Two Palatine housing developments back on track

While new home construction largely remains at a standstill, a couple of developments could indicate an upswing in Palatine's market.

Lennar Homes this week received council approval to buy the 10 remaining vacant lots in the area formerly known Nick's subdivision on South Ravinia Circle, while officials say construction is back under way at Eagle Point Estates.

“By no means is activity anywhere back to where it was in 2007 or earlier, but slowly we're seeing signs of life,” Village Manager Reid Ottesen said.

In the newly dubbed Ravinia Estates, located just north of Arlington Park racetrack, only two of 12 homes have been built since the project was approved in 2005.

The third builder to take the reins, Lennar has agreed to construct only two-story homes using the masonry and materials first approved by the village. When Batavia Holdings took over development rights in 2009 from original owner William Tarsitano, it did so with the condition that ranch-style homes may be constructed with lesser quality materials.

“There was some concern with that,” Ottesen said. “Unlike the previous builder who asked for a number of exceptions, this one understands the conditions and agrees to them.”

Ottesen said that Lennar being a national homebuilder with financial backing shows Palatine is a viable market.

Ravinia Estates will feature five different four-bedroom home models ranging from 2,733 to 3,381 square feet. Lennar Vice President Glenn Richmond said he hopes to lay the first foundation before cold weather stops work.

The company doesn't have any buyer contracts yet, but Richmond said he expects interest to pick up with signage and the launch of a website.

Farther north, Eagle Point Estates was given a project extension to Oct. 31, 2012, which Capital Homes believes will be adequate time to finish the subdivision.

The property at Grove and North avenues near Dundee Road consists of nine single-family lots, but thus far only one model home has been built. A second home is under construction, and the developer has applied for a building permit on a third lot while indicating that permits for two additional homes will be submitted soon. A sixth lot is in contract negotiations.

“This isn't speculative housing, but rather actual contracts, which is encouraging,” Ottesen said.

Eight different home designs in Eagle Point Estates range from about $370,000 to $477,000.