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Archive for the ‘Real Estate’ Category

Audio recordings of Tuesday evenings Board of Trustees meeting have been posted to the Village website. To access the recordings, click here.

Related: Another Roadblock For InZone Project Founder Terrance Wallace, Who Plans To Bring Boys From Violent Neighborhoods To Barrington Hills Mansion

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Algonquin Village President John Schmitt has died.

Algonquin Trustee Debby Sosine called him a fabulous village president and said on Saturday that she was very sad to confirm the news of his death.

“He was such a great leader and we are just sorely going to miss him,” Sosine said. “He was a personal friend of mine and other board members. It’s just a shock.”

A memory that Sosine says will stick with her was when she and Schmitt were able to drive a stretch of road that recently opened along Longmeadow Parkway to Route 31.

Read more here.

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Up for auction August 5th is +/- 34 acres currently owned by the South Barrington Park District. The property is located at South of the intersection of RT 59 (Sutton Rd. and Bartlett Rd., South Barrington, IL). The suggested opening bid is $500,000.

Ordinarily we don’t post real estate listings. However, given the proximity of the property to the Barrington Hills Village Hall, based on our experience we’re certain someone will have to voice their opinion on this matter.

Details on the property and auction terms can be viewed here.

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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

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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.

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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.

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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.

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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.

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“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.

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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.

 

 

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