 4 Barton Creek Dr.,  5 bdrm. /4 baths $310,000
5. 1013 Mason Ln., 4 bdrm./ 3.1 baths $340,000
6. 10 Greenbrier Ct., 4 bdrm./ 3 baths $367,500
7. 1015 Mason Ln., 5 bdrm.+2 bsmt./ 3.1 baths $370,000
8. 821 Mason Ln., 5 bdrm./ 4 baths $415,000
9. 105 Boulder Dr., 5 bdrm./ 5 baths $500,000

Five Boulder Ridge Homes Under Contract & Listing Price

1. 3341 Sandstone Ct. 5 bdrm./5.1 baths $400,000
2. 411 Mason Ln. 5 bdrm./ 3.1 baths $410,000
3. 210 Ridge Ln. 5 bdrm./ 4 bath $415,000
4. 3321 Sandstone Ct. 4 bdrm./4 bath $519,000
5. 118 Boulder Dr. 3 bdrm./ 3.2 bath $1,275,000