Market Watch: Trump Tower condo on market for 20% less than 2008 purchase price
The home: 401 N. Wabash Ave. Unit 32K, Chicago
The 2,063-square-foot condo in the Trump International Hotel and Tower has 3 bedrooms, 2 baths, floor-to- ceiling windows, an open kitchen, Snaidero European cabinetry, high-end appliances, hardwoods, a fireplace, a marble spa-inspired bathroom, 2 large walk-in closets in the master suite, smart home technology. It also comes with one included parking space. In a full amenity building, the condo offers views of Lake Michigan, the river and the Chicago skyline.
The seller: George & Cerise Escobedo
The purchase: In August 2008, the Escobedos paid a little over $2.29 million for the home, or roughly $2.66 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2008, the Escobedos paid a little over $2.29 million for the home, or roughly $2.66 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the home is now on the market for a little over $1.82 million, or 20 percent less than the original purchase price.
The Escobedos tried to rent the condo out throughout 2016 and 2017. Monthly rental rates varied from $10,000, $8,500 and $7,500. In January 2017, the home was also listed for sale at $2.3 million. In June 2017, they dropped the price to a little more than $2.19 million.
The property taxes: Based on data compiled from Cookcountypropertyinfo.com, the Escobedos paid $114,781 in property taxes between 2014 and 2017, or 6.29 percent of the asking 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
| Original Purchase Price | For Sale Price in 2019 | Seller’s Property Taxes |
| $2,296,000 | $1,825,000 | $114,781 |
