Feeds:
Posts
Comments

Archive for the ‘Real Estate’ Category

The owner of the five-bedroom, French Provincial-style mansion — the backdrop for five seasons of the now-concluded Fox hit TV series “Empire” — cut his asking price by $2 million Thursday to $7.5 million.

The $2 million reduction shows how motivated owner Salvatore “Sam” Cecola is, listing agent Michael LaFido of @properties told Elite Street. Cecola, who had the mansion built in 2008, first listed it for $15.9 million in 2013, and then reduced it to $13 million in 2015, $12.5 million in 2016 and $9.5 million in June 2019. The latest reduction means Cecola has dropped his asking price by half since first listing it.

On “Empire,” the 17,597-square-foot mansion is the home of record mogul Lucious Lyon, who is played by Terrence Howard. And Cecola now has adopted Lyon’s surname as the mansion’s name, dubbing it the Lyons Mansion, LaFido said.

Read more here.

Related: They’re finally marketing the ‘Empire’ mansion as the ‘Empire’ mansion

Read Full Post »

To lure Sears into a Chicago suburb, officials crafted the largest tax break package ever awarded to a company in Illinois. It resulted in revenue shortfalls, disappearing jobs and unexpected tax burdens, a Daily Herald and ProPublica review showed.

On a hot Sunday afternoon in June 1989, two of the most powerful men in Illinois met to watch a ballgame at Wrigley Field — and, if all went well, to make a deal.

James R. Thompson, the state’s four-term Republican governor, and Edward Brennan, chairman of Sears, Roebuck & Co., the world’s largest retailer, had been deep in talks for months.

The stakes were high. Brennan was threatening to move Sears’ corporate headquarters, located in downtown Chicago in what was then the tallest skyscraper in the world, to another state. The move would rob Illinois of thousands of good-paying jobs, tens of millions in tax revenues and its reputation as a business-friendly state.

As the two men watched the Montreal Expos blank the Cubs 5-0, dropping the “Lovable Losers” out of first place, Thompson told Brennan he’d do whatever it took to keep Sears from leaving. The state had crafted a package of financial incentives that the legendary political deal maker believed was too good to pass up.

After the game ended, Thompson called up one of his closest associates, Jay Hedges, director of the state’s Department of Commerce and Community Affairs. In a recent interview, Hedges recalled Thompson delivering the news of his breakthrough.

“Well, Jay, Sears is staying in Illinois,” Thompson told him. “And they want to move to Hoffman Estates.”

Read much more here.

Read Full Post »

Retired Bears linebacker Brian Urlacher offers Mettawa estate as $9,000 rental. The north suburban Mettawa seven-bedroom former home of retired Chicago Bears linebacker Brian Urlacher, who is offering the estate as a rental for $9,000 a month.

When it comes to finding an occupant for his seven-bedroom estate in north suburban Mettawa, retired Chicago Bears linebacker Brian Urlacher is taking a new tactic — and it’s aimed at urban dwellers fearful of the coronavirus.

Urlacher now is offering the 6,829-square-foot mansion, situated on 9.4 acres, as a rental for $9,000 per month. The estate, located 36 miles from the Loop, remains for sale at just under $1.8 million — well below the $3 million he sought when he first listed the property in March 2017.

“We’re offering it either for a long-term rental or for a sale,” said listing agent Alex Wolking of Keller Williams Chicago. “The main reason is, I have had a number of inquiries over the past two weeks from people in the city looking for a summer rental in the country to escape the city and all of the pandemic chaos.”

Editorial note: “Is this marketing or mongering?”

Read more from the Chicago Tribune here.

Read Full Post »

Cook County Assessor Fritz Kaegi is planning to reduce assessed values on all properties throughout the county because of the expected effects of the coronavirus shutdown.

Cook County Assessor Fritz Kaegi plans on decreasing the assessed value of every parcel in the county ahead of the August 2021 tax bills, using historical data from past economic crises and market trends before the nationwide coronavirus shutdown.

Normally, only the south suburbs would be in line for a reassessment this year, but Kaegi said he wants his office to be ahead of the effect the economic shutdown is having on the real estate market.

“It won’t be a full reassessment, but we will take into account our best estimate,” Kaegi said. “We wanted our assessments to reflect what was happening to everyone. This wasn’t just having an effect on one third of the county, so we didn’t want to see a disparity.”

In Cook County, Kaegi said property values could drop 10% to 50%, depending on location, sales data and historical values. The decreases wouldn’t be reflected on Cook County tax bills until the second installment, due Aug. 1, 2021.

Read more here.

Read Full Post »

84 Dundee Lane in Barrington Hills

A 13,000-square-foot mansion in northwest suburban Barrington Hills only sat on the market for a couple months until it was spoken for.

The house, situated on more than five acres on Heather Lake, sold Wednesday for just over $4 million. It came on the market for $4.75 million in October and was under contract within 62 days, Crain’s reported.

The last time a home in the area sold for at least $4 million was in March 2019, when a 20,500-square-foot house went for nearly $4.5 million about five years after it was initially listed.

Read more here.

Read Full Post »

This slideshow requires JavaScript.

“Delightfully tucked away & nestled on 6.6 acres of private land, this quality designer renovated 4 bed/4.5 bath ranch overlooking a tranquil forest preserve & lake, welcomes you!

Floor to ceiling windows adorn the back of this unique, almost 6500 sf of finished space featuring home, allowing the sunlight to flood year round bringing the outdoors inside. The home boasts magnificent architectural details, heated indoor pool, access to balconies from every space. A flowing & seamlessly laid out floor plan, radiant heat flooring, tons of stonework, beamed cathedral ceiling, gleaming engineered floors.

Fabulous gourmet kitchen has quartz & granite countertops, stainless steel appliances, center island w/additional seating & prep-space opens to an elegant formal dining room. Breathtaking living room w/wood burning stone fireplace is perfect for all type of family gatherings.

Serene master suite w/luxurious master bath, & additional en suite bedroom. Sought after & welcoming walk out lower level offers indoor pool, spacious family room w/second kitchen, wet bar, stone fireplace, bedrooms & baths is perfect for retreating & entertaining your guests, watching stunning sunsets. Close to town, train, schools, Barrington Hills stables, bike & hiking trails, shopping, dining, expressways.

Come see for yourself – be wowed with the endless charm & exceptional value this one of a kind home provides!”

To search multiple realtor listings, click here.

Read Full Post »

Sean Patton Jr., 28, was shot and killed March 7, 2020 at a party held at a rental home in the 300 block of Old Sutton Road in Barrington Hills. – Original Credit: Family of Seah Patton Jr.(Family of Sean Patton Jr. / HANDOUT)

When Litita Herrod’s daughter woke her up in the early morning hours of March 7, she said she just knew something bad had happened.

But soon she learned her worst fear had come true. Her son, Sean Patton Jr., 28, had been shot and killed hours earlier at what authorities called a “large party” held at a big, ranch-style rental home in Barrington Hills.

According to the Cook County medical examiner’s office, Patton’s death was determined to be a homicide due to multiple gunshot wounds.

Barrington Hills Police Department spokesman William Walsh said Wednesday no arrests have been made. He said investigators are following leads but have not publicly identified any suspects.

Walsh also said that multiple people were shot during the incident. He said authorities are working to identify the others who were shot.

Read the full story here.

 

 

Read Full Post »

346 Old Sutton Road

“In late February, the Village of Barrington Hills became aware of a home in our jurisdiction that was being marketed as a short-term rental space for uses such as vacations, conference centers and weddings, by accommodation facilitators such as Evolve, Vrbo and Airbnb.  The advertised use of the home suggested that it was not in compliance with an individual’s residential use of a home. 

The use of a residential property for purely commercial purposes is not allowed in Barrington Hills under the Village’s zoning regulations. 

On March 5, 2020, at the direction of the Village Board and Administration, the Village Attorney contacted one of the Property Owners and notified them that the advertised use of the home is strictly prohibited under the Village’s zoning regulations and could not lawfully occur. 

On March 6, 2020, the Property Owners’ Attorney contacted our Village Attorney to address this matter who, in turn, reiterated that the advertised use of the home was illegal and informed the Property Owners’ Attorney that the online Vrbo and Airbnb advertisements, as well as signage on the Property, should be immediately removed.  The Attorney for the Property Owner concurred with the Village Attorney’s assessment and stated he would advise the Property Owner that such use was prohibited and that the advertisements and signage must be removed. 

At no time was the Village aware that the Property Owners had a scheduled event for Friday, March 6, 2020.  The Property Owners did not cancel the event, despite the advanced notice from the Village that such use is strictly prohibited under the Village’s zoning regulations.   In the early morning of March 7, 2020, the Barrington Hills Police Department responded to call of shots fired at the Property.

The Village of Barrington Hills is deeply saddened by the events that occurred. Our current zoning codes exist to protect the health, safety and welfare of residents and to guard against the use of property in the Village which is not in keeping with the Village’s residential standards. Please be aware, this is an ongoing investigation and the Village can only release limited information. The Village will remain vigilant to halt such other uses as it becomes aware of any other property being used for short term rental.  The Barrington Hills Police Department would like to remind and encourage residents to never refrain from reporting suspicious activity or requesting assistance or service.”

Read Full Post »

A flyer advertising the rental home at 346 Old Sutton Road in Barrington Hills is pictured March 10, 2020 outside the business where Cook County treasurer’s office records show the property’s tax bills are sent. The home became a crime scene after a Chicago man was shot and killed there March 7.(Pioneer Press / Pioneer Press)

Less than two weeks before a Chicago man was shot and killed at an Airbnb rental home in Barrington Hills, village officials discussed at a meeting the issue of short-term rentals.

Village officials discussed the issue at the Feb. 24 Village Board meeting, according to an audio recording of the meeting.

They mentioned nearby Lake Barrington’s decision a few years back to ban short-term rental after an early-morning shooting in April 2016 that left two people injured.

Ultimately, the Barrington Hills Village Board decided to wait for more information and research on what other communities have done.

According to village attorney Mary Dickson, the village code does not explicitly address short-term rentals, but it says that property in the residential district is only allowed for residential use, not commercial use. She said the fact that the owner did not live in the house and was only going to use it as a rental violates the code.

Dickson said the property owners were made aware of this violation prior to March 6.

Read more from the Chicago Tribune here.

Related:NEW! Solitude Ranch w/Indoor Pool, Event Friendly! $599 per night

Read Full Post »

A Barrington Hills police vehicle outside remained parked outside a home on Old Sutton Road on Sunday morning as investigators continued to search for clues in a deadly shooting there during a house party early Saturday morning. (Steve Zalusky | Staff Photographer )

Authorities continue to investigate the fatal shooting of a man killed early Saturday morning during a house party at a rented Barrington Hills home, but they offered no new details about the slaying or the victim’s identity Sunday.

A Barrington Hills police vehicle and a truck from the Cook County Major Case Assistance Team stood guard behind yellow caution tape Sunday morning outside the residence in the 300 block of Old Sutton Road, a secluded area of large homes and sprawling fields.

Officers called to the home at 3:22 a.m. Saturday on a report of shots fired arrived to find the dead man, police said. The Cook County medical examiner’s office on Sunday said the man died from multiple gunshot wounds and ruled his death a homicide,

A preliminary investigation revealed that a large party was being held at the home by people who live outside Barrington Hills and had rented the property on a short-term basis, reportedly through Airbnb.

Read more here.

Read Full Post »

Older Posts »

%d bloggers like this: