Market Watch: Former Bears player Chris Zorich loses $212K on sale of Bridgeport Village home
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
The home: 1231 W. 33rd Place, Chicago
The 4,500-square-foot home has five bedrooms, four baths, a spacious master suite, a two-car garage, a private brick-paved yard, two decks, a third-floor media room and double ovens.
The seller: Former Chicago Bears defensive tackle Chris Zorich.
The seller: Former Chicago Bears defensive tackle Chris Zorich.
Currently the athletic director for Chicago State University, Zorich is a South Side native who played college ball at Notre Dame where he earned All American honors three times.
He was drafted by the Bears in 1991 and played with the team until 1996, earning an alternate spot on the 1993 Pro Bowl team.
After playing one year for the Washington Redskins, Zorich went back to Notre Dame, where he earned a law degree. He's a member of the College Football Hall of Fame and the FedEx Orange Bowl Hall of Fame.
The purchase: In February 2006, Zorich paid $682,500 for the home, or $862,941 in today's dollars.
The sale: According to Zillow, he sold the home for $650,000 on Jan. 10, or $212,941 less than the original purchase price, in today's dollars.
Zorich originally listed the home for sale in March 2018 for $769,800, but quickly took it off the market. He relisted the home two months later for $739,900. In July, he lowered the price by $10,000 and dropped it another $20,000 in September. By November, the price had fallen to $699,000.
The property taxes: Zorich paid $99,003 in property taxes between 2006 and 2017, or 15 percent of the sale price.
