You Can Buy The West Town Home I Wanted: 1516 W Erie

You Can Buy The West Town Home I Wanted: 1516 W Erie

Last year when we were shopping for homes in West Town (we ultimately did buy one there) we ran across this home at 1516 W Erie, which we really loved except for the location. At the time it was listed at $849,000.

The home was built in 2005 and originally sold for $930,000 in October 2005 and has been on and off the market since January 2008. Back then it was listed for $1,095,000 and the price has been coming down ever since. It is currently listed for $769,000.

As you can see in the slideshow below it's a beautiful 5 bedroom, 3 1/2 bath home with some great finishes on a standard Chicago sized lot. Taxes are $14,471. According to the description:

Wide & Expansive 4300+ sqft Limestone SF Home. Professional Kitchen, Double Thermador, Wine Cooler, Butlers Pantry, Cherry Floors, 8ft Drs, Whole Home Audio w/Key Pads & Built In Speakers, Plasma Points, Central Vac, Lavish Master Suite, Duravit, Grohe, Heated Flrs, Custom Closets, Wet Bar, Patio, Garage Deck, 2 Frplcs, 2 Laundry Centers, Zoned HVAC. Listing for $200K lower than when purchased in 2005.

Unfortunately, the owners have really taken a hit on this home. Not only will it sell substantially below their purchase price but they poured a ton of money into making water infiltration repairs in 2009. If I remember correctly the home has split faced block on the two sides, which needs to be properly maintained and there were apparently also some plumbing problems that needed to be fixed. They spent around $28,000 just for the exterior repairs, having gone with the high end sealant on the split faced block (I think it has like a 10 year warranty). Then there were the internal repairs, which I do not have a price tag for.

I mentioned the location above. The issue is that it is just east of Ashland Avenue, with some rather unattractive businesses (chain and link fencing) practically as your next door neighbors. The Google street view below is what you would see if you were standing directly in front of the house facing Ashland.

1516 W Erie street view

Based upon this location factor we offered $710,000 for the home, eventually raising our offer to $725,000 as a best and final. Obviously they turned us down and decided to rent it for a year. I think they did OK on the rental since these homes rent for at least $4000/ month.

It will be interesting to see where it ends up closing. If we hadn't already bought something we would have offered $725,000 again and I bet this time they would accept it based upon their current list price.

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