Market Watch: Peter Bonavia loses over $120,000 on sale of Chicago condo
The home: 2040 W. Fargo Apt. 2W, Chicago
The 1,600-square-foot home has 3 bedrooms, 1 bath, 2 parking spots, gas fireplace, custom millwork, a private deck and a washer/dryer in unit.
The seller: Peter J. Bonavia
The purchase: In September 2003, Bonavia paid $225,000 for the home, or roughly $305,805 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2003, Bonavia paid $225,000 for the home, or roughly $305,805 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Bonavia sold the home for $185,000 on Feb. 11 or approximately $120,805 less than the original purchase price, in today's dollars.
Bonavia originally listed the home at $239,000 in June 2010, but decided to rent the property a few days later at $1,350 per month. In February 2015, the rent was raised to $1,500. In October 2018, the rent was raised to $1,700 per month but went down to $1,650 the same month. It was last listed for sale on the market in December 2018 at $199,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Bonavia paid $17,084 in property taxes between 2011 and 2017, or about 9 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 |
| $225,000 | $185,000 | $17,084 |
