Market Watch: Todd & Lisa Diven lose over $34,000 on sale of West Dundee 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: 35W490 Chateau West Drive, West Dundee
The 2,895-square-foot home has 4 bedrooms, 3 baths, a beautiful atrium in the front of the home and lush backyard with a fire pit.
The seller: Todd B. and Lisa D. Diven
The purchase: In December 2014, the Divens paid $417,000 for the home, or roughly $446,161 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Divens sold the home for $412,000 on Jan. 10 or approximately $34,161 less than the original purchase price, in today's dollars.
The Divens originally listed the home in July 2018 for $455,000. They dropped the price twice in August to $439,000 and then $425,000. The home was last listed in October 2018 at $420,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Divens paid $48,130 in property taxes between 2014 and 2017, or an estimated 12 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|