Market Watch: Laura Johnson loses over $20,447 on sale of Chicago condominium
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: 2101 W. Rice St. Apt. 308, Chicago
The 2,000-square-foot condo has 2 bedrooms, 3 bathrooms, 2 balconies, a gas fireplace and exposed ductwork to give it a loft-like feel. It was built in 2002.
The seller: Laura Johnson
The seller: Laura Johnson
The purchase: In September 2003, Johnson paid $450,000 for the home, or approximately $610,447 in today's dollars.
The sale: According to Zillow, Johnson sold the condo for $590,000 on Jan.17, or an estimated $20,447 less than the original purchase price, in today's dollars.
Johnson originally listed the condo for $659,900 in March 2018. She dropped the price in May 2018 to $649,900 and again in June 2018 to $639,900. The price declined twice in September, first to $629,900 and then $624,900. It was last listed in October 2018 at $604,900.
The property taxes: Johnson paid $111,732 in property taxes between 2003 and 2017, or approximately 25 percent of the sale price.