Dupage Policy Journal

Dupage Policy Journal

Sunday, October 20, 2019

Market Watch: Ankit Patel loses over $101,000 on sale of Naperville home

Real Estate

By SYHN News Service | Jan 31, 2019

4136 Cave Creek Court, Naperville | 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: 4136 Cave Creek Court, Naperville

The 4,081-square-foot home has 4 bedrooms, 5 baths, a chef's kitchen and first-floor master. It was built in 1988.

The seller: Ankit B. Patel

The purchase: In October 2013, Patel paid $545,000 for the home, or roughly $586,274 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, Patel sold the home for $485,000 on Jan.15, or an estimated $101,274 less than the original purchase price, in today's dollars.

Patel originally listed the home for $599,900 in May 2018. Patel dropped the prices again later that month and again in June to $589,900 and $574,900, respectively. In August and September, the price decreased again to $549,900 and $524,900.  It was last listed at $500,000 in October 2018.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, Patel paid $78,149 in property taxes between 2013 and 2017, or approximately 16 percent of the sale price.


The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes

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Organizations in this Story

Blockshopper.com U.S. Bureau of Labor Statistics Zillow

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