Market Watch: Alissandra & Matthew Kruer lose over $440,000 on the sale of their Chicago home
The home: 1521 W. George St., Chicago
The 4,600-square-foot Tom Stringer Design Partners home has 5 bedrooms, 5 baths, a 2-car garage, a top floor office with a new deck, gourmet kitchen with white cabinetry, built-ins, lower level family room with radiant floors, master suite with dual closet and is located on a private tree-lined street.
The seller: Alissandra & Matthew A. Kruer
The purchase: In January 2014, the Kruers paid $1.4 million for the home, or roughly $1.52 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2014, the Kruers paid $1.4 million for the home, or roughly $1.52 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Kruers sold the home for a little over $1.08 million on May 22, or $440,468 less than the original purchase price, in today's dollars.
The Kruers originally listed the home in April 2016 for a little over $1.69 million. In May 2016, the decreased the price to roughly $1.64 million. The home price briefly went up in mid July 2016 to a little more than $1.69 million but was quickly lowered to a little more than $1.64 million by the end of the month. In September and October 2016, they dropped the price to approximately $1.54 million and $1.49 million. In March and April 2017, the sale price tumbled to an estimated $1.42 million and $1.39 million. The home was taken off the market and place back on the market in August 2018 for $1.39 million. In October 2018, the home was priced at a little over $1.34 million. The home was last listed for sale in March for a little over $1.09 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Kruers paid $91,555 in property taxes between 2014 and 2017, or an estimated 8.41 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 |
| $1,400,000 | $1,089,000 | $91,555 |
