Market Watch: McDonald's director loses over $146,000 on sale of North Aurora 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: 450 Mallard Point Drive., North Aurora
The 3,168-square-foot home has four bedrooms, three baths and a kitchen that was completely renovated in 2015 at a cost of $100,000.
The seller: Fernando Gomez Gonzalez, who is the director of menu innovation for McDonald's.
The purchase: In October 2004, Gonzalez paid $417,000 for the home, or roughly $548,790 in today's dollars.
The sale: According to Zillow, Gonzalez sold the home for $402,000 on Jan. 11, or an estimated $146,790 less than the original purchase price, in today's dollars.
Gonzalez originally listed the home for $549,900 in February 2018. The price dropped continuously until October 2018 when it hit $419,800.
The property taxes: Gonzalez paid $47,957 in property taxes from 2013 to 2017, or 12 percent of the sale price.