This is the former Phi Sigma Kappa house at 446 Stanwood, Kalamazoo Michigan.
|446 Stanwood (July 2011)|
Sent: Thursday, March 03, 2011 7:40 PM
Subject: RE: 446 Stanwood, Kalamazoo
The property was sold and following the sale it was announced to Chi Tetarton Alumni President Mark Caldwell to be disseminated to the alumni. I’m sorry this information was not passed on.
The house was sold on September 15 [ed.: actually 16], 2010.
The sale price was $109,900.
The buyer was Main Street Properties[II,] LLC.
The remaining cash to seller [Ed.: Droopy] after mortgage, taxes, closing costs, etc., were paid off was $6,757.76.
During PSK Properties’ operation of the property, beginning in the fall of 2007 and running through up until the sale in September 2010, we took a net income loss of $15,172.93. So the final result after the proceeds of the sale was a total loss to my organization of $8,415.17.
A $90,000 mortgage was taken out by the local alumni association in November of 2005, two years before PSK Properties was in any way involved with the property. My understanding is that these funds were used to renovate the downstairs and installing a new roof, siding, windows and kitchen at the property. Again, we were in no way involved in obtaining this loan or making these renovations so I cannot provide the exact details, I’m simply going by what I was told and what I observed when visiting the property.
446 Stanwood sold for $109,900. Droopy, by president Glenn M. Roby, issues warranty deed to Main Street Properties II, LLC.
Goodbye, Farewell and Amen
I recently spoke with Evan, the PSK properties manager. Basically the outstanding debt on the property is approximately $87K. My idea is for us to raise the money needed to pay off the debt, continue allowing PSK properties to manage our asset, and have them invest the money needed for us to attract renters back into our house. Although the amount of money sounds like a lot, if one breaks it down and we get 200 people to donate a tax deductible contribution of $435.00($36.25/month for 12 months) the debt is paid. For your recognition, I would like to propose we have a plaque with a list of all the patrons assembled and presented at our 50th anniversary. This is a unique way of preserving our heritage and keeping our traditions as the longest standing chapter house at Western Michigan University.
Seeing that the number of our alumni with facebook accounts is increasing, I’ve decided to create a group to help communicate alumni events and the happenings of the chapter.
Just so you all know the PSK Properties board has been forced into selling the Chi Tet House on 446 Stanwood. If PSK has a good address for you then you should receive a letter going into more details about the decision. Essentially they active chapter was not paying rent on time, the amount of rent necessary is more that the chapter wants to pay, and they want to move down to Fraternity Village. At this time the Property Board is looking to find other renters (non Phi Sig) for next year or they will entertain offers to sell the house out right. Sorry for the bad news, but knowing the efforts that Evan and the Properties board put into the house and chapter it is the right business decision.
March 29, 2010 at 8:45pm
Matt Parowski – I was initially upset after hearing this, as some of you may be as well; however, after speaking to the chapter I have a better understanding of the situation and how this move will strengthen the chapter.
It was not that the chapter did not want to pay the rent, they could not afford to pay the rent because the parlor fees were raised from $250 a month to $750 a month. The costs associated with keeping that house became out of range of the chapters annual budget. They have raised dues and held multiple fundraisers but that was not enough to offset the ever increasing costs.
Our chapter is the only fraternity on campus that does not have a central location in Fraternity Village. This has made it very difficult to recruit new members as well as stay involved with the rest of the greek community. Moving down to the village should put them back in touch with the community and help them to grow exponentially. We’ve always had a strong presence in the greek community and this move will only help to strengthen our position.
There are a lot of great memories for everyone in the Stanwood house, but as the times change, we need to be receptive to change as well or our fraternity will die. I would like to ask that everyone continue to support the chapter as much as they can and not take any offense to what is happening. Although the Stanwood house may be gone, the memories we had in it will never go away. Where ever the chapter may be physically, we still need to make an effort to reunite for Alumni Association events to share those memories and show our support for the undergrads.
I would also like to thank Mark Caldwell and all of the other alumni for their support of the chapter over the years. It has not gone un-noticed.
There are talks of a golf outing this summer and a last hurrah at the Stanwood house before they guys move out. Keep your eyes out for further details.
March 30, 2010 at 7:25am · Like
Main floor pictures from 2009 (courtesy of Oscar)
PSKP exists to serve and support local PSK chapter housing initiatives, and therefore carefully considers all requests for housing assistance. To aid chapter leaders in their understanding of PSKP’s involvement criteria, PSKP has adopted the ‘CLEP’ standard of application assessment. When considering an application, PSKP carefully considers the Chapter, Location, Economics and Physical Attributes of the request:
Subject property should be within 0.25 mile of any ‘Greek row’ or ‘Greek village.’