Off The Shelf: Developer hopes price cut sells condos at Winnetka’s Library Plaza

WINNETKA
From $485,000
to $675,000

With its unexpected cutouts and jauntily angled roofs, the exterior of the townhouses at 460–474 Green Bay Road in Winnetka evince their 1965 origins. But on the inside, the developer David Glatt is fitting them out with a full complement of present-day amenities, including bigger closets, extensive crown and baseboard moldings, and expanded and upgraded master baths and kitchens.

Each of the units at Library Plaza Townhomes—the development is just south of the Winnetka Public Library—has three bedrooms and is spread across three levels. The largest floor plan (2,300 square feet, priced at $675,000) has a full basement; the smallest floor plan (about 1,900 square feet) is priced at $485,000.

Each of the eight units has its own private backyard and comes with one indoor parking space; they all share a big central courtyard that has a gazebo and numerous shade trees. Glatt, who bought the complex from its original owner in 2007, sold one townhouse in November 2008 but still has the other seven, which led him to cut prices by as much as 7 percent. “I’m not foolish enough to believe I’m immune [from the real-estate market’s swoon] because I’m in Winnetka,” he says.

 

photograph: DG Realty Group LLC

CORRECTION
In the December 2009 issue of Chicago, the pictures on the Deal Estate condo page were flipped. The photos accompanying the article about Mozart Manor in Peterson Woods (“Diminished Expectations”) actually depict the Library Plaza Townhomes in Winnetka; the pictures accompanying the article about Library Plaza Townhomes in Winnetka (“Off the Shelf”) actually depict the Mozart Manor in Peterson Woods. To see the page as it should have appeared, click here. Chicago regrets the error.

Share

Advertisement

comments
2 years ago
Posted by Dennis Rodkin

Here's how that project turned out: In 2011, the developer was ordered by his lender to get the units sold. Now an unrelated developer has bought most of the units and will rent them out. Crian's had the story:

http://www.chicagorealestatedaily.com/article/20120315/CRED0701/120319845/homebuilder-buys-will-rent-winnetka-townhomes

By: Mary E. Morrison March 15, 2012

A suburban homebuilder bought seven townhomes in the Winnetka development formerly known as Library Plaza and plans to rent the units out. An entity affiliated with Wheaton-based J. Lawrence Homes bought the units in January for $1.3 million, or roughly $186,000 each, according to county records. The company renamed the development Library Place and has renovated the units, which range from 1,800 to 2,200 square feet. It plans to offer them for rent at $3,500 to $3,750 a month. Jim Chittaro, CEO of J. Lawrence Homes, said the development's location made it a desirable acquisition. “It's an A-plus market being on the North Shore, and within that prime market it's right downtown and right across from the train,” he said. Developer David Glatt, who bought the eight-unit townhome development in 2007, was ordered last year by his lender to sell the seven unsold units. Mr. Glatt did not return a call

Submit your comment