Market Watch: South Barrington couple lose over $270,000 on sale of 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: 9 Falcon Lakes Drive, South Barrington
The 5,226-square-foot home has five bedrooms, five baths with marble floors, a two-story foyer and two kitchens.
The seller: Muthkrishanan Varadarajan and Sharmila Varadarajan
The seller: Muthkrishanan Varadarajan and Sharmila Varadarajan
The purchase: In April 2007, the Varadarajans paid $1.02 million for the home, or roughly $1.24 million in today's dollars.
The sale: According to Zillow, the Varadarajans sold the home for $975,000 on Jan. 6, or an estimated $270,918 less than the original purchase price, in today's dollars.
The Varadarajans originally listed the home for $1.19 million in July 2016. They dropped the price in January 2017 to $1.07 million.
The property taxes: The Varadarajans paid $194,233 in property taxes from 2007 to 2017, or 20 percent of the sale price.
