Get a 4-Bedroom Single Family Home in West Town for Just $450K: 2244 W. Erie
This 4-bedroom single family home at 2244 W. Erie in West Town has been on the market since November 2009.
In that time, it has been reduced $349,900 to $450,000.
Built in 1890 on a 25×125 lot, it has an open first floor floorplan.
All 4 bedrooms are on the second floor and there is a partially finished basement.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
There is central air and a 2-car garage.
The house is currently listed $50,000 under the 2003 purchase price.
Is this a deal for a single family home (and not a condo or townhouse) in this neighborhood?
Leigh Marcus at @Properties has the listing. See the pictures here.
2244 W. Erie: 4 bedrooms, 2.5 baths, 2 car garage, no square footage listed
- Sold in December 2002 for $290,000
- Sold in December 2003 for $500,000
- Originally listed in November 2009 for $799,900
- Reduced numerous times
- Was listed in November 2011 for $499,000
- Reduced
- Currently listed for $450,000
- Taxes of $7348
- Central Air
- Bedroom #1: 19×13 (second floor)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 14×9 (second floor)
- Bedroom #4: 13×7 (second floor)
- Partially finished basement
http://chicago.cbslocal.com/2012/01/06/video-gunman-robs-ukrainian-village-pizzeria/
I think that pizza parlor robbery occurred just a few blocks from this house. Great area, and its not even west of western. Is the new rule ‘don’t go west of damen’?
Did the current owners do anything to it to warrant the purported 60% appreciation in the 8 years they’ve owned it? I guess that some of the work looks recent. I don’t really know West Town that well but it’s hard to imagine this isn’t attractive as a condo alternative to people around $400k or so.
This is a really nice quiet part of the street and a nice neighborhood. I’m surprised that a decent house like this is priced as low as it is. Not in love with the garage situation (kind of run down, no deck on top), but the lot size is nice. I’d guess that pricing it at $799,900 has something to do with this not moving…
“Is the new rule ‘don’t go west of damen’?”
Only if you are a total scaredy cat. To some, it’s don’t go west of Ashland, others California… Just depends on your level of paranoia.
Decent enough house filled with GAWD AWFUL furnishings. But maybe this is what the neighborhood folks like. Seems like a good price to me. I can’t imagine anyone wanting to live in this neighborhood unless you have family and friends there. The first thing I would buy is a good security system. But of course what do I know?
“I think that pizza parlor robbery occurred just a few blocks from this house. Great area.”
Yes, and some poor guy was shot point blank in the head on State St in the Loop. Can’t live anywhere these days, I guess.
nice facade, very generic inside but what do expect for the size and price at 450k.
considering all this seems to be the most normal listing on cribchatter in a long time
I think the distance to El lines affects prices in this area as well.
west of western has been a gamble safety-wise for years, just look at the crime blotter. I know of someone who got a “great deal” on a single family home on Artesian right off Division last summer, and 2 weeks post moving in there were fresh bullet holes in the garage door.
“I think the distance to El lines affects prices in this area as well.”
i will argue that the L or metra is not a factor for this area. it really shouldnt be
HD, I think the rule is: private compound on 20 acres out west with an electrified perimeter and a *lot* of guns.
I mean, armed robberies have taken the suburbs, too: http://archive.chicagobreakingnews.com/2010/04/serial-robber-suspected-in-suburban-bank-heist.html If Arlington Heights isn’t safe, where in the Chicago area is?
Turning my sarcasm mode off for a moment: can you please stop with the absurd city fear mongering? It is obnoxious as anything Clio does.
“Turning my sarcasm mode off for a moment: can you please stop with the absurd city fear mongering? It is obnoxious as anything Clio does.”
I agree. Thank you.
It’s just City Livin’!!!!
The security door on the back doesn’t help with the feeling of a safe neighborhood, even though I agree more with Tft than HD on it being a fine neighborhood.
Seems like a decent place for the money although it does suffer from a horrible original list price, bad diagonal floors and awful paint colors. Eventually at this price, I think someone will find the potential this place has to be tasteful home.
friend of friend got killed nearby 3yrs ago http://articles.chicagotribune.com/2008-08-13/news/0808120806_1_grand-avenue-motive-pizzeria
west town isnt great crime wise, but a hell of a lot better than west o western humbolt. 25 murders in wt last year, 95 in hp
That place looks pretty nice. I wonder if there’s something wrong with it to justify not selling… the price seems great.
” I wonder if there’s something wrong with it to justify not selling”
It’s not mortgage related, as it appears to be free and clear.
Also, per assessor, lot is 24×124.
This brings up something i’ve always wondered about. Since the pricing history follows a property around for eternity, what if you list your property and the realtor makes a huge mistake and lists the wrong number, say they fat finger or transpose so that you mean to put $499,000 but they put 999,000 (or something feasible — making this up on the fly).
Is there a way to correct it and delete the erroneous listing?
There is a metra stop just south of Grand on Western, super quick and less expensive than the El to get into the Loop from here, kind of a pain if you work on the northeast side of the loop though. I lived in this neighborhood for 4 years, oddly I felt there was less crime than in Lakeview, where I am now.
50k down, 400k mortgage @ 4% = $1909 per month
+ $612 a month in taxes
= $2521 a month, which for now is mostly tax deductable, why isn’t this selling?
Things may be worse than imagined, because I tell ya what if places like this keep popping up over the next 5 or so years I may have to buy something like this sooner than planned!
I’ve spent plenty of time in the area and while its not awesomely dense or close to public rail transit, its a very nice although gritty neighborhood with some cool local shops for those that enjoy interior design anyway.
“why isn’t this selling?”
It was priced at $499 til last Thursday. And it’s over blah, and it’s stale–which leads everyone who pays attention to ask what’s wrong with it.
Ack! http://www.chicagotribune.com/news/local/breaking/chi-chase-bank-in-gold-coast-robbed-20120109,0,1624463.story
I think the rule is now: South of the Grand, East of the River North of Monroe. You are taking your life in your hands stepping outside of the new “safe zone.” I hope all you crazy people living in LP can sleep at night.
THEY ARE OUT TO GET YOU!!!!
“I think the distance to El lines affects prices in this area as well.”
I think I’d just walk over and take Metra into work myself. Google says a 10 min walk.
Today US national debt hit 100% of annual GDP. Debt and deficit spending cannot continue forever, and when the welfare class and the 43 million people on food stamps start seeing some cuts, things will get worse, not better. Chicago Ave. between Ashland and Western is no better today than it was in 2002.
The CVS stores in West Town close their cash registers at 10 pm, and after that time you have to use the automated self-serve checkout machines. This is done, so criminals won’t get any ideas (or hold-up money). That Ukranian Village pizza robbery video is chilling for any small businessperson to have to see.
“South of the Grand, East of the River North of Monroe”
Isn’t that coyote central?
“50k down, 400k mortgage @ 4% = $1909 per month
+ $612 a month in taxes
= $2521 a month, which for now is mostly tax deductable, why isn’t this selling?”
Can you explain how “mostly tax deductible” this is? Genuine question.
Thugs have cars, and will travel in them to find good robbery victims. This area also has distinction of being less than half a mile from what’s a pretty large public housing complex (Westhaven/Henry Horner) with the street robberies that come with it.
That being said, I like this area. You just need to pay attention wherever you are; it’s not that hard to tell the difference between project teens looking to commit mayhem and hipster black dude who’s on his way to Tuman’s for a drink.
Can you explain how “mostly tax deductible” this is? Genuine question.
It depends on your income of course but anyone buying this sort of house in this neighborhood probably doesn’t have to worry about AMT’s and such, and I’m not an official tax person, but basically if you itemize your taxes the $7300 of city taxes paid, as well as the interest portion of your mortgage ($1333+ per month) or approx $16,000 of interest is tax deductable, however when you itemize you can’t take the standard deduction but in most cases in Chicago the interest and taxes would be much more than the standard deduction.
Lets say you rent a place for the same amount of money (2521 a month)
and lets say that you have 125k of income (say 2 person household, married filing jointly) and take the standard deduction and nothing else ($11,900)
your total taxes you’d owe would be $20,600 based on your AGI (adjusted gross income) of $113,400
now lets say you buy this place for the numbers I mentioned
same income of 125k, 2 people filing jointly and deduct
real estate taxes, 7300 and mortgage interest 16000
your total taxes you’d owe would be $17,675 based on your AGI of $101,700
so its not a ton of savings, but it certainly helps, and who knows if it will stick around, but with these populist voting blocs we have, I highly doubt they would remove the one decent tax break the middle class gets in the name of austerity when we are wasting tons of money around the globe on other dumb crap.
“I highly doubt they would remove the one decent tax break the middle class gets”
I can *totally* see it limited to confomring loan limit, tho.
“Chicago Ave. between Ashland and Western is no better today than it was in 2002.”
You’re insane Dan. Chicago Avenue has been gentrified. I’ve eaten at a bunch of the restaurants on that street between Ashland and Western. Can’t say the same for Grand though. That is still mainly hit or miss with some furniture/antique stores thrown in.
As for the discussion about security in this area, as I’ve said before, I have a pretty strong antenna for what is going on in an area since it’s part of my job running Crib Chatter to drive around the city. And while I was in West Town to take a picture of this property in the late morning on this last lovely weekend- I saw not just one, or two, but three of Chicago’s finest slowly patroling these streets (just driving up and down.) I thought they might stop me and ask me what I was doing on the block (but they didn’t.)
It was just one snapshot in time however. Maybe it was just a coincidence that I happened to be there right when all three of them were there.
Poll:
Not really sure when to define the timeline 2000? or the boundaries Western, but what the heck:
Which has improved the most?
Which is the nicest now?
Division
Chicago
Grand
Well- Division is yuppie heaven now. (Okay- not as bad as Damen is up by the Marc Jacobs store)- but it’s pretty upscale. Chicago Avenue still has “joints.”
Is this a house in one of the West Town landmark districts that Manny Flores pushed for? If yes, price should be lower to account for the devaluation based on any repair you will ever want to do that is visible from the streets. http://news.eastvillagechicago.org/2008/04/flores-waguespack-unite-on-landmark.html. It is one of the reasons why I won’t touch anything red or orange in old town..
It’s a hip gentrifying area, and there is crime associated with that distinction; and it will take some time for it to become fully gentrified. That time may be longer than a potential buyer is willing to stick it out. Wicker Park was pretty bad in 1990 and by 1995 it was a happening area but still rough around the edges. It’s still that way today and 17 years later the gentrification has yet to cross the Rubicon west of Western so to speak (in that area at least, further north, moreso). So it’s a gamble that may not pay off for years.
Holy crap! I lived next door from 1990 to 2001, it’s a great old mafia neighborhood. Fiore’s proscuitto & mozz sub will give Bari’s a run for their money any day. You do not want to be black and walk around in that hood though.
“Is this a house in one of the West Town landmark districts that Manny Flores pushed for?”
Lazy, lazy, lazy. Open the article you managed to dig up and… nope.
Great Metra proximity, less great El proximity. It’s a nice block in a nice neighborhood and anyone who says it hasn’t improved in the last 10 years is pretty lazy too, considering that the city data is publicly available. Is Excel that hard, kids?