Amid a severe housing shortage, the mayor of suburban Elk Grove Village believes it’s time to think outside the box for solutions.
A developer is building 20 new single-family homes in the village, and later this summer, a raffle will be held to determine who can purchase them.
At the corner of Tonne Road and Elk Grove Boulevard, passersby see a 2.6-acre empty lot. Mayor Craig Johnson envisions a subdivision that will soon be called Tonne Grove.
“We thought we’d try something unique, something that, from what we understand, has never done before … (the) first new home subdivision in over 20 years in Elk Grove,” Johnson said.
A church once occupied the site, but Elk Grove Village bought the land and tore the building down. After contacting half a dozen builders, the mayor finally found a contractor who shared his vision to construct 20 single-family homes that will be raffled off to local buyers.
“No one’s getting rich on this by any means, but it’s a win-win. We’ve had over 100 inquiries, serious inquiries, in the first three days,” Johnson said.
To enter, the buyer must currently reside in Elk Grove Village and must live in the home for at least five years. Tonne Grove will feature three single-family home styles ranging in size from almost 1,300 square feet to more than 2,000 square feet. Prices will range from $466,000 to $508,000.
“The inventory is low,” said Aneta Jop from Exit Realty Redefined. “It’s a sellers’ market, and buyers are struggling.”
Jop said homes in Elk Grove Village usually sell for the full asking price or above, and sometimes with multiple offers.
“I was just showing a house two, three days ago in Elk Grove Village. It was priced pretty low due to the condition, but the house was full of people looking at the house. The driveway was full. The street was packed,” she said.
The homes in Tonne Grove will be raffled off at an event on July 18, which the mayor compared to the NFL Draft, with balloons and fanfare. There is one catch: If a buyer’s ticket gets called, they have only five minutes to pick a lot from the ones available. The goal would be for them to move in to the homes next summer.
“We want to … test to see how it works, if it’s successful,” Johnson said. “If so, I’m hoping towns all around us can start doing (this with) a little piece of land because most towns have that.”
For more information about the development and how to register to become eligible for the July raffle, visit here.
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