Market Watch: Jared Gallagher and Leslie Strutzenburg lose over $110,000 on sale of Downers Grove 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: 5833 Chase Ave., Downers Grove
The 2,600-square-foot dome-shaped home has three bedrooms, three baths and features a private loft with a beautiful spiral staircase.
The seller: Jared Gallagher and Leslie Strutzenburg
The purchase: In December 2002, Gallagher and Strutzenburg paid $290,000 for the home, or roughly $402,750 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Gallagher and Strutzenburg sold the home for $292,500 on Jan. 30, or approximately $110,250 less than the original purchase price, in today's dollars.
Gallagher and Strutzenburg originally listed the home for $550,000 in July 2018. They dropped the price drastically 17 times in 2018. It was last listed at $300,000 in December 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Gallagher and Strutzenburg paid $81,779 in property taxes between 2002 and 2017, or about 28 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|