Completely Renovated Glencoe Victorian with In-Ground Heated Pool

Location: 740 Greenwood Avenue, Glencoe, IL, 60022

Completely Renovated Glencoe Victorian with In-Ground Heated Pool

Sold

Make A Pre-Auction Offer

[close]

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.

To review the documents for this property, please follow these 3 simple steps:

  1. Register on our website or log in with your existing account.
  2. Go to the Documents tab, click a document that you wish to review, and accept the confidentiality agreement terms by entering your password.
  3. You may now download the document.

Agree to this NDA to download:

[close]

Confidentiality Agreement

I/We the Accepting Party/Parties and any related entities, including brokers, (the “Accepting Party”) is/are interested in obtaining information regarding this Property (the “Property”) in order to evaluate the possible acquisition (the “Proposed Transaction”) of the Property. By entering my/our password I/We accept the following terms of this confidentiality agreement:

  1. Confidentiality: Any information with respect to the Property (collectively, the “Evaluation Materials”) provided to Accepting Party by Owner, Owner’s Representative and AW Properties / AuctionWorks any of their respective consultants, agents or employees (collectively, the “Seller Property”) will be used solely for the purpose of evaluating the possible acquisition of the Property by Accepting Party, and will not be used or duplicated for any other purpose. Accepting Party shall keep all Evaluation Materials strictly confidential provided that the foregoing shall not apply (a) to information of a public nature or learned by Purchaser from any source other than Seller, or (b) from and after the Closing Date. From and after the Closing Date Purchaser shall keep all financial information relating to the Tenants confidential. Nothing contained in this Section shall prohibit any party from disclosing information (I) to its lenders, members, partners, shareholders agents or consultants or prospective purchasers of any of the Parcels or any interest therein; provided that as a condition to any disclosure of Tenant’s or Seller’s financial information, Purchaser shall deliver to Seller a confidentiality agreement executed by the party receiving such information, which agreement shall be for the benefit of Seller and shall be at least as comprehensive as this agreement, (ii) as required by any applicable securities requirement, law or court order, or (iii) in any action between any of the following parties: Purchaser, Seller, Seller’s Affiliate, any Agreement, the provisions of this Section shall survive the Closing or any termination of this Agreement.
  2. No Disclosure: Accepting Party shall not (I) disclose the fact that discussions are taking place concerning the possible acquisition of the Property or any of the terms thereof, or (ii) conduct any discussions, negotiations or make any inquiries concerning the possible acquisition of the Property with any other person or entity, except for Owner and AW Properties / AuctionWorks, except as may be expressly permitted elsewhere in the Agreement and, only in strict accordance with the provisions hereof.
  3. No representations by Seller Parties: None of Seller Parties make any representations or warranties as to the accuracy of completeness of the Evaluation Materials or that actual results will conform to any projections contained therein. Owner, Owner’s Representative and AW Properties / AuctionWorks expressly disclaim any and all liability for representations or warranties, express or implied, contained in the Evaluation Materials or in any other written, oral or other communications transmitted or made available to Accepting Party by Seller Parties, including, without limitation, computer disks containing files with financial data or projections.
  4. No Obligation: Owner is under no legal obligation of any kind whatsoever with respect to the Proposed Transaction by virtue of this Agreement, the delivery of any Evaluation Materials, any discussions concerning the Proposed Transactions or otherwise, unless and until a binding written agreement is executed and delivered by all parties thereto.
  5. Accepting party hereby agrees to indemnify and hold harmless each of the Seller Parties against any and all costs, loss, liability or expense, including attorney’s fees and expenses, arising from or in any way connected with any breach of Accepting Party’s obligations under this Agreement.


Total Bids Placed:

Auction has expired

Auction Expired because there were no bids
Auction started October 4, 2017 12:00 am CDT

Auction Information

ONLINE-ONLY AUCTION

Bidding Starts: October 4, 2017 12:00 am CDT

Bidding Ends: October 4, 2017 4:00 pm CDT

Location: 740 Greenwood Avenue, Glencoe, IL, 60022

How to Submit Pre-Auction Bid

Click on the Pre-Auction Offer Form button on the property page and submit your bid with proof of funds.

How to Register & Bid Online

Register: If you do not have an account on this website, click the “Sign-Up” button above and complete the brief registration form. We will then send you an email with a verification link that you must click in order to create a new account.

Important: You must be pre-approved to bid online. Follow these instructions to get approved to bid online:

BID APPROVAL PROCESS:

Review all information and due dilligence documents posted on the property listing on our website.

Read the Terms and Conditions and Purchase and Sale Agreement posted on the property listing on our website.

Wire or overnight the certified funds required to bid on the property (for amount required see Terms and Conditions).

Click the “Register to Bid” button.

You will receive an email notifying you that you have been approved to bid on the property.

If you have any questions, contact us. We would be happy to assist you.


For wiring instructions email: info@awproperties.com or call 847-509-2757.

There is a 6% Buyer's Premium in effect for this auction.

You must be logged in to request a showing for this property.

You must be logged in to send private messages about this property.