86-28 VACATING PORTION OF RIGHT-OF-WAY - LINCOLN SQUARE

Home Browse Search

Re: Sidewalk Vacation 100 Block South Main Street Decatur, Illinois SALE 1 149 E. Main sold in March of 1986 for $28,000. Walters to Mutual Home & Savings. 19.5' x 120' lot or 2,340 S.F. improved with oId 3 story building with only lst floor which has been modernized be- ing used. Sale reflected $11.96 S.F. overall to land area. SALE 2 East side of 200 block of N. Main sold in March of 1986 for $57,500. Striglos to Glenn. Old building burned and removed and now used for parking. Thus, land value only. 60' x 149' lot or 8,940 S.F. Price reflected $6.43 S.F. overall to land. SALE 3 135 W. Main sold February of 1986 for $25,000. Allied Industrial Workers to Casey. Lot approximately 29' x 128` or 3,712 S.F. im- proved with building. Sale reflected $6.73 S.F. overall to land. SALE 4 107-111 E. Main sold July of 1984 for $20,000. Bolay to Land Trust at Citizens National Bank. 3,075 S.F. of old building on 3,192 S.F. land. Sale reflected $6.27 S.F. overall to land. The above sales reflect a S.F. range of value from $6.27 to $11.96. Obviously, in the case of Sale 4 the building improvements made little, if any, contribution. Sale 3 involved a property that had been on the market for some time and apparently the owner decided to sell at a figure which appears low considering that there were building improvements. In addition to the above sales Lincoln Square Plaza acquired the two properties immediately to the West of and adjoining the pro- posed vacation area in 1985 at prices reflecting from $32.09 to $37.36 S.F. overall to land area. Obviously Lincoln Square Plaza needed these properties for the proposed development and the prices paid reflected what they were willing to pay. , After reflecting on Sales 1, 2, 3 and 4 above a reasonable land _ value would appear to be in the $6.50 S.F. area. Applying this estimated value of $6.50 S.F. to 985 S.F. gives us $6,402.50 as the estimated fee value of the Zand. Although the land in question