Market Watch: Anadil Johnson & Gerald Cahill lose over $686,000 on sale of Chicago home
The home: 2027 N. Magnolia Ave., Chicago
The 5,500-square-foot limestone home has 5 bedrooms, 6 baths, an attached garage, custom eat-in kitchen, high-end appliances, a butler's pantry, a master suite with a fireplace, a steam shower and spa in the master bath, an office, a recreation room, a guest room and a wet bar. The home offers generous skyline views with a rooftop deck and grilling area as well.
The seller: Anadil Johnson & Gerald Cahill
The purchase: In January 2014, Johnson and Cahill paid a little over $2.58 million for the home, or roughly $2.81 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2014, Johnson and Cahill paid a little over $2.58 million for the home, or roughly $2.81 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Johnson and Cahill sold the home for a little over $2.12 million on April 29, or approximately $686,896 less than the original purchase price, in today's dollars.
Johnson and Cahill originally listed the home for a little over $2.74 million in January 2017, but lowered the price in May 2017 to roughly $2.69 million. In September 2017, they dropped the price again to about $2.59 million. In April, June and September 2018, the price dipped to $2.45 million, $2.39 million and $2.29 million, respectively. In October 2018, the price was lowered to $2.25 million. By February, the home was listed for a little more than $2.17 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Johnson and Cahill paid $142,055 in property taxes between 2014 and 2017, or about 6.68 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 |
| $2,587,500 | $2,125,000 | $142,055 |
