Market Watch: Gregory & Diana Schuster lose over $165,000 on sale of Naperville home
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.
The home: 1005 Sheppey Court, Naperville
The 4,477-square-foot home has five bedrooms, five baths and a swimming pool.
The seller: Gregory M. an Diane C. Schuster
The purchase: In August 2001, the Schusters paid $530,000 for the home, or roughly $750,160 in today's dollars.
The sale: According to Zillow, the Schusters sold the home for $585,000 on Jan. 3, or for approximately $165,160 less than the original purchase price, in today's dollars.
The Schusters originally listed the home for $639,900 in April 2018. The price continuously dropped to $599,900 when it was last listed in June 2018.
The property taxes: The Schusters paid $210,200 in property taxes while owning the home, or an estimated 36 percent of the sale price.