Market Watch: A Chicago condo held in trust loses over $155,000 in value
The home: 155 N. Harbor Drive #4602, Chicago
The 1,140-square-foot high-rise condo has 2 bedrooms, 2 baths, built-in storage, hardwoods, building security and a doorman, an exercise room, and beautiful Lake Michigan views.
The seller: Linda L. & David M. Sheppard (Trustees)
The purchase: In May 2009, the Sheppards paid $578,000 for the home, or approximately $680,315 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2009, the Sheppards paid $578,000 for the home, or approximately $680,315 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Sheppards sold the home for $525,000 on Feb. 27, or roughly $155,315 less than the original purchase price, in today's dollars.
The Sheppards originally listed the home in June 2018 for $619,000 and lowered the price at the end of the month to $575,000. It was last listed in October 2018 at $540,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Sheppards paid $155,315 in property taxes between 2010 and 2017, or an estimated 10 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $578,000 | $525,000 | $155,315 |
