The Chicago Pipeline recently covered a community meeting discussing a proposed new rental development along Winnebago Ave, just steps from where we shot the above video on Wabansia.
Homeowners often have crass economic motivations behind the apparently principled and altruistic concerns that they voice in objecting to new developments.
We all know the truth of J.P. Morgan’s dictum that a “man always has two reasons for doing anything: a good reason and the real reason.” On rare occasions a homeowner confuses the two and blurts out the real reason.
“It’s tough when I’m a homeowner, and I’m watching units get rented out because people can’t sell,” Melissa Hellstern said.
“It’s affecting my home value, and now you’re flooding the market with more rental units. I think it’s unrealistic what you think you’re going to rent them for,” Hellstern said. You’re double hurting homeowners who’re trying to rent their units when they can’t sell.”
In the video, Sergio & Banks‘ Melissa Govedarica tells me that the Noah Properties project sold out prior to completion, and explains the reasons for the quick sales.
The reality is, there is still a huge demand for apartments in desirable areas like Bucktown.
Also, I have to admit that this is only a hunch and I can’t back this up, but long term more units in the neighborhood can only improve property values. More people in a neighborhood = more vibrance, more & better services, and thus a more desirable neighborhood, which in turn means higher property values.
Joe, with your experience in real estate what do you think about the assumption I made above? Has this been a real, observable trend anywhere in your eyes? To me, the West Loop comes to mind as a great example.
The reasons posted for objecting on this online petition ought to crack you up….
Yeah, someone isn’t being totally straight or can’t hear straight and doesn’t do any fact-checking.
For example, the petition says: “At the September meeting, they expressed that this [50 units] would be the largest development they have built in Chicago.”
MCZ’s completed Chicago developments include the 112-unit China Club, 175 units at Clinton Street Lofts, the 341-unit Randolph Place, 200 condos and 400 townhomes at University Village, etc.
The developes who want to build dense developments in areas that support it economically are usually the good guys while the NIMBYS, who stand in the way of the citys economic progress are usually the bad guys.