Market Watch: Adel & Linda Zeidan lose over $140,000 on sale of Woodridge 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: 9136 Talcott Road, Woodridge
This 4,300-square-foot home has four bedrooms and three baths. It was built in 2005.
The seller: Adel H. and Linda M. Zeidan
The purchase: In September 2005, the Zeidans paid $476,500 for the home, or roughly $602,176 in today's dollars.
The sale: According to Zillow, the Zeidans sold the home for $462,000 in December, or approximately $140,176 less than the original purchase price, in today's dollars.
The Zeidans originally listed the home for $575,000 in March 2014. The price dropped continuously until it was last listed at $489,900 in October 2018.
The property taxes: The Zeidans paid $121,778 in property taxes while owning the home, or 30 percent of the sale price.