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 Blockshopper.com and Zillow, Gordon and Singer paid $68,170 in property taxes between 2003 and 2017, or about 22 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 |
| $343,000 | $315,000 | $68,170 |
