Market Watch: Andrew Maselli loses over $83,000 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: 4316 S. Vincennes Ave., Unit 3S, Chicago
The 1,700-square-foot condo has 3 bedrooms, 2 baths, secured parking and beautiful hardwoods.
The seller: Andrew G. Maselli
The seller: Andrew G. Maselli
The purchase: In July 2007, Maselli paid $260,000 for the home, or roughly $314,188 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Maselli sold the home for $230,900 on Feb. 15, or about $83,288 less than the original purchase price, in today's dollars.
Maselli originally listed the home for rent in February 2017 at $1,700 per month. In August 2018, he put the home on the market at $230,000. He dropped the price in November 2018 to $229,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Maselli paid $15,618 in property taxes between 2013 and 2017, or an estimated 7 percent of the sale price.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $260,000 | $230,900 | $15,618 |
