Market Watch: Mikyung & John Choi lose over $308,000 on sale of Palatine home
The home: 846 W. Brookside St., Palatine
The 3,307-square-foot home has 4 bedrooms, 4 baths, an attached garage, a breakfast bar, a fireplace, vaulted ceiling, stainless steel appliances, hardwoods, a rear deck, a fenced yard, an intercom and a security system.
The seller: Mikyung & John Choi
The purchase: In June 2014, the Chois paid $740,000 for the home, or roughly $916,034 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2014, the Chois paid $740,000 for the home, or roughly $916,034 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Chois sold the home for $607,500 on April 24, or approximately $308,534 less than the original purchase price, in today's dollars.
The Chois originally listed the home for $699,000 in June 2014. In July and August 2014, they dropped the price to $685,000 and $675,000, respectively. In June 2015, they tried to rent the home out for $4,000 per month. In February and March, they lowered the sale price to $629,000 and $619,000, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Chois paid $148,976 in property taxes between 2007 and 2017, or about 24.52 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 |
| $740,000 | $607,500 | $148,976 |
