Market Watch: A home held in trust loses over $43,000 on sale of Long 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: 6332 Valley View Lane, Long Grove
The 3,374-square-foot home has 4 bedrooms, 3 baths, a 3-car garage, gorgeous pond views and a walk-in pantry.
The seller: Arthur Wirth (Trustee)
The purchase: In July 2013, the home was purchased for $575,000, or roughly $618,413 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Wirth sold the home for $525,000 on Dec.28, or approximately $43,413 less than the original purchase price, in today's dollars.
Wirth originally listed the home for $620,000 in April 2017. The listing price increased briefly in February 2018 to $629,000 and was quickly lowered to $600,000 by the end of the month. In April 2018, the price dropped again to $599,000, and in May it fell to $585,000. The home was last listed for sale in July 2018 at $575,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Wirth paid $77,271 in property taxes between 2013 and 2017, or an estimated 15 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|