I look at this listing and ask two questions: Why was someone building a 5,600 square-foot single-family home in West Garfield Park in 2008, and what exactly do you do with a brand-new board-up in West Garfield Park in 2010? I’m not touching the former. In the case of the latter, the answer is: You buy it in early September for $54,000 and list it at a 130-percent markup three weeks later.
Construction started on this five-bedroom / six-bath home at 4317 W Lexington St in 2008 but ground to a halt before the plumbing and wiring were installed. The home has front and side balconies, a rooftop deck, space for an elevator, and a three-car garage. It was listed Oct. 1 for $124,900; the current seller will only show a buyer around the place after an acceptable offer has been made. If no one bites, the seller intends to complete its construction by next spring.
Excluding multi-unit buildings, just 17 homes in West Garfield Park are listed at a higher price, the highest being $225,000 for a 117-year-old frame home. Only 17 single-families sold in the neighborhood between July 1, 2009, and June 30, 2010, at an average price of just $39,982, according to Chicago Magazine.
This property is not livable. There is so much water in the basement. Many city violations. That’s why is hasn’t recieved the certificate of occupancy as of yet and has sat vacant since 2008. This property was just listed at 59k for the last year and even then no one wanted it. Buyers Beware. This is not a good buy nor is it a good neighborhood. This is for those who want to know the truth.
The commenter above is correct. I too I saw this property last winter and the basement was full of frozen water due to frozen bursted pipes. All of the framing down there has to be replaced, as it was soaked and weakened. Due to the property being wide open most of the time a lot of the underlayment (flooring) and stolen duct work is going to have to be replaced as well. Don’t quite understand the design of the property, as the front balcony is way off center and the “elevator shaft” is not designed properly and dangerous. The brickwork on the front of the garage was poorly done as it is clearly visibly sagging on the top portion. Vandals had broken many of the custom windows throughout the property and stole most of the ductwork both inside and out. There are property violations that MUST be rectified. The roof leaks as I witnessed standing water on the top level center. Gang graffiti is along the rear of the building as well. The land will definitely have to be leveled and cleaned. There is an abundance of junk and trash all over the property. The asking price is too high for the condition, neighborhood and amount of work needed. You are correct Mr. Askins, a 130 percent markup and no work has been completed as of yet?
What is the purchase price going to be when completed, between 300 – 500k? In this neighborhood? Absolutely ridiculous.