T
he first property listed in a six-home development by Varda & Company is making waves in Morton Grove's market, which has not seen high-dollar sales like neighboring Glenview and other North Shore towns. The 4,500-square-foot home at 7304 Ponto Court is the initial offering at The Ponto Collection, with more to follow soon, according to Patrick McEneely, the @properties broker representing the developer. The asking price of $1.2 million is a new benchmark for Morton Grove's real estate market, but may attract buyers who are frustrated with the lack of inventory and rising prices in nearby towns like Glenview and Wilmette.

    The demand for new construction is high throughout Skokie, Morton Grove, Evanston, Wilmette, Winnetka, Glenview, and beyond, but there are only five or ten homes available in the entire area. With six new properties coming online, buyers may have more options to choose from. Some North Shore residents are seeking homes near the lakefront for its proximity to the city and high-quality schools, while others are being priced out of the market due to increasing home prices.

    Patrick McEneely has successfully tested this strategy before when he sold Varda's Elmwood Collection in Skokie five years ago. The development converted an old industrial building into seven townhomes sold at prices averaging $600,000, which was towards the high end of the Skokie market at the time. Heading north from downtown Chicago, there are no new single-family homes available at these prices for thirty miles, but McEneely believes there is a market for it in Morton Grove, just as there was in Skokie.

    The newly listed home on Ponto Court has already caught the attention of potential buyers after about three weeks on the market, and McEneely expects it to sell soon. The development will feature six two-story farmhouse-style homes with four bedrooms, three-and-a-half baths, two-car garages, and approximately 4,000 square feet of living space.

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