Saturday, April 21, 2018 || By Igor Studenkov || @maywoodnews || Updated: 8:18 p.m.
Featured image: Homes located inside of Randolph Estates, the latest housing development built by the village of Bellwood. | VFP
During an April 18 regular meeting, the Bellwood Board of Trustees signed off on bids for the construction of two single-family homes near Englewood Avenue and Butterfield Road, which are part of Englewood Estates.
Englewood Estates and Bellwood Estates were former mayor Frank Pasquale’s response to concerns among current and future homeowners who felt that the homes in Bellwood’s existing housing stock was too small for what modern families need.
The village started building those homes in 2012. Within four years, five had been built and sold on the Bellwood site and three had been built and sold on the Englewood site.
The project is managed by Strategic Project Management, an Oak Brook-based firm headed by Peter Tsiolis, who also serves as Bellwood’s economic development director.
The two additional homes to be built in Englewood Estates are just getting approved because they were close to the Bellwood/Hillside border and Bellwood officials wanted to ensure that there would be no issues with the neighboring municipality before construction starts, Tsiolis said in a recent interview.
Tsiolis estimated that the two houses will sell for around $249,000 — just short of the asking price for 12 contemporary, 2,100-square-foot, single family brick homes that are part of Randolph Estates, the village’s latest housing development.
The subdivision is located off of Randolph and Eastern, near the village’s municipal building.
“Three Randolph Estates homes have sold since early March, according to Midwest Real Estate Data,” notes a report in Crain’s.
“The most recent, which sold April 5, was a three-bedroom, 2,150-square-foot brick house that went for $259,900,” Crain’s points out. “Tsiolis said within the next 30 days, the last three of the 12, all under contract to buyers, will be completed and the sales finalized. The dozen have sold for $259,000 to $294,500.”
Randolph Estates “is a cul-de-sac on a private street with sidewalks and ample street lighting,” according to a statement on the village’s website. “The brick homes feature three spacious bedrooms, 2.5 bathrooms, an attached two-car garage with a driveway, granite countertops, full basement and a beautiful open floor plan. All homes also include spacious front and back yards.”
Tsiolis said the Bellwood Avenue homes sold before the construction was completed, and the first three homes in the Englewood development sold before the construction started. As of April 20, all 12 Bellwood Estates homes have been sold, he noted.
“We anticipate that this success record will be replicated [with the two new Englewood homes],” he said.
Tsiolis said that the new homes have caused average housing prices in Bellwood to increase markedly.
According to Crain’s, before the Randolph Estates project, “the median price of homes sold in Bellwood was $113,000.” During the first quarter of 2018, however, the median home price in the village was $163,000 — up roughly 33 percent from $123,000 in 2017.
Tsiolis said that the two Englewood homes will take up to four months to finish once the engineering phase is complete. He expects to have them ready for would-be homeowners by the fall.
Tsiolis said that the village is looking into the prospects of building additional housing developments.
“We’re [studying] the sites and looking to continue projects because they’ve been so successful,” he said. “Mayor Harley is very excited about that.”
In the statement the village released, Harvey said that the building “new and larger homes in Bellwood remains a priority” for the village.
“Like the towns around us, Bellwood is landlocked and we will continue to find ways to meet our residents’ needs,” the mayor stated. “They have repeatedly said they want to stay in Bellwood, but that they have outgrown their homes.”
Correction: This article has since been updated to more accurately reflect information about the home sales.
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