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 Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $1,607,000 | $1,150,000 | $223,799 |
