The Crystal Lake Public Library has now purchased six pieces of property near the existing library so they would have room for the new library the public keeps turning down.
They bought one piece in January 2017 – AFTER they lost the referendum.
And their budget for the current fiscal year indicates they plan to buy another property.
So, what have they bought and how savvy have they been? Here are the facts about the properties they purchased:
The building at 91 W. Crystal Lake Avenue is a four flat, meaning the Library Board paid $150,000 per unit.
That same year, condos in Crystal Lake were selling for as little as $67,000.
Condos are selling right now for about $55 per square foot.
Here are the sale prices for some other homes near the library:
- 46 S McHenry Ave. sold last September for $125,000. That’s $79 per square foot.
- 34 S McHenry Ave. sold in September 2014 for $176,000. That’s $110 per square foot.
- 46 S Williams St. sold for $70,000 in July 2015. That’s $61 per square foot.
To put the purchases into another perspective, the Library’s annual budget is about $5.5 million.