Market Watch: Michael Hobbs & Katherine Nee take a loss on Chicago condo
The home: 1532 N. Mohawk St. Unit 3, Chicago
The 3,100-square-foot condo was built in 2005. It features 5 bedrooms, 3 baths over two full floors, high-end appliances, a community rooftop deck with Chicago skyline views, hardwoods, a steam shower, 2 fireplaces and high ceilings.
The seller: Michael E. Hobbs & Katherine L. Nee
The purchase: In January 2016, Hobbs and Nee paid $882,000 for the home, or roughly $946,352 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2016, Hobbs and Nee paid $882,000 for the home, or roughly $946,352 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Hobbs and Nee sold the home for $932,500 on April 23, or about $13,852 less than the original purchase price, in today's dollars.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Hobbs and Nee paid $30,531 in property taxes between 2016 and 2017, or about 3.27 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 |
| $882,000 | $932,500 | $30,531 |
