Notice the address? 1625 West Estes. Right across the street new condos are going up at 1620 West Estes. Down the street new condos are going up at the Adelphi. We are being flooded with cookie cutter condos causing densification.
Over-development with no parking.
Then we have Infomercial after infomercial (community meetings).
Don't be fooled folks, this is all in the name of a campaign contribution for Alderman Moore. Raising the campaign coffers by playing the game with the out of ward developers. Come to my office, ask for a community meeting, leave a campaign contribution. Simple as 1-2-3.
Run the realtors and developers through the building process. Even Alderman Moore says it himself.... “As with every proposed zoning change in the neighborhood, this proposal must be subject to a thorough community review process.”
So, If this project on Estes didn't fund his campaign, the one across the street, or the one down the block did.
Then we get stuck with all these For Sale signs that sit in front of the properties. Huge signs, some 15 feet high. This one here reads we have five condos at 1625 West Estes. They market the project with a sign that reads, Only four are left.
When do you think they will bring out the advertising sign that said, Only one left? That's when it counts.
What's the realtor do when the condos aren't selling? Look at the sign.
That's right folks, when they don't sell, it's time to also reduce the cost.
Slash the price. Lower the bar.
Red flag for a soft market on condos. Huge market for "Condos For Sale" sign making business.
6 comments:
Please help keep our neighborhood clean. Please call 311 and tell them you want to check the permit for a suspected illegal sign. Give the address. Please remember to ask for a tracking number for your call so you can call back later and find out what happened. THANKS!
Paradise - I'm not sure where you go that 300% since 2000 number, I think 300% since 1990 is more credible,...However, I don't disagree with the gist...
I do agree that now is the time to stop issuing zoning variances that only serve to create even more excess inventory. If the prices drop 35%, you are going to have some VERY pissed off constituants Joe, and no matter how you try to blame it on "larger forces" we'll do everything we can to lay the blame at your doorstep, where it belongs. I hope you are listening.
Charlie, this is one of the reasons a comprehensive plan is needed, and it shouldn't created based on Joe's whims and the opinions of the peanut gallery. Actual expertise and leadership is needed.
I agree with luntave!
In the last year, Estes and Sheridan has gotten safer due to condo conversion. GOODBYE GANG-BANGERS! Now I hope to see Estes and Clark improve. Last summer I called 911 and 311 every two weeks due to prostitution and gang tags around the Adelphi.
Development Improves communities. Yesterday I spent nearly $50 in Evanston. Soon, I hope to spend more in my own community.
Joe on Estes
Paradise -- I appreciate your point about real estate appreciation but there are many RP residents who have sat on property for decades and they saw NO appreciation (and in some instances their property values fell). Appreciation of any asset be it stocks or real estate or antiques or art tends to go in fits and starts with long periods of no movement. So, we've seen a big jump since '98 but the ten years prior saw no movement at all. For all any of us know the next 10 years will be flat also. Except in very frothy markets that experience severe economic shock(s), real estate prices rarely plummet. They just flatten or drift. People just stop selling and sit tight. Unless there is a compelling reason for people to rush out of a location, you won't get big price drops. It really all revolves around supply v. demand, and I'm not sure where either are at right now.
Paradise - I sympathize with your predicament. I think Lunt Ave and Pamela made my response to you for me though
No offense intended.
I continue to be concerned about excess inventory question though, which I believe Pamela has articulated quite well on other posts. Any real estate wonks out there who would care to comment on that?
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