Property sales in Evanston are down 14 percent this year, but the average selling price is up 1.5 percent.
Figures from the City Clerk’s office show that 87 properties changed hands in September, down from 126 in the same month last year. The value of sales last month totalled $53.2 million, up from $51.8 million a year ago.
In the largest single transaction last month, Park Investment Properties LLC, controlled by developer Robert King, spent $4.25 million to close on its contract to purchase 1890 Maple Ave., the site of a planned 14-story mixed-use development, two weeks before the City Council, on a split vote, approved a planned development ordinance for the project.
Another potential downtown development site also changed hands. Parcels at 1521-1527 Chicago Ave. and around the corner at 518-526 Davis St. were sold by Davis Chicago, LLC to Imagine Properties 200, LLC, a newly formed entity headed by long-time downtown property owner Ted Mavrakis, for a total of $4.5 million. These properties were part of the site once planned for the failed Optima Promenade project.
And in north Evanston two adjoining commercial properties at 1729-1803 Central St. changed hands for $1.96 million.
Six residential properties cracked the $1 million barrier last month:
- Developers of the Sherman Plaza complex at 807 Davis St. sold a 25th floor condo for $1.56 million and a 23rd floor unit for $1.48 million.
- A condo in the mansion at 1314 Ridge Ave. that once was School District 65’s headquarters sold for $1.45 million.
- A single family home at 1423 Judson Ave. sold for $1.35 millon
- A single family home at 2424 Lincoln St. sold for $1.35 million.
- A single family home at 2440 Orrington Ave. sold for $1.24 million.
For the past 12 months the number of sales is down 10.5 percent, while the average price is up 28 percent compared to the year earlier period. The price figure has been boosted by a number of large commercial transactions late last year.
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.
Seven months into the city’s fiscal year, collections are running 15 percent ahead of the pace needed to reach the $4.055 million budget goal.
Lower income homes
It’s hard to believe that the average cost for a home in Evanston, according to the chart, is around $450,000.
Real estate prices
The average in the story is for ALL properties — not just homes. Commercial properties tend to increase the average.
More Data
The Sun Times and Tribune websites have services where you can look at historical transactions. I downloaded all they have available and put together a report, whihc is posted in the Real Estate Blog. There is a large price difference between the two zip codes. 60202 is up a bit more from 2003-2007, alghough its has lower prices.
In both zips the public records from these web sites is consistent with the realtor’s report that prices are up slightly in 2007.
Not questioning story
I wasn’t questioning the accuracy of the story’s chart, just that the stat is surprisingly high. I would love to see a stat of how many properties are valued at $450,000. I would think there is a big gap between properties in the $300,000 and $800,00 mark.
Condos vs. single-family detached
One way to get a better understanding of the pricing picture in Evanston is to look at this story reporting data from the local realtors’ association.
It breaks out condos and single-family detached homes.
If you want to get an idea of what $450K will buy, log onto any of the brokerage sites and search for homes in that price range. There are some SF homes in some neighborhoods and many condos around that price.