Market Watch: Lewis Shi & Chianing Tsai lose over $194,000 on sale of Chicago home
The home: 1931 W. Erie St., Chicago
The 1,144-square-foot 3-story bungalow has 6 bedrooms, 4 baths, walk-in closets, a wet bar, a steam shower, a soaking tub, heated floors and a deck.
The seller: Lewis Shi and Chianing Tsai
The purchase: In December 2016, Shi and Tsai paid approximately $1.46 million for the home, or roughly $1.52 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2016, Shi and Tsai paid approximately $1.46 million for the home, or roughly $1.52 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Shi and Tsai sold the home for $1.33 million on Feb. 28, or an estimated $194,274 less than the original purchase price, in today's dollars.
Shi and Tsai originally listed the home for a little over $1.49 million in May 2018. They dropped the price twice in September 2018 to $1.47 million and $1.44 million. The home was last listed at $1.39 million in October 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Shi and Tsai paid $25,371 in property taxes in 2017 or roughly 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 |
| $1,464,900 | $1,333,000 | $25,371 |
