Market Watch: Michael Opyd & Lindsey Horan lose over $25,000 on sale of Chicago condo
The home: 524 N. Oakley Blvd. #1, Chicago
The 1,600-square-foot condo has 2 bedrooms, 3 baths, a den, a private entrance, stainless steel appliances, high ceilings, granite countertops, a large dual shower tub and a tandem parking spot included.
The seller: Michael Opyd & Lindsey Horan
The purchase: In April 2015, Opyd and Horan paid $390,000 for the home, or roughly $414,911 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In April 2015, Opyd and Horan paid $390,000 for the home, or roughly $414,911 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Opyd and Horan sold the home for $388,986 on Jan. 22, or approximately $25,925 less than the original purchase price, in today's dollars.
Opyd and Horan originally listed the home for $424,987 in September 2018 and in the same month lowered the price by $1 to $424,986. In October 2018, they dropped the price four times to $419,987, $419,986, $409,987 and $398,987. In November 2018, the price continued to fall to $398,986 and $388,987. It was last listed in December 2018 for $388,986.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Opyd and Horan paid $15,090 in property taxes in 2016 and 2017, or an estimated 3.88 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 |
| $390,000 | $388,986 | $15,090 |
