Archive for the ‘Real Estate’ Category

The list of the 25 most expensive Chicago area zip codes in 2019 includes Wayne (14) and Barrington (17).

That ka-ching sound you hear could be coming from down the street or around the corner. Chicagoland has some pricey areas when it comes to real estate sales.

According to real estate website PropertyShark, of the 10 most expensive ZIP codes in the entire Chicago area, six are North Shore communities, three are western suburbs, and one is in the Loop. Kenilworth ZIP code 60043 is No. 1 at a median sales price of $1.24 million.

“There are multiple reasons why the most expensive ZIP codes are what they are,” said Bill Gill, a manager for Baird & Warner’s Naperville branch and a real estate veteran of 32 years. “Those reasons include: consistency in housing, schools, crime rates and cost of living.”

Clusters of high-priced residential areas — like on the North Shore — also make sense, Gill noted.

“Generally speaking, the most expensive ZIP codes are surrounded by other expensive ZIP codes, which ‘insulate’ the property values, therefore making the most expensive ZIP codes a ‘safe’ investment,” he said. “If there are little to no inexpensive homes in an area, it keeps all sales prices at a high level.”

Read more of the Chicago Tribune story here.

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Hoffman Estates officials have scheduled a pair of meetings for local governments and the public to weigh in on a proposed tax incentive to encourage development on the north corners of the intersection of Higgins and Old Sutton roads.

The village is proposing the tax increment financing district for 24 acres at the northeast corner and 16 acres at the northwest corner, independent of any existing development plan — including the Plums Farms concept that’s been stalled for two years.

Including adjacent right of way, the proposed TIF district would cover 64 acres. Initial revenue from the TIF would pay for public utilities on the land.

A Joint Review Board made up of the local governments that would see their tax revenues affected by the TIF district is scheduled to meet at 9 a.m. Wednesday, Sept. 11, at Hoffman Estates village hall, 1900 Hassell Road.

Read more here.

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Intent on making vacant land west of The Arboretum of South Barrington shopping center viable for development, Hoffman Estates officials may create a tax increment financing district to pay for sewer and water utilities on the site.

The land in question is a 24-acre parcel and a 16-acre parcel at the northeast and northwest corners of Higgins and Old Sutton roads. Along with adjacent right of way, a total of 64 acres would be included.

The development partnership behind Plum Farms dropped its request for a TIF district amid controversy over its plans for dense residential development, a proposal that drew objections from school officials and others.

Read more from the Daily Herald here.

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In May of last year, the Board of Trustees directed the Plan Commission to review the Village Comprehensive Plan and make recommendations for any changes they saw fit for the Board to adopt. The last time the Comprehensive Plan was updated was 2005 and amendments were approved in 2008.

After nearly a year of work and meetings, the Plan Commission has agreed to the changes they would like seen in the Plan. A copy of their proposed 2019 Village Comprehensive Plan can be viewed and downloaded here.

A public hearing is scheduled for July 8th at 6:30 PM to allow residents to voice their comments, or feedback can be provided to the Village Clerk at clerk@vbhil.gov.

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The Illinois Department of Transportation will be conducting a second public meeting tomorrow, June 25th, regarding their, “Illinois Route 62 Phase 1 Study.” The meeting is scheduled from 4PM – 7PM at the Barrington Park District located at 235 Lions Drive, Barrington.

IDOT’s first public meeting on the topic was held November 9th, 2017, so clearly they are taking their time. For those wishing to review what was covered at that first meeting, click here.

Those wishing to explore IDOT’s website covering further information on their progress (or lack thereof), on plans to widen Algonquin Road to four lanes in Barrington Hills, click here.      

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Since the first episodes of the hit Fox series in 2014, the Barrington Hills giant has been a set for the show while also lingering on the for-sale market. With the TV show’s last season coming, the seller “is allowing us to leverage that,” the listing agent said.

The for-sale listing for a 17,000-square-foot mansion in Barrington Hills, which has played the role of of Lucious Lyon’s baronial mansion on the Fox series “Empire” since 2014, at last makes reference to the TV show.

The house, on 8.5 acres on Lakeview Lane in the northwest suburb, has been on the market much of the time since June 2013, when it listed for $15.9 million, and separately has become familiar to fans of the television series. But until Monday, the real estate listing never mentioned “Empire.”

“The seller was hesitant, but now he’s allowing us to leverage that,” said Michael LaFido, the @properties agent who is representing the house. The new listing appeared Monday afternoon, after the home had been officially off the market but still offered on private agent networks since April 2018. Along with the new mention of “Empire,” the listing brought a $3 million price cut. The asking price is now $9.5 million, down from $12.5 million.

Read more from Crain’s Chicago Business here.

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The architect of Water Tower Place and many midcentury houses and churches designed this one in Barrington Hills with a vertical emphasis that complements the trees on the wooded site. 

A brick and glass modernist house in Barrington Hills designed in the mid-1960s by Ed Dart, one of Chicago’s great modernist architects, is on the market for the first time in more than 25 years.

Dart, whose best-known work is the soaring 74-story Water Tower Place, also emphasized the vertical element of this house on Brinker Road, letting it complement tall trees on the site. Both inside and out, he used Chicago common brick for an earthen connection.

The interior’s ample windows of glass and long catwalks on the second and third stories “give you sweeping views of the trees and the lake from any angle,” said Giacomo Antonini, who owns the 3,900-square-foot house on 6 acres.

“It still delights me,” 28 years after he bought the home with his now-deceased wife, he said.

Read more from Crain’s Chicago Business here.

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