Options- condo didn’t sell

[Shaoqing Xu]

Chicago downtown 1 bed room luxury high rise, has been on market since 2019 July.

Looking for any other option other than sell or rent out?

$325,00 purchase cost.

For sale price lowered from $419,000 to $389,000.

5 other 1 bedroom on sale in same condo, lowest price $359,000.

There is 0 unit sold in this condo since city decide to raise property tax by 33% mid 2019, made $6000/year tax became $9000.

Family with one child and grandfather living in another 2 bedroom paid off.

If rent out: $2400 income. $2900 cost including mortgage tax insurance assessment.

Was plan to sell 1 bed to buy into 3 bedroom new condo / or rent.

[Greg Morris]

Taxes way to high. You need to go the tax office and explain what is happening. Try to get the city to reduce the taxes. Talk to whoever owns the other 5 about the problem and have them support you in solving the tax problem.