The average selling price of properties in Evanston rose last month, boosted by several sales in the over-a-million dollar range; but sales volume continued to fall below year-ago levels, as it has for most of the past year.
The average selling price of properties in Evanston rose last month, boosted by several sales in the over-a-million dollar range; but sales volume continued to fall below year-ago levels, as it has for most of the past year.
For the new fiscal year that started in March, transactions so far are off 11 percent from 2005-06 and down 24 percent from 2004-05.
In the new fiscal year so far, the average selling price of homes and other property covered by the transfer tax is up 6.5 percent from the same period in 2005-06, and up 44.4 percent from the same period in 2004-05.
For the full fiscal year that ended in February, average selling prices were up 13 percent from the previous year.
The transfer tax is charged at a rate of $5 per $1,000 of selling price. The city expects to raise $4,000,000 from the transfer tax this year, a level it just barely reached last year. For the year to date, revenue is running about 1 percent below the level needed to reach the target.
The largest transaction reported in May was $5.2 million for a large courtyard apartment building at 400-412 Lee St and 940 Judson Ave.
Two single family homes a block from the lake drew the next highest prices — $1,974,000 for 1615 Judson Ave. and $1,395,000 for 1513 Forest Ave.
Two multi-family buildings in south Evanston were next on the list –- 814-816 Mulford St. at $1,375,000 and 801-803 Cast St. at $1,250,000.
A condo at 1519 Hinman Ave. sold for $1,065,000 and a single-family home at 2521 Ridgeway Ave. went for $1,005,000.
City will just raise the property taxes to replace the revenue!
Will the City elminate any services or employees or just raise property taxes again? The answer is always the same they will be raising our property taxes to account for the loss revenue from the real estate transfer taxes next year.
Junad Rizki