Description

SOLD

Previously Valued To: $1,720,000

New Suggested Opening Bid: $989,000 (Reduced from $1,100,000)

Buyer’s Premium: 6%

Cooperating Broker’s Commission: 2.5%

Home Size: Approx. 4,700 sf

Lot Size: Approx. .385 Acres

Bedrooms: 6

Bathrooms: 4

Fireplaces: 3

Garage: 3 1/2 Car; Detached

2015 Taxes: $23,305.82

PIN #: 05071110260000

This six bedroom, four bath, turn of the century Victorian home was recently and completely renovated by the architect owner. Ideally located within a few blocks of Glencoe schools and downtown on nearly one half acre, this approximately 4,700 sf home boasts six bedrooms up (with five on the second floor!) The huge, covered front porch leads to a gracious entryway featuring a grand staircase, soaring ceilings and a large front living room perfect for entertaining. This light filled home is not only incredibly spacious, but truly inviting.

The main floor features large windows and high ceilings; a large formal living room with fireplace; a kitchen with eat in dining area; a formal dining room with custom built-ins; a music room/library with south facing bay window; a sun filled family room with fireplace; and a sun porch with a wall of windows overlooking the backyard (landscaped by Scott Byron) and the well maintained, in- ground, heated pool with retractable, automatic cover and diving board. A full bathroom with shower located off of the sun porch is easily accessed from the pool.

The second floor features five bedrooms, including a master bedroom suite with two walk-in closets, a fireplace, a separate seating area and stackable washer/dryer.

The third floor features a large bedroom, family room which can serve as a guest suite, as it has an adjacent, full bath with soaking tub.

The finished basement features a full service kitchen, a large laundry room with two washers and two dryers, two large storage areas, and an office.

The detached, three door, three and a half car garage features an expanded foot print as well as a large storage area above.

Pre-auction bids highly encouraged!

*NOTE: LANDMARK STATUS; SALE SUBJECT TO LENDER APPROVAL AND PAYMENT OF ALL TAX LIENS

Co-Listed with Jennings on the Park; Richard Neems

740 GREENWOOD AVENUE HISTORIC LANDMARK INFORMATION:

• 740 Greenwood was designated a Glencoe Landmark 1992, as part of the group of initial Landmark Designations in Glencoe.

• It was designated for its historic significance , as well as its architectural significance.

• Historically, it is associated with the life of James K. Calhoun , a Glencoe pioneer, whose volunteerism included serving on the Glencoe School Board, various Boards of the Glencoe Union Church (formerly the Glencoe Congregational Church), as a Justice of the Peace, as well as the Village President.

• The house is architecturally significant, as one of the few remaining original integral examples of Queen Anne architecture in Glencoe.

• The status of 740 Greenwood was upgraded to a Certified Glencoe Landmark in 2000. This level of designation requires binding review by the Historic Preservation for any proposed alterations that are visible from the public way and require a permit. It offers potential tax advantages noted below.

• In 2010, 740 Greenwood was listed on the National Register of Historic Places. It was the second such listing in Glencoe.

ADVANTAGES TO LANDMARK STATUS:

• Certified Landmark Status: This status allows for the owner to apply for the State of Illinois Tax Assessment Freeze. If a minimum of 25% of the assessor’ s fair market value is invested in the renovation of the residence, the property will be considered for a 12 year Tax Assessment Freeze. This is an eight year Freeze, at the value of the taxes at the time of application, followed by a four year ramp up to its correct level. At this time, the assessor’s fair market value is $916,060, which means that if 25% of that amount, or $219,015, is spent on the renovation of the house, the property qualifies for a Tax Freeze. It should also be noted that the renovation must comply with the Standards of the Secretary of the Interior for Renovation to qualify.

• Listing on the National Register of Historic Places: This status makes 740 eligible for the Facade Easement Program. In concept, the facade of the house is essentially donated to a local preservation group, typically the Landmarks Preservation Council of Illinois. If approved, a credit of 15% of the appraised value of the properly is credited against the owner’ s income tax, generally over a five year period. For example, if a house is valued at $2M, that results in a $300,000 credit over a five year period.

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