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Market Watch: Julia Gordon & Alan Singer lose over $153,000 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: 2855 W. Jerome St., Chicago

The 1,379-square-foot home has 4 bedrooms, 3 baths and a large deck. It was built in 1949.

The seller: Julia Gordon and Alan Singer

The seller: Julia Gordon and Alan Singer

The purchase: In July 2003, Gordon and Singer paid $343,000 for the home, or roughly $468,585 in today's dollars, according to the U.S. Bureau of Labor Statistics. 

The sale: According to Zillow, Gordon and Singer sold the home for $315,000 on Jan.11, or approximately $153,585 less than the original purchase price, in today's dollars.

Gordon and Singer originally listed the home for $360,000 in May 2015.  They raised the price of the home in June 2018 to $399,770 but then dropped the price six times to $384,770, $374,770, $369,770, $339,770, $334,770 and lastly $329,770.

 The property taxes: Based on data compiled from and Zillow, Gordon and Singer paid $68,170 in property taxes between 2003 and 2017, or about 22 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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