Comments on: 47 million-dollar homes on the way

By: RS

RS — Tue, 29 Jan 2008 04:42:02 +0000

Hi Dave,
I can’t wait to hear what kind of update you’ve got for us!

By: Dave

Dave — Mon, 28 Jan 2008 00:57:44 +0000

RS,
Sorry, I did not know you responded to my post untill now. I never checked. :) Anyway, the property does not have seven creeks on it. I do not know where they came up with the name. I have worked close to the developer and he just likes the name. There would be creeks when done, but I don’t think there will be seven of them. There are 3 ponds on the property right now.
The forest preserve had a shot, but cired broke. They said they really wanted it, but would not even have a chance at it for over a year, and even with that, they had some larger plots they wanted to buy first. Unfortunatley the sellers could not wait years on a “maybe.”
Lastley, there have been some recent events in reguards to the property, I’ll update you as soon as I am allowed. You might be pleased. :)

By: RS

RS — Tue, 11 Sep 2007 18:47:43 +0000

Hi Dave,
Thanks for the information. It’s great to know that the forest preserve folks got a chance to take a look. If they passed on it, I trust that they had good reasons.

You’re right, Seven Creeks is a much better development than the average. Just wondering about the name, and since you’re familiar with the property, does it really have seven creeks running through it?

By: Dave Sinnett

Dave Sinnett — Wed, 05 Sep 2007 00:55:52 +0000

RS,
I am the agent that sold the property for the above mentioned development. I would like you to know we tried to sell to the forest preserve, and even at well below market price they were not interested. We really wanted them to have it, but would not just give it away. We sold it for 33% more then we wanted from the forest preserve.
Also, it is more then an upscale neighborhood. It is a “green” neighborhood with solar lighting, geothermal heating and cooling, ect. Also, the developer is doing a great job at preserving most of the trees. They are a sight to see, but honestly years of neglect and over-growth really hurt a lot of the oaks, and many were very sick.
I grew up on the property, and enjoyed it for 29 years and loved it very much, but I can tell you I am proud about the future of it. If it could not be preserved, this is the next best thing, and it is much better then Crown having it. :)

By: RS

RS — Sat, 24 Mar 2007 20:56:21 +0000

Good points, RPJ. The crumbling of the housing market will indeed have repercussions for both the downtown and the far west side. I wonder if the city has assessed the risk that the far west side will not get built out as quickly as they imagine, and yet they will have to service the residents who are there nevertheless.

In other words, the density on the far west side may for many years be much smaller than expected, making it difficult to justify the construction of police and fire stations or substations, etc. Yet, as residents the people on the far west side are entitled to the same services as anybody else. The city will have to provide those services, yet may not have the property taxes to cover it all if other tax-generating developments are not completed.

The result may be that residents of “old” Elgin end up subsidizing the residents of “new” Elgin.

Just a thought.

By: RPJ

RPJ — Tue, 20 Mar 2007 21:52:53 +0000

One way to break a stigma is to rise beyond it. I believe this is exactly what Elgin is trying to do. I have an Elgin address, my wife and I are well educated and have an income associated with the upper middle class, and we are proud to have our home. We are surrounded by many like-minded people with a similar social and economic status, and with these homes, this will only be even more the case in the future. I believe a market for this type of neighborhood does exist on the west side of Elgin. The only issue to consider is one that is plaguing the entire country, which is the fall of the housing market in general. This will undoubtedly adversely affect the growth of Elgin’s west side and may be regarded as a lack of a market for high-end housing, when it may not be the case; it may just be the lack of demand for housing in general.

By: RS

RS — Tue, 20 Mar 2007 04:30:27 +0000

Hi LS,
Thanks for leaving a comment.

You bring up a good point, and my guess is that the reason they’re building here is that it’s hard to buy oak forests in Chicagoland, and they’ve probably run out of such sites in more upscale communities. I don’t know what the premium is for homes surrounded by oaks, but I’m sure that’s what catapults these houses up to the million-dollar mark.

Is there a market? Good question…

By: LS

LS — Tue, 20 Mar 2007 03:05:30 +0000

What else is in Elgin to draw those upscale income people, I wonder. I mean no ill-will by this, but I think there’s still a stigma attached to having an Elgin address. I’m just not convinced high income people are going to pick this city, especially if there’s nothing in this area that you can’t find going south to the Tri-Cities, for example.

If there’s expensive housing downtown that is having a hard time being sold, is it going to be any easier enticing people to move way out west? And all this at a time when the housing market is getting iffy. It really feels like they’re just throwing spaghetti at the housing wall, just to see what sticks, at the expense of beautiful historic buildings and established vegetation. We’ll never get those back when the mcmansions sit empty.