Market Watch: Bulls coach loses $52,995 on River North loft
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: 375 W. Erie St. Apt. 201, Chicago
The 1,525-square-foot home has two bedrooms and two bathrooms. It features exposed brick and timber, a large open living area, diagonal hardwood floors, a two-person soaking tub and a balcony.
The seller: Chicago Bulls head coach Jim Boylen and his wife, Christine.
The seller: Chicago Bulls head coach Jim Boylen and his wife, Christine.
Jim Boylen was the associate head coach of the Bulls when the couple sold the unit and moved one door over to another two-bedroom loft, which they bought in 2017. They had planned on combining the two homes into one big loft, but changed their minds.
Boylen, who is known for his intensity and passion for the game, was named head coach of the Bulls in December 2018 after the team fired Fred Hoiberg. His tenure as head coach got off to a rocky start with players threatening mutiny over a record 56-point loss to the Celtics in week 1 of his tenure.
Management must like what they see, though, because earlier this month they extended Boylen's contract through the 2019-20 season and even threw in a raise.
The purchase: In 2015, the Boylens paid $480,000 for the home, or $515,995 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the couple sold the home for $463,000 on Oct. 25, 2018, or $52,995 less than the original purchase price, in today's dollars.
The Boylens originally listed the home for $519,000 in May 2018. They dropped the price a month later to $489,900 and again in August to $464,900. In September, the price was lowered once again to $449,900.
The property taxes: From 2015 to 2017, the Boylens paid $21,356 in property taxes on the home, or 5 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 |
| $515,995 | $463,000 |
