Market Watch: Diane Chandler & Joshua Simon lose over $603,000 on sale of Evanston home
The home: 1225 Michigan Ave., Evanston
The 4,428-square-foot Queen Anne home has 6 bedrooms, 4 baths, a 2-car garage, cozy front porch, balcony, reception hall, a 2-story staircase, an updated kitchen with a butler's pantry, high ceilings and a fireplace in the master suite. The home boasts an open floor plan with tons of natural light and is 2 blocks away from Lake Michigan.
The seller: Diane Chandler & Joshua Simon
The purchase: In July 2003, Chandler and Simon paid $1.08 million for the home, or roughly $1.47 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2003, Chandler and Simon paid $1.08 million for the home, or roughly $1.47 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Chandler and Simon sold the home for $875,000 on Feb. 15, or approximately $603,243 less than the original purchase price, in today's dollars.
Chandler and Simon originally listed the home for a little over $1.29 million in July 2016 and lowered the price in November 2016 to $1.22 million. In February 2017, they dropped the price again to $1.15 million, but raised the price briefly in August 2017 to $1.22 million. In September 2017, the price dropped again to $1.09 million. In January, March, April and July of 2018 the price changed to $1.04 million, $1 million, $989,000 and $1.22 million, respectively. By this February, the price was down to $998,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Chandler and Simon paid $282,176 in property taxes between 2004 and 2017, or 32.25 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 |
| $1,080,000 | $875,000 | $282,176 |
