Market Watch: Scott Holder loses over $60,000 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: 1032 N. Brainard St., Naperville
The 2,196-square-foot home has 4 bedrooms, 3 baths and was completely remodeled in 2017. It has a great location close to schools and shopping.
The seller: Scott F. Holder
The purchase: In January 2018, Holder paid $493,500 for the home, or roughly $500,201 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Holder sold the home for $441,000 on Jan.11, or an estimated $60,201 less than the original purchase price, in today's dollars.
Holder originally listed the home for $494,000 in July 2018. He dropped the price shortly after to $485,000. In August, September, October and November 2018, the price decreased again to $475,000, $469,000, $455,000 and $449,900, respectively. The residence was last listed at $449,900 before the sale of the home.
The property taxes: Based on data compiled from Blockshopper.com and the County of DuPage website, Holder will pay an estimated $8,171 in property taxes in 2018, or approximately 2 percent of the sale price.
The Financial Facts in Today’s Dollars
|Seller's Purchase Price||Amount Home Sold for in 2019||Seller's Property Taxes|