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Ald.'s home sweet home; developer ally gives Gabinsky good deal. (alderman Terry Gabinsky; developer Ronald Shipka Sr.)
A Chicago alderman who has supported a series of large projects in his ward by developer Ronald Shipka Sr. is purchasing a spacious new house from Mr. Shipka at what real estate sources say is significantly less than market value.
Terry Gabinski, alderman and Democratic committeeman of the North Side 32nd Ward, is paying $390,000 for the four-bedroom house on a triple lot in Mr. Shipka's Landmark Village development in the West Lake View neighborhood.
Alderman Gabinski declined to comment, but Mr. Shipka, 57, termed the price "fair" and said the alderman "is not getting any kind of a deal."
However, a professional appraiser retained by CRAIN'S CHICAGO BUSINESS estimated the value of the 3,060-square-foot home and land at $525,000 - or $135,000 more than Alderman Gabinski is paying. Other real estate sources pegged the value of the property, on the 1800 block of West Oakdale Avenue, between $450,000 and $600,000.
David Kunkel, an Appraisal Institute-certified appraiser retained by CRAIN'S, characterized the house as "a real steal at that ($390,000) price, from what I see."
"Where do I sign up to get the same deal?," Mr. Kunkel quipped.…
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Source: HighBeam Research, Ald.'s home sweet home; developer ally gives Gabinsky good deal....
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