Market Watch: David Wescott loses over $62,000 on sale of Chicago condo
The home: 155 N. Harbor Drive Apt. 1103, Chicago
The 1,400-square-foot condo has 2 bedrooms, 2 baths, new carpet, fresh paint, refinished hardwoods, a granite kitchen and a breakfast bar area, Michigan Avenue skyline views, and a washer and dryer in unit. It is in a full-amenity building with a luxury indoor pool.
The seller: David J. Wescott
The purchase: In December 2002, Wescott paid $415,000 for the home, or roughly $577,448 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2002, Wescott paid $415,000 for the home, or roughly $577,448 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Wescott sold the home for $515,000 on Jan. 17, or approximately $62,548 less than the original purchase price, in today's dollars.
Wescott originally listed the home for $549,000 in July 2018 and lowered the price to $539,000 in October 2018. It was last listed in December for $529,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Wescott paid $104,817 in property taxes between 2003 and 2017, or about 20.35 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 |
| $415,000 | $515,000 | $104,817 |
