Market Watch: Iwona & Korzeniowska Balbinka lose over $105,000 on sale of Chicago condo
The home: 2020 N. Lincoln Park W. Apt. 25B, Chicago
The high-floor studio condo is in a full amenity building with a 24-hour doorman in the Lincoln Park neighborhood. The balcony of the condo boasts beautiful lakefront, park and city views with room for seating and a grilling area.
The seller: Iwona and Korzeniowska Balbinka
The purchase: In August 2002, the Balbinkas paid $189,000 for the home, or roughly $263,273 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2002, the Balbinkas paid $189,000 for the home, or roughly $263,273 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Balbinkas sold the home for $158,000 on Feb. 11, or approximately $105,273 less than the original purchase price, in today's dollars.
The Balbinkas originally listed the home for $175,000 in November 2018 and lowered the price in January to $165,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Balbinkas paid $41,946 in property taxes between 2003 and 2017, or an estimated 27 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 |
| $189,000 | $158,000 | $41,946 |
