Market Watch: Sarah Psutka & William Lack lose over $211,000 on sale of Chicago home
The home: 1632 N. Claremont Ave., Chicago
The 3,700-square-foot home has 4 bedrooms, 3.5 baths, a 2-car garage, a sitting room, a breakfast bar, hardwoods, a large walk-in closet in the master suite, a finished basement, a wine cellar, a deck, a patio and a fenced yard.
The seller: Sarah Psutka & William Lack
The purchase: In December 2014, Psutka and Lack paid $815,000 for the home, or roughly $886,971 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2014, Psutka and Lack paid $815,000 for the home, or roughly $886,971 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Psutka and Lack sold the home for $675,000 on May 24, or approximately $211,971 less than the original purchase price, in today's dollars.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Psutka and Lack paid $49,647 in property taxes between 2014 and 2017 or about 7.36 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 |
| $815,000 | $675,000 | $49,647 |
