Dupage Policy Journal

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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.

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The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes
$545,000$485,000$78,149

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Organizations in this Story

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

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