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High-end condos boost market

The sale of seven upper-floor condos in the Sherman Plaza development for a total of over $9.2 million helped sustain Evanston’s property sales market last month.

Transactions

A total of 174 properties changed hands last month, the highest monthly figure this year.

In all, 18 of those sales involved properties that sold for more than $1 million. That’s more than double a typical monthly total for high-end transactions in Evanston.

In addition to the condos on the 23rd and 24th floors of Sherman Plaza at 807 Davis St., which sold for between $1.17 and $1.5 million, four single family homes in the Lakeshore Historic District changed hands.

They ranged in price from $1.0 million for a one-story home at 1725 Hinman Ave. to $2.75 million for a 2.5 story home down the block at 1741 Hinman that has more than 6,000 square feet of living space.

Other transactions included a home at 1632 Wesley Ave. in the Ridge Historict District that sold for $1.25 million, a three-story commercial-residential building at 829 Foster St. that sold for $2.7 million and an industrial-warehouse building at 831 Chicago Ave. that sold for $1.3 million.

Average price

The average price of properties sold in Evanston slipped from $580,723 in June to $544,478 last month. June’s figure had been boosted by the $21.75 million sale of the 10-story office building at 500 Davis St.

For the last 12 months the average property selling price in Evanston stands at $552,347, an increase of 18.4 percent over the year earlier period.

Transactions have averaged 136 per month over the past 12 months, off 6.6 percent from a year earlier.

The city gets about five percent of its general fund budget from the Real Estate Transfer Tax, charged at $5 for every $1,000 of selling price.

In the five months of the city’s fiscal year so far, collections are running 16 percent ahead of the pace needed to reach the $4.055 million budget goal.

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