Market Watch: Daniel Boehnen loses over $825,000 on sale of Chicago home
The home: 1833 N. Sedgwick St., Chicago
The 4,178-square-foot home has 4 bedrooms, 5 baths, 3 parking spaces, a library, central air, hardwoods, professional landscaping and a cozy patio. It is a single-family home built in 1999.
The seller: Daniel A. Boehnen
The purchase: In November 2008, Boehnen paid $2.3 million for the home, or almost $2.73 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2008, Boehnen paid $2.3 million for the home, or almost $2.73 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Boehnen sold the home for $1.9 million on March 5, or $825,374 less than the original purchase price, in today's dollars.
Boehnen originally listed the home for rent at $10,500 per month in August 2011. The house was on the market for sale in April 2018 for $2.29 million and he lowered the price in August 2018 to a little over $2.19 million. At the end of August 2018, the house was available for rent again at $10,500 per month. In November 2018, the home was priced at $2.19 million for sale or $10,500 per month for rent. In January, the sale price was lowered to $2 million but also available for rent at the constant $10,500 per month.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Boehnen paid $347,268 in property taxes between 2009 and 2017, or 18.28 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 |
| $2,300,000 | $1,900,000 | $347,268 |
