Market Watch: An LLC loses almost $100,000 on the sale of a 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: 833 Crescent Blvd., Glen Ellyn
The 2,578-square-foot home has 3 bedrooms, 4 baths, an open floor plan, finished recreation room and is filled with natural light.
The seller: 833 Crescent LLC
The purchase: In January 2015, the LLC paid $650,000 for the home, or roughly $698,744 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the LLC sold the home for $599,000 on Dec. 30, or $99,744 less than the original purchase price, in today's dollars.
The LLC originally listed the home for $639,000 in December 2017. The LLC dropped the price to $625,000 in March 2018 and down to $599,000 in April 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the LLC paid $66,630 in property taxes between 2013 and 2017, or about 11 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|