Market Watch: Brad & Nicole Mann lose over $1.14 million 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: 2132 N. Seminary Ave., Chicago
The 5,500-square-foot home has 5 bedrooms, 5 baths, a steam shower and whirlpool tub, and two roof decks.
The seller: Brad and Nicole S. Mann
The seller: Brad and Nicole S. Mann
The purchase: In June 2005, the Manns paid $2.33 million for the home, or $3 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Manns sold the home for $1.86 million on Jan. 22, approximately $1.14 million less than the original purchase price, in today's dollars.
The Manns originally listed the home for $2.80 million in August 2017. They dropped the price in February 2018 to $2.50 million and again in June 2018 to $2.40 million. In September 2018, the home was listed at $2.25 million and it was last listed at $1.99 million in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Manns paid $496,211 in property taxes between 2005 and 2017, or an estimated 27 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 |
| $2,330,000 | $1,860,000 | $496,211 |
