North Shore Views
I took my daughter to her hockey game the other day at North Shore Ice Arena and had some extra time while the kids were getting their pre-game pep talk in the locker room, so I wandered across the street to check out Meadow Ridge, a new community of 164 townhomes and duplexes being built in Northbrook. It’s just off of Techny Rd., and across from Techny Towers (which you can see in the background of the photo above). I was able to walk through the model and chat with Shannon Gibson-Giampa, one of the sales reps for the development. Here’s what I learned:
There are six different floor plans ranging in size from 2,236 to 2,662 square feet of living space; each has another 285 to 555 square feet of bonus space that can be finished as an office, exercise, storage or media room. Five of the floor plans have three bedrooms and two and a half baths. The sixth has two bedrooms and two and a half baths. Prices range from $495,000 to $895,000. Monthly assessments are $500 – $600.
Meadow Ridge is being built by KZF Development, the same company that built Royal Ridge, a gated community of luxury homes and townhomes on the other side of Waukegan Rd. It’s just north of Willow Festival, so there’s plenty of shopping and dining nearby.
I learned another interesting thing about Meadow Ridge. Like Royal Ridge, it is offered under an alternative form of ownership known as “land lease” or “ground lease”, which means that the land on which it is built is leased, not sold outright to the home buyer. Royal Ridge was the first such arrangement on the North Shore but apparently it’s pretty common in other states and countries. (I think most or all of London works this way). In this case, the land is owned by the Society of the Divine Word and leased for 150 years. Supposedly, the benefit of this to the home buyer is that the home is more affordable. Your initial purchase price will be less than it would be for a comparable residence in which the land is included. Otherwise, it’s pretty much like owning any other home when it comes to mortgage, taxes, insurance and sale, subject to the 150-year ground lease.