Market Watch: Massies lose over $318,000 on sale of Batavia 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: 824 Lusted Lane, Batavia
The 6,121-square-foot home has 5 bedrooms, 5 baths, a finished basement, professional landscaping including a pond and waterfall, and Brazilian cherry flooring and countertops.
The seller: Robert W. Massie IV and Kerry Massie, home held in trust
The purchase: In November 2005, the Massies paid $714,500 for the home, or roughly $908,431 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Massies sold the home for $590,000 on Jan. 30, or approximately $318,431 less than the original purchase price, in today's dollars.
The Massies have had the home on and off the market since 2012. It was originally listed for sale in May 2012 at $725,000 and then removed in July 2012. It was first listed for rent in February 2015 priced at $3,800 a month. Most recently, it was listed for sale in October 2018, priced at $595,000 while also listed for rent at $4,000 a month.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Massies paid $98,503 in property taxes between 2013 and 2017, or roughly 17 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|