51 S Spring St Elgin, IL 60120
Downtown Elgin NeighborhoodAbout This Home
Residences for Artists and Their Families - Like many railroad communities in Chicagoland in recent years, Elgin has been working hard to preserve and enhance its downtown, with the arts as part of the plan. When City officials were introduced to Artspace at an Illinois Main Street Conference, they asked Artspace to help them achieve their goals. The result is the Elgin Artspace Lofts, a $15.2 million mixed-use project that created 55 units of affordable live/work space for artists and their families plus 5,874 square feet of retail and community space for arts-friendly businesses and nonprofit organizations. The historic Sears structure, occupied most recently by Elgin Community College, has been completely renovated and linked to a new addition. The City of Elgin and the Elgin arts community were the driving forces behind the project, working with Artspace to plan and develop the facility. Elgin’s residents and civic leaders believe that permanently affordable space for artists will strengthen an emerging arts and culture cluster in downtown Elgin, serve as a catalyst for continued development, bring vibrancy and activity to the street and increase the number of individuals and families living and working downtown.
Ownership History
Purchase Details
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.Purchase Details
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.Purchase Details
Purchase Details
Purchase Details
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Elgin Artspace Lofts Limited Partnership | -- | Chicago Title Insurance Co | |
| Artspace Projects Inc | -- | Chicago Title Insurance Co | |
| City Of Elgin | -- | Chicago Title Insurance Co | |
| Community College District #509 Elgin Co | -- | Chicago Title Insurance Co | |
| Public Building Commission Kane County | -- | -- |
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Elgin Artspace Lofts Limited Partnership | $2,027,163 | |
| Open | Artspace Projects Inc | $7,643,866 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 12/01/2024 12/01/24 | Off Market | $800 | -- | -- |
| 05/02/2024 05/02/24 | Price Changed | $800 | +11.1% | $1 / Sq Ft |
| 01/10/2024 01/10/24 | Price Changed | $720 | +5.9% | $1 / Sq Ft |
| 08/08/2023 08/08/23 | For Rent | $680 | 0.0% | -- |
| 07/13/2023 07/13/23 | For Rent | $680 | 0.0% | -- |
| 08/23/2022 08/23/22 | For Rent | $680 | -- | -- |
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $119,440 | $1,492,478 | $243,224 | $1,249,254 |
| 2023 | $114,940 | $1,348,340 | $219,734 | $1,128,606 |
| 2022 | $106,607 | $1,229,452 | $200,359 | $1,029,093 |
| 2021 | $102,551 | $1,149,450 | $187,321 | $962,129 |
| 2020 | $100,080 | $1,097,327 | $178,827 | $918,500 |
| 2019 | $97,625 | $1,045,273 | $170,344 | $874,929 |
| 2018 | $97,355 | $984,713 | $160,475 | $824,238 |
| 2017 | $95,747 | $930,906 | $151,706 | $779,200 |
| 2016 | $92,107 | $863,629 | $140,742 | $722,887 |
| 2015 | -- | $791,594 | $129,003 | $662,591 |
| 2014 | -- | $781,821 | $127,410 | $654,411 |
| 2013 | -- | $802,444 | $130,771 | $671,673 |
Map
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