Market Watch: John Baessler loses over $460,000 on sale of immaculate Chicago condo
The home: 30 W. Oak St. 9A, Chicago
The 3,350-square-foot 1/2 floor condo has 3 bedrooms, 4.5 baths, 10-foot floor-to-ceiling windows, Poggenpohl cabinets, top-of-the-line appliances, quartz countertops, two marble baths with steam showers and soaking tubs, and full building amenities. It also boasts a 200-square-foot terrace with Oak Street and Lake Michigan views.
The seller: John Baessler
The purchase: In October 2017, Baessler paid $2.95 million for the home, or roughly $3.01 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In October 2017, Baessler paid $2.95 million for the home, or roughly $3.01 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Baessler sold the home for $2.55 million on Jan. 9, or approximately $460,384 less than the original purchase price, in today's dollars.
Baessler originally listed the home in April 2018 for $3 million. He lowered the price in July and September 2018 to $2.89 million and $2.79 million, respectively. It was last listed for sale in October for a little over $2.69 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Baessler paid $56,515 in property taxes in 2017, or an estimated 2.22 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 |
| $2,950,000 | $2,550,000 | $56,515 |
