Market Watch: Wendy Sternberg & Robert Wolf lose over $308,000 on sale of Chicago condo
The home: 400 E. Ohio St. Unit 3603, Chicago
The 1,992-square-foot condo home has 3 bedrooms, 3 baths, 1 parking space included, a butler's pantry, hardwoods, stainless steel appliances, breakfast nook, community patio deck with a fire pit and is in a full amenity building with a pool. The unit offers beautiful city and lake views.
The seller: Wendy Sternberg & Robert M. Wolf
The purchase: In July 2006, Sternberg and Wolf paid $875,000 for the home, or roughly $1.09 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2006, Sternberg and Wolf paid $875,000 for the home, or roughly $1.09 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Sternberg and Wolf sold the home for $785,000 on April 30, or about $308,006 less than the original purchase price, in today's dollars.
Sternberg and Wolf originally listed the home for $839,000 in May 2014. In February 2016, they lowered the price to $838,000. By April, the home was priced at $829,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Sternberg and Wolf paid $122,947 in property taxes between 2006 and 2017, or approximately 15.66 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 |
| $875,000 | $785,000 | $122,947 |
