Market Watch: Cheryl Randazzo loses over $150,000 on sale of St. Charles 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: 39W040 Lookout Lane, St. Charles
The 5,094-square-foot custom-built home has 4 bedrooms, 5 baths, a commercial-grade kitchen and a walkout basement.
The seller: Cheryl Randazzo
The purchase: In November 2003, Randazzo paid $619,500 for the home, or roughly $843,570 in today's dollars.
The sale: According to Zillow, Randazzo sold the home for $688,450 on Jan.15, or an estimated $150,120 less than the original purchase price, in today's dollars.
Randazzo originally listed the home for $1.24 million in January 2009. She lowered the price in February 2009 to $1.19 million and took it off the market the following summer. She relisted the home in February 2017 for $870,000. The price dropped in March, May and June of 2017 to $850,000, $829,900 and $799,700, respectively. By September 2018 the price was down to $725,000.
The property taxes: Randazzo paid $93,438 in property taxes between 2013 and 2017, or approximately 14 percent of the sale price.