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05-02-2011, 10:18 PM
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GreekChat Member
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Join Date: May 2008
Location: Chicago, IL
Posts: 501
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Quote:
Originally Posted by DeltaBetaBaby
Just out of curiosity, do you mean Loyola for TKE and ADG?
Part of me thinks now would be a great time to get housing at rock bottom prices! Seriously, a million near Loyola?
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Yep, Loyola.
Most buildings near Loyola are either apartments or multiple unit buildings (2 or 3 flats). Houses north of Loyola (East of Sheridan) are amazing and have been in families for generations. They refuse to sell them at all (and the houses are worth $$$). Houses west of campus are also pretty expensive. A group would need to put down over half a million just to acquire one property (but to really do it right, you'd want to buy two properties next to each other and create a bigger house). Then the property would need to be remodeled. The remodel would be expensive since the buildings are so old. You could try to build new, but that means you spent over half a million for a plot of land. Now you have to demo the property and build from scratch, costing quite a bit of $$$.
Let's not forget the permits and the block clubs in the area raising hell about a fraternity or sorority house existing, causing issues in the area and the alderman getting involved. It could turn very messy, very fast (especially since ADG hasn't exactly been a good neighbor).
For a group of 90+ sorority women to have one 2 or 3 flat that might house 6-12 women, it's not exactly that appealing (especially when a quarter of the chapter would be breaking fire codes by being in the building).
OR the group could use the half a million to buy cheap land at ISU or SIU and build a bigger, better house for your other group.
It's a very hard sell for groups to invest in housing in bigger cities. I can't even imagine the costs for getting a house in San Francisco.
Last edited by lucgreek; 05-02-2011 at 10:20 PM.
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05-02-2011, 10:39 PM
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GreekChat Member
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Join Date: Jul 2001
Location: ILL-INI
Posts: 7,220
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Quote:
Originally Posted by lucgreek
Yep, Loyola.
Most buildings near Loyola are either apartments or multiple unit buildings (2 or 3 flats). Houses north of Loyola (East of Sheridan) are amazing and have been in families for generations. They refuse to sell them at all (and the houses are worth $$$). Houses west of campus are also pretty expensive. A group would need to put down over half a million just to acquire one property (but to really do it right, you'd want to buy two properties next to each other and create a bigger house). Then the property would need to be remodeled. The remodel would be expensive since the buildings are so old. You could try to build new, but that means you spent over half a million for a plot of land. Now you have to demo the property and build from scratch, costing quite a bit of $$$.
Let's not forget the permits and the block clubs in the area raising hell about a fraternity or sorority house existing, causing issues in the area and the alderman getting involved. It could turn very messy, very fast (especially since ADG hasn't exactly been a good neighbor).
For a group of 90+ sorority women to have one 2 or 3 flat that might house 6-12 women, it's not exactly that appealing (especially when a quarter of the chapter would be breaking fire codes by being in the building).
OR the group could use the half a million to buy cheap land at ISU or SIU and build a bigger, better house for your other group.
It's a very hard sell for groups to invest in housing in bigger cities. I can't even imagine the costs for getting a house in San Francisco.
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I was thinking more along the lines of lodge-style housing (which, admittedly, has its own set of challenges). A group could pick up a large single-family house right now for less than a million, and sleep 8-10. I don't know if there's any appeal in that, especially as they wouldn't have enough room for the whole chapter, but there are plenty of full buildings for sale right now.
Then again, at least in my day, most of the fraternities in the Chicago area just had unofficial houses that some guys would rent every year and pass down.
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05-02-2011, 10:49 PM
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GreekChat Member
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Join Date: May 2008
Location: Chicago, IL
Posts: 501
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Quote:
Originally Posted by DeltaBetaBaby
I was thinking more along the lines of lodge-style housing (which, admittedly, has its own set of challenges). A group could pick up a large single-family house right now for less than a million, and sleep 8-10. I don't know if there's any appeal in that, especially as they wouldn't have enough room for the whole chapter, but there are plenty of full buildings for sale right now.
Then again, at least in my day, most of the fraternities in the Chicago area just had unofficial houses that some guys would rent every year and pass down.
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Groups still pass down 'unofficial' houses, but it happens less now since the campus PD can come and bust your party (thereby getting your group in trouble, whereas 3-4 years ago, CPD would be the only one busting parties and they really never cared).
The push for housing has been more of a sorority thing, since sorority membership is very healthy. But, from what I've heard, the national organizations aren't willing to spend money on a property and weren't really entertaining the idea of buying anything. The NPC groups on campus now are all relatively new and don't have a big group of rich chapter alumni to help purchase a property ( AXO, PSS were founded in the early 90s, KKG was KBG pre-2006 and those alumni are burned bridges, ASA has been around since the '50s but I'm not sure the status of their alumni, and XO colonized last fall).
Then again, having a house that fits 8-10 girls out of a chapter of 90 is not really different than having a 2-flat filled with the same sorority.
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