NOT LISTED FOR SALE
3 Beds
-- Bath
1,323 Sq Ft
0.6 Acres

About 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

Date Name Owned For Owner Type

Purchase Details

Closed on
Sep 29, 2011
Sold by
Artspace Projects Inc
Bought by
Elgin Artspace Lofts Limited Partnership

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,027,163
Outstanding Balance
$1,390,314
Interest Rate
4.14%
Mortgage Type
Seller Take Back

Purchase Details

Closed on
Sep 27, 2011
Sold by
City Of Elgin
Bought by
Artspace Projects Inc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,027,163
Outstanding Balance
$1,390,314
Interest Rate
4.14%
Mortgage Type
Seller Take Back

Purchase Details

Closed on
Feb 16, 2011
Sold by
Community College District #509
Bought by
City Of Elgin

Purchase Details

Closed on
Jan 20, 2011
Sold by
The Kane County Public Building Commissi
Bought by
Community College District #509 Elgin Co

Purchase Details

Closed on
Feb 12, 2004
Sold by
City Of Elgin
Bought by
Public Building Commission Kane County
Source: Public Records

Range of Values:

Collateral Analytics

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ICE

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Quantarium

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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 -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Elgin Artspace Lofts Limited Partnership $750,000
Closed Elgin Artspace Lofts Lp $1,000,000
Open Elgin Artspace Lofts Limited Partnership $2,027,163
Closed Elgin Artspace Lofts Limited Partnership $750,000
Open Artspace Projects Inc $7,643,866
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
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

Source: Public Records

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
Source: Public Records

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