Chicago City Wire

Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a Chicago City Wire series on recent home sales that demonstrate the consequences.

The home: 860 N. Lake Shore Drive #26-26M

Designed by Krueck+Sexton, this 3,400-square-foot penthouse duplex is in the landmark Mies van der Rohe building known as the "Stainless Steel Apartment." In keeping to that name, the home features a stainless steel cantilevered staircase, plus floor-to-ceiling windows overlooking Lake Michigan. The three bedrooms and four bathrooms are spread out over two floors; and interspersed throughout are smoked glass, steel, terrazzo and wood sculptural elements.

The sellers: James M. Tanner and his wife, Catherine Allegra

Tanner is the former chief innovation officer for Morningstar. After leaving the Chicago-based investment research and management firm, he launched Just Good Advice, an investment advice firm.

Allegra founded Wall Street on Demand, which designed, developed and hosted websites and applications for financial services. The company was purchased by Markit and is now known as IHS Markit. Allegra remains as the managing director. 

The couple has relocated to Boulder, Colorado. 

The purchase: Tanner and Allegra purchased the home in 2013 for $2 million, or $2.19 million in today's dollars. 

The sale: According to Zillow,  the home sold for $1.43 million on Dec. 20, or $760,000 less than the original purchase price, in today's dollars.

Tanner and Allegra originally listed the home for $2.1 million on April 4, 2018. By the end of that month, they had lowered the price to $1.95 million and continued to drop the price over the next five months until it reached the final asking price of $1.5 million. 

The property taxes: Because the duplex is part of a co-op, property taxes are not available for individual units in the building.