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Article: Real Estate Review: Fortunes of 2 developers diverge in Gilberts.(Real Estate)

Article from:
Crain's Chicago Business
Article date:
March 24, 2003
Author:
Copyright

Byline: H. LEE MURPHY

The rural crossroads of Gilberts is shaping up as a field of dreams for one developer and a briar patch for another.

The Timber Trails subdivision at the south edge of Gilberts, a hamlet just west of Elgin with a population of about 2,500, has surpassed even the most optimistic forecasts of California-based developer Ryland Group Inc.

The company figured it would take at least six years to sell the 1,340 houses it planned to build on 540 acres, but after closing on 438 homes in 2002-the first full year of sales-executives now predict Timber Trails will be filled up in four years.

``Homebuyers have discovered the ...

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