Quantcast

Big-ticket property sales send tax revenue soaring

rett-131121

Several sales of large properties this fall have sent receipts for Evanston's Real Estate Transfer Tax soaring to more than $1 million over full-year budget projections.

City officials, in preparing this year's budget a year ago, projected raising $2.1 million froin the tax, at a rate of $5 per $1000 of selling price. But receipts through the end of October totalled almost $3.2 million.

Big properties changing hands included:

  • The Oct. 3 closing on the sale, first reported in midsummer, of the 1603 Orrington tower complex for $61.5 million
  • The Oct. 4 sale of the property that houses the new Trader Joe's store at 1211-29 Chicago Ave. for $11 million.
  • The Oct. 9 sale of the apartment complex at 525 Kedzie St. for $7.25 million to a firm controlled by basketball star Isiah Thomas.

Those top-dollar transactions last month followed the big sale in September of the newly constructed 1717 Ridge Ave. apartment complex for $70.25 million on Sept. 10.

And another strong report for this month is already assured with the reported sale of the Church Street Plaza retail complex development for $70 million.

In the smaller-scale market, the following properties sold for over $1 million in the past two months:

  • A mixed-use retail and residential building at 1805 Central St. across from the Metra station brought $2.16 million
  • A lakefront home at 1114 Lake Shore Blvd. sold for $2.05 million
  • A corner house with a porte-cochere at 1304 Forest Ave. changed hands for $1.7 million.
  • A home at 1217 Michigan Ave. near the lakefront sold for $1.598 million.
  • A home at 2621 Harrison St. sold for $1.587 million.
  • An apartment building at 139 Ashland Ave. went for $1.35 million.
  • A home at 1242 Maple Ave. with a wrap-around porch sold for $1.2 million
  • A Georgian-style home at 745 Central St. sold for $1.121 million.
  • A home at 1600 Colfax St. adjoining the golf coursesold for $1.12 million.
  • A home at 2207 Orrington St. sold for $1.07 million.
  • A frame home at 1040 Michigan Ave. sold for $1.01 million.
  • A home at 2808 Lakeside Court in northeast Evanston sold for $1.05 million.

Editors’ Picks