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Market Watch: Edward & Linda Edens lose over $59,000 on sale of Chicago townhome

The home: 1430 N. La Salle Drive Unit E2, Chicago

The 2,000-square-foot townhome has 2 bedrooms, 3 baths, crown molding, walk-in closets, a cozy fireplace, a private entrance and a heated garage.

The seller: Edward and Linda Edens

The purchase: In October 2014, the Edens paid $698,000 for the home, or roughly $739,977 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The purchase: In October 2014, the Edens paid $698,000 for the home, or roughly $739,977 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The sale: According to Zillow, the Edens sold the home for $680,000 on Feb. 6, or about $59,977 less than the original purchase price, in today's dollars.

The Edens originally listed the home for $749,000 in July 2018 and lowered the price in September 2018 to $699,000.  They dropped the price again in October 2018 to $695,000.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Edens paid $34,140 in property taxes between 2015 and 2017, or approximately 5 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$698,000$680,000$34,140

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