Market Watch: Ryan Neff loses over $514,000 on sale of Hinsdale 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: 311 W. 9th St., Hinsdale
The 5,120-square-foot home has 6 bedrooms, 7 baths, an open floor plan, high ceilings, designer finishes and a beautiful garden.
The seller: Ryan C. Neff
The purchase: In May 2014, Neff paid a little over $1.77 million for the home, or roughly $1.87 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Neff sold the home for $1.36 million on Dec. 28, or approximately $514,479 less than the original purchase price, in today's dollars.
Neff originally listed the home for a little over $1.77 million in August 2017. He dropped the price of the home in May 2018 to $1.69 million and again in August 2018 to $1.62 million. The price of the home dropped twice more in October and November 2018 to $1.59 million and $1.49 million, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Neff paid $78,175 in property taxes between 2015 and 2017, or an estimated 6 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|