Market Watch: Philanthropist Ann Lurie takes $3.56 million loss on Chicago condo
The home: 189 E. Lakeshore Drive, Suite 1W, Chicago
The 5,000-square-foot 2-story contemporary condo has 3 bedrooms, 4.5 baths, bamboo hardwoods, large windows, a master suite with an attached solarium to the luxury bath, a custom Bulthaup kitchen, large windows and is in a full amenity building. The condo boasts beautiful lake and tree views. It also comes with 2 parking spaces and 2 storage units.
The seller: 189 Mayfair LLC, a holding company for philanthropist Ann Lurie's family business, according to the Illinois Secretary of State website.
The purchase: In March 2007, Lurie paid a little over $4.49 million for the home, or roughly $5.56 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2007, Lurie paid a little over $4.49 million for the home, or roughly $5.56 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the condo sold for $2 million on May 8, or approximately $3.56 million less than the original purchase price, in today's dollars.
The home was originally listed for sale in July 2014 for $6 million. In January and November 2016, the price was lowered to $5.25 million and $4.5 million, respectively. In March and October 2016, the price went down to $3.99 million and a little over $3.47 million, respectively. By May 2017, the price had plummeted to roughly $2.99 million. In July 2017, the price dropped again to $2.75 million. Most recently, the home was listed at $2.65 million.
The property taxes: Based on data compiled from Zillow, 189 Mayfair LLC paid $488,280 in property taxes between 2007 and 2017, or about 24.41 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 |
| $4,495,000 | $2,000,000 | $488,280 |
