Market Watch: Patrice & James Fox lose over $96,000 on sale of Burr Ridge 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: 8085 Savoy Club Court, Burr Ridge
The 3,495-square-foot home has four bedrooms, four baths, and features a double fireplace and beautiful views of woods and water.
The seller: Patrice L. Fox and James R. Fox
The purchase: In July 2014, the Foxes paid $992,500 for the home, or roughly $1.05 million in today's dollars.
The sale: According to Zillow, the Foxes sold the home for $950,000 on Jan.11, or approximately $96,584 less than the original purchase price, in today's dollars.
The Foxes originally listed the home for $1.09 million in May 2018. They lowered the price in September to $995,000.
The property taxes: The Foxes paid $67,592 in property taxes from 2014 to 2017, or 7 percent of the sale price.