Market Watch: Provenzale trust lost over $123,000 on the 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: 2173 University Drive, Naperville
The 3,406-square-foot home has 5 bedrooms, 3.1 baths, a loft in the master bedroom, a finished tiled basement and a Jacuzzi tub.
The seller: Donald J. Provenzale (Trustee), Donald J. Provenzale Sr. and Ellen M. Provenzale (Trust)
The purchase: In January 2007, the Provenzales paid $410,000 for the home, or roughly $508,880 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Provenzales sold the home for $385,000 on Jan. 28, or approximately $123,880 less than the original purchase price, in today's dollars.
The Provenzales originally listed the home for $580,000 in February in 2015. They changed the home price seven more times in 2015 and lowered it three more times in 2016. In May 2018, the home was re-listed at $489,900. The price dropped eight more times after May 2018 and it was last listed for sale at $399,900 in October 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Provenzales paid $91,422 in property taxes between 2008 and 2017, or an estimated 24 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|