Market Watch: Deann & Steven Davis lose over $139,000 on sale of Glen Ellyn 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: 347 Lorraine St., Glen Ellyn
The 3,491-square-foot brick Tudor home has 4 bedrooms, 6 baths, a seamless addition and a custom kitchen.
The seller: Deann P. and Steven R. Davis
The purchase: In June 2009, the Davises paid $665,000 for the home, or roughly $774,572 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Davises sold the home for $635,000 on Jan. 16, or for approximately $139,572 less than the original purchase price, in today's dollars.
The couple originally listed the home for $825,000 in February 2016. They dropped the price in March, April, June and July of 2016 to $799,900, $789,900, $749,900 and $729,900, respectively. In September 2016, they listed the home for rent at $3,800 per month. The home was up for sale again in June 2018, listed at $699,000. It was last listed in October 2018 at $650,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Davises paid $145,330 in property taxes between 2009 and 2017, or an estimated 23 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|