Market Watch: Parvez Hai loses over $122,000 on sale of Chicago condo
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: 1320 N. Wolcott Ave. Unit 1, Chicago
The 2,400-square-foot condo in the heart of Wicker Park consists of two separate units, each with 2 bedrooms and 2 bathrooms.
The seller: Parvez M. Hai
The seller: Parvez M. Hai
The purchase: In January 2006, Hai paid $418,000 for the condo, or roughly $529,578 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Hai sold the condo for $407,000 on Jan. 29, or $122,578 less than the original purchase price, in today's dollars.
Hai originally listed the condo for $649,500 in April 2017. He lowered the price 17 times until it was last listed at $438,750 in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Hai paid $88,293 in property taxes between 2006 and 2017, or an estimated 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 |
| $418,000 | $407,000 | $88,293 |
