How did this happen? How could a developer propose a 6 story building to the public, then build 7 stories? Why is it you always have to hear about these problems here first?
From the flier: " ... a proposal to tear down ... to build a 6 story mixed-used building containing 12 condominium units and one commercial unit.I've got the public presentation blue-prints. It says SIX FLOORS - NOT SEVEN!
Blognotes: How did this happen? How could a developer propose a 6 story building to the public, then build 7 stories?
How the hell does this guy get away with the crap? Does Joe think and his developer pal think we don't know the difference between six and seven in Rogers Park?
This building is seven stories. NOT SIX.
And we won't even get into how unaffordable these units are. No wonder Coe pulled out of the CPAN deal.
17 comments:
I don't think that Coe's plans to build a building one story higher, are the biggest problem we have around here.
If seven stories is within the zoning for the lot, I don't see why the developer should not be able to make a last minute change in plans without getting our consent. As long as the use for the building remains the same, and the building is built within the codes and zoning, then it is up to the developer.
I find it amazing anybody wants to build anything at all in this market climate, what with such a terrific glut of condos on the market.
I just wish Coe would build ANY of the buildings he planned for this area, especially the 24-unit for Howard St, which would be a big improvement on that street.
It's too bad the whole thing is skewed by the pay-to-play politics. If it weren't for the fact that you have to be politically plugged in to develop at all, and that this means that the guy just about has to be cozy with the alderman who we despise, we would be glad to see this development coming.
If ever it really comes.
looks better with 7 stories
seven is a luckier number
they did a nice job,
the building that replaces the tophat is coming along nice too,
increased density is good for the city and so is having more residents living on morse
Well, Jeffo. if you like it so much, buy one then.
Seems like one extra story isn't anything to get that bent out of shape about. It's not like he's planning on building a 15 story building. Big deal.
Once zoning is changed, developers build whatever they want
Short-memory syndrome in Wicker Park
City law favors developers when buildings don’t go up as promised
by LAURA PUTRE, Editor, Chicago Journal
"What the developer presented to you, the alderman, and the community is not being built as presented."
More...
I wouldnt want to buy one if i could, im not a condo guy
i like whole buidings,
but its an improvement over what was there
its easier to ask for forgiveness than permission though
Isn't the construction of high density, (relatively) high priced condos on Morse, the supposed main street of Rogers Park, a good thing? One would think that this would be lauded as a positive step in Morse's revitalization, not criticized. So it has seven stories instead of six - is this really the battle that you want to fight, particularly when the change appears to be perfectly legal? This is one more step in cleaning up what should by all rights be one of the nicest neighborhoods in the entire city.
All that and a bag o chips. Who gives a shit?
"How did this happen?"
MC&J BUILDING CO., INC.
ROBERT A COE, President, Secretary, registered agent
$1,500.00 3/29/2007 to Contribution
Citizens for Joe Moore
$1,500.00 3/28/2007 to Contribution
Citizens for Joe Moore
(that's not a typo - Moore declared TWO contributions at the Golden Passport Level on TWO consecutive days)
$1,000.00 4/6/2006 to Citizens for Joe Moore
$1,000.00 12/23/2004 to Citizens for Joe Moore
$1,000.00 3/3/2004 to Democratic Party of the 49th Ward
Morse & Greenview
c/o Robert Coe
555 Skokie Blvd
Ste 500
Northbrook, IL 60062
$1,000.00 12/19/2007 to Citizens for Joe Moore
$1,200.00 11/6/2006 to Citizens for Joe Moore
$1,200.00 11/6/2006 to Citizens for Joe Moore
(that's not a typo - Moore declared TWO contributions of 12 bills each on the same day from Coe months before the election)
$9400 total
Joe is DIRTY
you can look it up
any questions?
We can't buy all the houses and condos we LIKE, Craig, or I'd be so loaded with real estate I couldn't keep track.
I think Coe's place looks better with 7 stories, too, but I doubt he's going to be able to sell them for anything close to the prices advertised for at least another 3 years. Somebody needs to tell him that it isn't 2005 anymore. Geez, you can barely get these prices for newer 2 beds in LAKEVIEW these days.
Given that he has never started on the place on Howard proposed last year, no doubt because of cruddy market conditions, I have to doubt he's going to be putting this one up anytime soon. That means that the neighborhood can continue to, ah..enjoy (heehee)whatever is sitting on the site at present.
Also, there are no more Monkeyshine Mortgages to be had, so there will be a shortage of flippers ready to scarf up these units. Worse, FNMA and GNMA, as well as most mortgage insurers, are demanding the following for condo mortgages: A. at least 10% down payment, B.at least 70% of the development must be owner-occupied, and C. at least 10% of all assessments must go to the buildings reserve.
My agent told me that NOBODY will write a loan for a Rogers Park or Edgewater condo with less than 10% down. And now, thanks to the monster foreclosure rate throughout the country, the cost of mortgage insurance has gone up, so it is really better if people come in with 20% down.
Additionally, borrowers must all not only have a downpayment, but must have a much higher credit rating. Where a FICO of 660 or better used to get you the best rates, you now need 750.
So, with all that, I don't believe that Rogers Parkers or the denizens of Edgewater will have to worry about too much more development being foisted on them where they haven't been able to approve every brick and every window. We can now go back to looking at buildings like 1735 W Pratt with the bullet hole in the window,or the Medina bldg on Lunt, or the boarded-up storefronts on Howard, and the ramshackle frame SF crapboxes that people around here seem to love so much.
North Coast is absolutely correct. I received a monthly newsletter from an area realtor. So far, for the first quarter of 2008, home sales are DOWN 30% compared to last year.
I subscribe to three realty sites that send properties listed everyday. Believe it or not, you can find a 3 bedroom - 1 1/2 bath house in Wilmette/Winnetka/Glencoe for less than $ 625,000, so Coe is on crack if he seriously thinks he can move those units, no matter if they have four bedrooms!And, the north shore is having trouble selling high-end properties.
Developers, lenders and borrowers took some serious (and foolhearty) risks, and now, the market is making a self-correction. Unfortunately, it is taking a long, long time for sellers and developers alike to realize the issue is AFFORDABILITY.
Traditional underwriting required the monthly mortgage payment be no more than 28% of your gross income, and the total of debt to income ratio could not be more than 36%. Therefore, a person/couple making $ 100,000 per year (which is damn good money) cannot afford these outrageous prices! If first-time buyers are priced out of the market, then sellers are screwed.
Also, some people used the equity in their home as a sort of "bridge loan" to cover a portion of their original mortgage payments. Those days are gone. Many others used HELOC loans to buy cars, pay off accumulated debt and/or fund luxury vacations. Now, their "underwater" and upside down on their homes.
People foolishly believed that home prices never go down. However, a closer look at historical home prices shows that real estate DOES go down.
Chicago has a glut of condos on the market. I've read predictions that prices will fall another 20%. I don't think that is far-fetched at all. Next year, many option ARMS and ALT-A loans are due to reset, and most of these are prime borrowers.
This is going to be a long, ugly race to the bottom.
7 storey's instead of 6?
What a disaster! The only thing that can come of this is sweeping gang violence, Rogers Park being invaded by Commies, or The Dark Lord Cthulhu to rise from Lake Michigan to smite us all.
I guess this is it. It's the west committing suicide, and this seven story temple to Satan himself is at the epicenter of it all.
Either that, or its a slow news day.
Go back 30 years & that's when the 7141 N. Kedzie building was built.
It's the last building in the Winston Towers complex & was supposed to be 14 floors. But a last minute change added two floors.
How did they get away with that?
They lowered the ceiling heights on all the floors so the building was the same height, but now has 16 floors.
I'm pretty sure Stone was alderman then & he's totally corrupt.
Seems I'm not the only one wondering about the new design. I've got word DevCorp North isn't happy with their new digs either. LOL.
your checkbook's the limit on how hi you can build in Joe's Ghetto
Hey Mr. Coe. Where's the basement?
Who the hell cares?? One more story...big deal.
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