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 Blockshopper.com and Zillow, the Wagenbachs paid $289,169 in property taxes between 2006 and 2017, or an estimated 28 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 |
| $1,200,000 | $1,020,000 | $289,169 |
