Lexington Homes picks up large undeveloped parcel in Glenview

Lexington Homes acquired a large piece of mostly undeveloped land in a heavily residential portion of north suburban Glenview.

A spokesperson said the company is still finalizing plans for the nearly 9-acre parcel at 3365 Willow Road, which Cook County property records show was acquired for $4 million. The seller was a trust.

The property is surrounded on three sides by the Glenridge Meadows and Indian Ridge subdivisions, along with another residential area across Willow in neighboring Northbrook.

Glenridge Meadows, developed in the 1990s by the James Companies, sits on land roughly the same size as Lexington’s new property and features 37 homes. Indian Ridge, built in the 1980s by Allstate Development, is a sprawling subdivision with some 300 residences.

The property is across the Tri-State Tollway from the headquarters of Allstate Insurance in Northbrook.

Lexington is a prolific Chicago-area homebuilder, with a number of active projects in the city and suburbs.

But the Chicago-area housing market is in a bit of a funk right now, posting five straight months of declining home sales, with three months posting double-digit drops. The Chicago metro area saw 10,093 home sales in April, up from the 8,122 sold in March but a 6 percent decrease year over year, according to the Illinois Association of Realtors.

Prices in April, meanwhile, rose just 1.8 percent year over year, which represented the fourth consecutive month of declines. S&P CoreLogic reported more meager growth in Chicago last month than any month since October 2015, when prices were up 1.2 percent year over year.