Market Watch: Ankit Patel loses over $101,000 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: 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 Price||Amount Home Sold for in 2019||Seller’s Property Taxes|