Million dollar homes in Arlington Heights is becoming common place. With 25 current listing over 1 million dollars and as high as $2.5 million you have a large selection of new construction high end homes. These homes are up to 6,000 sq feet and have up to 4 car garages. But with only 5 homes selling in this price range in the last 6 months the question becomes why are so many being built?
The highest price closed sale in Arlington Heights in the last 6 months is only $1,225,000. This is less than half the price of the current highest priced listing and the marketing time on this home was 273 days.
Builders have taken the "build it and they will come" approach, to bad for them the buyers don't agree. Many of these high end listings have been reducing prices to try and get buyers in the door, but this price range is truly hurting currently. With well over 2 years of inventory builders better be ready to hold these homes in inventory for an extended period of time.
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