Market Watch: Ryan Croyle & Karen Corcoran lose over $59,000 on sale of Chicago condo
The home: 1622 W. Beach Ave. #2, Chicago
The Wicker Park condo has 3 bedrooms, 3 baths, a loft, 20-foot ceilings, an office, fresh paint, natural light, hardwoods, a marble walk-in shower, 2 private decks, parking for 1 car and a storage unit included.
The seller: Ryan Croyle & Karen Corcoran
The purchase: In September 2013, Croyle and Corcoran paid $525,000 for the home, or roughly $564,379 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2013, Croyle and Corcoran paid $525,000 for the home, or roughly $564,379 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Croyle and Corcoran sold the home for $505,000 on March 5, or about $59,379 less than the original purchase price, in today's dollars.
Croyle and Corcoran originally listed the home in March 2018 for $600,000 and lowered the price in the same month to $575,000. In April, May and August 2018 they lowered the price to $560,000, $550,000 and $525,000, respectively. In October 2018, the price was reduced to $520,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Croyle and Corcoran paid $31,768 in property taxes between 2014 and 2017, or 6.29 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 |
| $525,000 | $505,000 | $31,768 |
