Property sales in Evanston increased last month, but were still off more than a third from last year’s already sagging levels.


Property sales in Evanston increased last month, but were still off more than a third from last year’s already sagging levels.

A total of 50 properties changed hands in April, according to the City Clerk’s office, compared to 80 in April 2008.

The recent high for the month occurred in 2005 when 180 properties changed hands.

The average selling price rose to $466,000 from $337,000 in March, but that was largely due to the sale last month of an eight-story apartment building at 1410 Chicago Ave. for $5.6 million. Excluding that transaction, the average price would have been up only a little from March.

In the first two months of its new fiscal year the city has collected a total of only $187,000 in real estate transfer tax revenue, far short of the $250,000 a month pace needed to meet its $3 million budget goal.

Bill Smith is the editor and publisher of Evanston Now.

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1 Comment

  1. Real Estate Transfer tax look at it another way
    City is down about $300,000 in two months – that is 4-5 city employees salaries and benifits, we will need to make this up in property tax increases on this fund alone! What about the other revenue funds?

    I believe each $400,000 translates into a one percent property tax increase, thus this lost of transfer tax in just two months is a almost a 1% increase in the property tax!

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