Market Watch: LLC loses over $157,000 on sale of Chicago 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: 1513 W. Wellington Ave., Chicago
The 4,260-square-foot home has 4 bedrooms, 5 baths, a two-car garage and a fenced yard. It was built in 2000.
The seller: A LLC represented by real estate attorney, Seth A. Kaplan
The seller: A LLC represented by real estate attorney, Seth A. Kaplan
The purchase: In April 2015, the LLC paid $1.34 million for the home, or roughy $1.43 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the LLC sold the home for $1.27 million on Jan.16, or approximately $157,437 less than the original purchase price, in today's dollars.
The LLC originally listed the home for rent at $11,000 per month in August 2015. They dropped the rental price two more times in 2015 to $10,000 per month and $9,400 per month respectively. In October 2016, the rental price dropped again to $6,900 per month. In August 2018, the home was listed for sale at $1.49 million and that priced dropped to $1.39 million in September 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the LLC paid $69,051 in property taxes between 2015 and 2017, or an estimated 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 | Seller’s Property Taxes |
| $1,349,000 | $1,275,000 | $69,051 |
