Completely Renovated Glencoe Victorian with In-Ground Heated Pool

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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.

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.

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.

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.

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