Market Watch: Anil Sharma loses over $138,000 on sale of Chicago home
The home: 1730 W. Altgeld St. Chicago
The 4,200-square-foot home has 6 bedrooms, 4 baths, a steam room, two roof-top decks, an outdoor fireplace, a wine refrigerator, a huge walk-in shower in the master bathroom, a finished basement and detached garage.
The seller: Anil Sharma
The purchase: In July 2017, Sharma paid a little over $1.54 million for the home, or almost $1.59 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2017, Sharma paid a little over $1.54 million for the home, or almost $1.59 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Sharma sold the home for $1.45 million on Feb. 15, or approximately $138,714 less than the original purchase price, in today's dollars.
Sharma originally listed the home for a little over $1.79 million in May 2018 and dropped the price in early June to $1.69 million. At the end of June, the price was lowered again to $1.64 million and by September the price was at $1.59 million. In October 2018, he dropped the price three times before it ended up at $1.54 million. A month later, the home was listed just shy of $1.53 million and he dropped the price again in December to just under $1.5 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Sharma paid $28,666 in property taxes between 2013 and 2017, or about 2 percent of the sale price.
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.
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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 |
| $1,545,000 | $1,450,000 | $28,666 |
