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Market Watch: Justin Choi loses over $909,000 on sale of Hinsdale home

The home: 543 N. Elm St., Hinsdale

The 3,305-square-foot Craftsman-style home has 6 bedrooms, 5 baths, a detached 2-car garage, vaulted ceilings, multiple fireplaces, a large mud room, a recreation room, a brick patio with a barbecue area, a finished basement and a finished third level, a security system, professional landscaping, a steam shower and soaking tub in the master bath, and a covered front porch.

The seller: Justin C. Choi

The purchase: In March 2006, Choi paid a little over $1.6 million for the home, or roughly $2.02 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In March 2006, Choi paid a little over $1.6 million for the home, or roughly $2.02 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, Choi sold the home for $1.15 million, or roughly $909,530 less than the original purchase price, in today's dollars.

Choi originally listed the home for a little over $1.42 million in April 2018 and lowered the price in June 2018 to $1.39 million.  In July 2018, Choi dropped the price again to $1.35 million. In September 2018, the price of the home was down to $1.24 million.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, Choi paid $223,799 in property taxes between 2007 and 2017, or 19.46 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$1,607,000$1,150,000$223,799

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