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Dupage Policy Journal

Friday, November 22, 2024

Market Watch: Gary & Harriet Kubo lose over $160,000 on sale of Lisle home

Scarletoaklanelisle

2129 Scarlet Oak Lane, Lisle | Zillow

2129 Scarlet Oak Lane, Lisle | Zillow

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: 2129 Scarlet Oak Lane, Lisle

The 3,568-square-foot home has 4 bedrooms, 3 baths, a spa bathroom and a screened-in porch. 

The seller: Gary M. and Harriet Kubo

The purchase: In October 1989, the Kubos paid $385,947 for the home, or roughly $771,995 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The sale: According to Zillow, the Kubos sold the home for $611,000, or approximately $160,995 less than the original purchase price, in today's dollars.

The Kubos originally listed the home for $649,900 in September 2018.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Kubos paid $236,924 in property taxes between 2001 and 2017, or 39 percent of the sale price.

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The Financial Facts in Today’s Dollars

Seller's Purchase Price

Amount Home Sold for in 2019

Seller’s Property Taxes

$385,947

$611,000

$236,924

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