Market Watch: Laura Baccash loses over $130,000 on sale of immaculate Chicago penthouse loft condo
The home: 333 W. Hubbard St. Unit 707, Chicago
The 1,900-square-foot Chicago loft has 2 bedrooms, 2 baths, floor-to-ceiling windows, exposed brick and ductwork, oak hardwoods, a gas-burning fireplace, two balconies, a gourmet kitchen, a master ensuite bath with a marble spa, a separate shower with rainforest shower head and full building amenities.
The seller: Laura E. Baccash
The purchase: In January 2014, Baccash paid $851,000 for the home, or roughly $915,742 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2014, Baccash paid $851,000 for the home, or roughly $915,742 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Baccash sold the home for $785,000 on Feb. 28, or $130,742 less than the original purchase price, in today's dollars.
Baccash originally listed the home for $950,000 in April 2018 and lowered the price in May 2018 to $899,000. In June and August 2018, she lowered the sale price to $850,000 and $800,000, respectively. She also tried to rent out the condo for $6,000 per month in August 2018. In September 2018, the home price continued to drop to $799,000 and then $760,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Baccash paid $37,171 in property taxes between 2015 and 2017, or 4.74 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 |
| $851,000 | $785,000 | $37,171 |
