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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 and Zillow, Hai paid $88,293 in property taxes between 2006 and 2017, or an estimated 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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