Quantcast

Building sales slump continues

Property sales in Evanston were just half year-ago levels last month, marking the ninth straight month of year-over-year decline in sales volume.

Transactions

For the city that means that despite some record-high prices for major downtown buildings that changed hands over the past year, the real estate transfer tax fell short of raising the $4.055 million dollars anticipated in last year’s city budget.

Only 50 properties changed hands last month, compared to 100 in February 2007.

The City Clerk’s office reports that for the fiscal year ending in February total transactions fell to 1,256 — a decline of 28 percent from the previous year.

But largely because of the impact of a few major building sales — including the $101 million Park Evanston apartment tower sale that closed in January — the total value of sales declined just 12 percent, to $788 million, and the average selling price rose nearly 22 percent to $627,501.

Average Price

With $3.94 million in total real estate transfer tax revenue, the city fell 3 percent short of hitting its revenue target for the year. Anticipating a continuing soft market the city’s new budget cut the transfer tax revenue target to $3.7 million.

The following sales of $1 million or more were recorded last month:

  • $2.65 million for an apartment building at 614 Clark St.
  • $2.11 million for a nursing home at 1300 Oak Ave.
  • $1.95 million for a single family home at 2749 Euclid Park Place.
  • $1.56 million for a single family home at 1125 Sheridan Road.
  • $1.30 million for an industrial building at 2425 Oakton Ave.
  • $1.05 million for a single family home at 1200 Sheridan Road.

Editors’ Picks