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Market Watch: Craig & Michelle Wagenbach lose over $465,000 on sale of Old Town duplex

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: 1445 N. Wells St. #3, Chicago

The 3,360-square-foot duplex in Old Town has 4 bedrooms, 4 baths, a private elevator and 2 balconies.  It is in a great location close to the beach, shopping and parks.

The seller: Craig R. and Michelle Wagenbach

The seller: Craig R. and Michelle Wagenbach

The purchase: In September 2006, the Wagenbachs paid $1.2 million for the apartment, or roughly $1.48 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Wagenbachs sold the apartment for $1.02 million on Jan. 3, or approximately $465,853 less than the original purchase price, in today's dollars.

The Wagenbachs originally listed the apartment for $1.3 million in June 2010. They dropped the price three times in 2017.  In September 2017, the price was listed at $1.44 million; and the price declined twice in October 2017 to $1.39 million and $1.29 million. The price decreased four times in 2018.  In March  2018 the residence was listed at $1.25 million and by August the price fell to $1.2 million.  In September ,the price dropped again to $1.15 million and it was last listed in November 2018 at $1.05 million.

The property taxes: Based on data compiled from and Zillow, the Wagenbachs paid $289,169 in property taxes between 2006 and 2017, or an estimated 28 percent of the sale price. 


The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes

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