This 2-Bedroom Duplex Loft in Evanston is 29% Under the 1995 Price: 601 Linden
We rarely chatter about properties outside the Chicago city limits but this 2-bedroom authentic duplex loft in the New Biscuit Lofts at 601 Linden Place in Evanston caught my eye.
It is a short sale and is now listed about 65% under the 2005 purchase price of $450,000.
First listed in June 2011 for $349,000 it has now been reduced to just $160,000 which is about 29% under the 1995 price of $226,000.
At 1745 square feet, it has 14 foot high ceilings, exposed brick and skylights. The two bedrooms are on the second floor.
The kitchen has cherry cabinets and stainless steel appliances.
There is central air, washer/dryer in the unit and parking included.
For those concerned about the commute, the listing says the purple line El is one block and the Metra is 5 blocks away.
Is this a deal for those already looking on the far north side of Chicago who are willing to go just a little further north for the right property?
How badly are condos/lofts being hit in Evanston?
Ryan Gossett at @Properties has the listing. See more pictures here.
Unit #125: 2 bedrooms, 2 baths, duplex up, 1745 square feet
- Sold in June 1995 for $226,000
- Sold in September 2001 for $365,000
- Sold in July 2005 for $450,000
- Lis pendens foreclosure filed in September 2010
- Amended lis pendens foreclosure filed in May 2011
- Originally listed as a “short sale” in June 2011 for $349,000
- Reduced several times
- Currently listed at $160,000
- Assessments of $522 a month (includes cable)
- Taxes of $8125
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 17×14 (second floor)
- Bedroom #2: 17×12 (second floor)
The sellers/banks are idiots – at that price point, no buyer has a budget of 1300+ for taxes/assessments. Buyers are too stupid to look at total monthly costs while initially searching for properties – they only look at purchase price – so while they are doing their search, they will see this property, tag it, but then dismiss it when they find out about the 1300+ assm/taxes. Others, who are in the 2000-2400/month category won’t even see this property bc their initial search will likely include properties in the 250-400k range.
i dont see the 1700sqft?
and when i hear loft my mind imagines openness, just seems to narrow in the picks for me
I like the space. It would be a nice place for someone who doesn’t want to deal with the hassles of owning a house (not that association living is hassle free).
The assessments actually seem low for the space. The property tax is outrageous. Is this common for Evanston? Even if this place was worth $450,000 (like the owner paid in 2005), the taxes still seem high.
Yes, Jenny unfortunately taxes are that high in Evanston. A little place called Northwestern makes it so.
Taxes aside, which is normal for the town, these assessments are crazy.
Love the space, it needs some work to make it really shine, but I would seriously consider making an offer if the assessments/taxes weren’t so high. Anyone know how safe the area is?
those taxes are not high, Kenilworth and River Forest get my vote for insane property taxes.
river forest and evanston share a common problem, less taxable base because of churches and universities being tax free on a large part of their overall land. I think kenilworth’s problem is they contract out services.
Assessments don’t seem too bad considering all they include. I’m guessing what’s putting most people off is simply that it’s a short sale, which means that the listing price is not likely to be what is accepted and the deal has a high chance of falling through, after taking up months of the buyers time. The short sale process needs a major overhaul and fast.
jenny – at $450k, those taxes aren’t that bad. At $160k, they’re insane.
trudi – don’t even get me started on the NU/Evanston thing. NU was there first and has *never* paid property taxes (ie, why is it an issue? may as well assume that land is outside city limits). NU pays for the city services they actually use (they have their own PD, pay for fire, pay for water, pay for the roads, etc), and oh, by the way, is the largest employer in the city and largest employer of city residents. Evanston city government uses NU as an excuse for their inability to manage their books and has been using that excuse since the 1870s.
Elliot – The area is generally safe. There is sporadic tagging activity, but it seems to be young kid wannabes, not actual gang activity.
nonya—none of your history changes the fact that the taxes are high and will remain high in Evanston.
$522 isn’t a lot for cable and water? everything else on there is stuff every association covers. Most in Evanston cover water as well, so it’s really only cable that is added.
trudi – didn’t say they weren’t high, but blaming it on NU is a specious argument. Evanston has never in its history done a good job of attracting non-residential tax base.
Nonya,
books wise you are correct that NU doesnt use the cities services. but in reality they do. dont want to drill into it on a RE Blog but even you say that NU is the biggest employer a byproduct is employees congesting and breaking down roads to get to NU. you see where i can go from there.
but correct they use it as an easy excuse and always will, but you cant say that it isnt a factor. (just not the large factor evanston claims it to be)
A nice loft, good space, and taxes and assessments seem reasonable average for Evanston. (And of course would be reassessed anyway.)
The real negative is that this property is literally right by the Purple line and Metra tracks. If the unit is facing east (which isn’t clear from photos) then you have an unobstructed view and sound of express Metra trains and Ls screeching.
As for the neighborhood, it isn’t bad, but not Evanston’s finest. Hang out and smoke with the patients that congregate in nearby Grey Park at Main and Ridge.
http://www.redfin.com/IL/Park-Ridge/116-Berry-Pkwy-60068/home/13638496
Market must be hot. 10% down on a $585,000 asset. cool stuff, yo.
They should start taxing the stupid religious institutions in Evanston (and everywhere else).
I’m with you, jenny.
I used to play a little game in my native city, called “see how much taxable property you can find on________St, Blvd, Ave.
After I got finished adding up tax exempt, tax abated, or tax delinquent properties, I was hard put to it to figure out how the city (barely) kept the police and fire depts going.
If one property has to pay taxes, it ALL should be taxed. If there’s a fire in one of Northwestern U’s or Loyola U’s buildings or at St. Ignatius, we send all the trucks necessary.
Granting churches and educational institutions exemption from property taxes means we are subsidizing religion, which is not supposed to be. And don’t get me started on the Loyola/Sheridan TIF that is shoveling over $40M of area property tax revenues into renovating buildings on Loyola’s Rogers Park campus.
I think about this when I hear about the Markham home owner who got a property tax bill of $8100 for her little shanty that might fetch all of $100K on the best day of the next 20 years. The suburbs are even worse than the city because they have granted tax abatements and other tax-funded “gimmes” to developers of all the shopping malls and power centers that are now failing rapidly.. all for the sake of “economic development”.
We should all think of who we are subsidizing when we get our outrageous property tax bills… or freeze in our rentals because the landlord just got hit with a 50% increase in property taxes. If you think taxes for SF homes and condos are horrible, you should see the rates for large multifamily buildings. Last year, the taxes on my rental were about $100K, of which I figure about $2200 is mine, paid through my rent, for a 4 room apt with an old kitchen.
There are actually quite a few deals in Evanston right now. Lot’s of distressed / short sale properties.
That said, I think of Evanston as being like Chicago’s Santa Monica. You have proximity to some sketchy neighborhoods (i.e. parts of Venice) but the beach makes up for it all.
You keep on believing that…
“That said, I think of Evanston as being like Chicago’s Santa Monica. You have proximity to some sketchy neighborhoods (i.e. parts of Venice) but the beach makes up for it all.”
If it sells for 160K or lower than the last sale then you can appeal the taxes next time around. Thus, its possible to get the taxes lowered. I wouldn’t let taxes stand in the way. I’m not sure how assessments compare. My mom pays 575 on 1600 sq foot but her building includes TV and some utilities (all but electric), has security, and a pool/gym so you get more for assessment.
“You keep on believing that…”
I’m living it.
On a related note, as a beach and lake enthusiast, I am absolutely livid at this latest bit of news from up north. This story hasn’t even made the Tribune yet.
“Bluff collapse at power plant sends dirt, coal ash into lake” – JSOnline
http://www.jsonline.com/news/milwaukee/authorities-investigate-bluff-collapse-at-we-energies-plant-132929538.html
Danny (lower case D)
So are you saying you bought a unit for far less than that previous sale and were unable to get taxes lowered through an appeal? I understand that Evanston will probably just increase the multiplier but you should be able to get the assessed value lowered…so that at least your in line with comparably priced units.
@a local
I don’t own. I rent right on the beach in Evanston. I have clients in LA, so I spend a lot of time at the beach out there too — from Malibu down to Laguna.
“They should start taxing the stupid religious institutions in Evanston (and everywhere else).”
I agree with this.
Evanston also does dumb things like selling their road salt at cost to NU just before a big snow storm…
I’ve heard that there have been bidding wars lately in more “residential” parts of Evanston (I think HD commented upon why) but whether or not that would happen on this, probably not.
“They should start taxing the stupid religious institutions in Evanston (and everywhere else).”
Amen
Gringo: question – why do you value liquidity over all other considerations? What’s so important about liquidity to the exclusion of everything else?
wrong thread hd
“What’s so important about liquidity to the exclusion of everything else?”
I suspect he is a fugitive.
“They should start taxing the stupid religious Institutions in Evanston (and everywhere else).”
Yes, less churches and temples! Our tax dollars can be better used for smooth roads, tax breaks for business, new jails and mortgage interest deductions.
“Yes, less churches and temples! Our tax dollars can be better used for smooth roads, tax breaks for business, new jails and mortgage interest deductions.”
Correct.
There is a church every other block in this country. The economy is falling apart and yet watching the GOP debate you’d think the main problem of country is abortion right and gay marriage. I once read a bumper sticker which said it all “If You Want A Country Run By Religion – Move To Iran”
“it ALL should be taxed. If there’s a fire in one of Northwestern U’s or Loyola U’s buildings or at St. Ignatius, we send all the trucks necessary.
Granting churches and educational institutions exemption from property taxes means we are subsidizing religion, which is not supposed to be.”
It not just Christians. I also get appalled when I see tax-exempt Jewish synagogues. Not only are Americans subsidizing their religion, which we shouldn’t be, we are subsidizing racism in the form of support for the apartheid state in Israel, as today most of these “religious” synagogues are just fronts for politics and racial Zionism. You see the signs they have out front all over Chicagoland shuls: “We support Israel”. Well, US taxpayers shouldn’t have to support their religion and their politics with tax-exempt status, let them pay for it themselves.
Muslims are starting to learn these tricks too, and we shouldn’t allow it.
LOL! Somebody would live in this? LOL!