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7-25-1997 0 08AM FROM MSP REAL ESTATE. INC. 612 336 4565 P. 1 1
<br /> zoned R-3, a designation that allows 6 erage increase was 3.1%,a figureconsistent 40
<br /> dwelling units per.:acre. The rear of the with the general market ara according/to
<br /> low-income section borders the Windsor the brokers interviewed.Sale prices aver-
<br /> Place
<br /> subdivision, a single-family neigh- aged 98%of asking prices.Recent sales of
<br /> borhood,to the west. identical model houses showed no relation-
<br /> •+ Windsor Place is predi
<br /> Winately frame ship between value and proximity to low-
<br /> houses, some with brick facades;:modest income units. .
<br /> ranches;and some two-story-hoists rang-
<br /> ing in price from $130,0 50,000. Liberty Lal#01.Apartments,Lake Zurich,
<br /> Other,development in the arta includes Illinois _ T.
<br /> slightly older single-family housing and The second project reviewed was Liberty
<br /> townhouses.Portions of the single-family Lake Apartments in. Lake Zurich,Illinois
<br /> neighborhood border the. unsubsidized (see Table 2). Lake Zurich is located 37
<br /> Victorian Park apartment buildings. miles northwest of downtown Chicago in
<br /> The Victorian Park project was cors- Lake County.In 1094,the population was
<br /> structed in 1987 miler a Section 236 interest 14,947;the value of the average house was
<br /> ! subsidy.]Constriction consists of four-unit $183,781;the average income was$76,876.
<br /> S, • and eight-unit two-story frame buildings According to Living in Greater Chago,2134
<br /> with attached garages accented with dark building permits were issued in 1993 and
<br /> blue or black shutters,patios or balconies, in 1994;four were issued through Septem-
<br /> and some landscaping. The property ap- her 30,1994.
<br /> pew to be in good condition.The manage- Liberty Lakes was constructed on an ir-
<br /> matt resorted that 30 to 40 children live in regularly shaped 8,05-acre site.The density
<br /> the low-income housing units. as built is 8.7 units per acre,which is below
<br /> The MAP Multiple Listing Service the density allowed under the site's R-4
<br /> (MLS)reports that for the first nine months zoning---12 units per acre. Although the io
<br /> •
<br /> of 1994, 405 houses sold in Streautwood, Liberty Lakes density is somewhat higher
<br /> with an average listing price of$136,240 than the nearby R-3 zoning,which allows
<br /> • and an averagesale amount of$133,096(or ' 4,35 dwelling units per acre,because of the
<br /> . ; about 98%of the asking price).Sales in the mixed uses in the area,the density of Lib-
<br /> •
<br /> single-funny area immediately adjoining erty Lakes appears consistent with its sur-
<br /> . • the subsidized low-income units were ane.
<br /> • � =fuxdimgs.Uses to the immediate north are.
<br /> lyzed over the life of the development. a public library,a church,and a parochial
<br />. ! Data concerning sales of similar houses in school;uses to the northwest are the Lake
<br /> the subdivision not adjacent to the subs]- Zurich main post office and a fire station.
<br /> • dized housing as well as resales of houses Two single-family developments are lo-
<br /> bordering the subsidized units were col- cated east of Liberty Lakes across a street.
<br /> lected." OId Mill Grove is about 20 years old and
<br /> The research found 12 sales of single- has housing prices from $120,000 to
<br /> i family houses in the immediate vicinity. $200,000,and Jonquil Estates is a new de-
<br /> Sales of hou•
<br /> ses bordering the low-income veloprnent currently under construction
<br /> apartments showed increases in value and planned for 22 houses in.the$229,000
<br /> ranging from 2.3%to 3.6%per year;the av- to$292,000 price range. The developer of
<br /> •
<br /> TABLE 2 Uberhr Lake#summon'
<br /> ono Bedroom/One Bath Two Bedrooms/One Bath Three Bedrooms/Of
<br />• �� � Rant
<br /> Total No. Size(in Rent Per No. Rent
<br /> Size an Rent per' No, Size(N1 Rent
<br /> Number of square per square of square per square of square
<br /> of Units Units feet). Month -,-t Units feet), 'Month foot Units feet) ft
<br /> • 70 8 950 $867 $0.91 28 824 $907 31.10 34 950 S1.05;
<br /> 1. Under Seetfon 236,tenants ate required to pay at least 30%of their income,wig must be lower than 80%of the median.Ac-
<br /> cording to federal guidelines for 1994,80%of dor otedklkittiptplly of four in Wage,Lake,and Cook counties is
<br /> 839,900.
<br /> • 2. CAMS Publishing,Inc.,Lteinn iu a,19994 Editkm(DeortiiitMina*GAMS Publishing,Inc.,1994).
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