Market Watch: Martin Lorenzen loses $371,000 on sale of Chicago home
The home: 1824 W. Larchmont Ave., Chicago
The 4,605-square-foot home has 7 bedrooms, 4 baths, a 3-car garage, a gourmet kitchen with white custom cabinetry, quartz countertops, high-end stainless appliances, a recreation room with a wet bar, cozy fireplace in the family room, master suite with large balcony and ensuite spa bathroom, and a rooftop deck.
The seller: Martin Lorenzen
The purchase: In June 2007, Lorenzen paid a little over $1.16 million for the home, or roughly $1.42 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2007, Lorenzen paid a little over $1.16 million for the home, or roughly $1.42 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Lorenzen sold the home for $1.05 million on April 5, or $371,370 less than the original purchase price, in today's dollars.
Lorenzen originally listed the home for $1.29 million in January 2014. He lowered the price 6 times throughout 2014 and 2015. It was listed at $1.08 million in July 2015 and then was taken off the market. He re-listed the home in August 2018 for almost $1.2 million and lowered the price a final time in October 2018 to $1.19 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Lorenzen paid $224,438 in property taxes between 2007 and 2017, or about 21.38 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 |
| $1,050,000 | $1,165,000 | $224,438 |
