Market Watch: Jacqueline Russo loses over $166,000 on sale of Schaumburg condo
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: 1377 Scarboro Road, Schaumburg
The 1,600-square-foot condo has two bedrooms and two baths. It was built in 2005.
The seller: Jacqueline L. Russo
The seller: Jacqueline L. Russo
The purchase: In April 2006, Russo paid $374,500 for the condo, or roughly $466,931 in today's dollars.
The sale: According to Zillow, Russo sold the condo for $300,000 on Jan.10, or approximately $166,931 less than the original purchase price, in today's dollars.
Russo originally listed the condo for sale in December 2018 at $312,000.
The property taxes: Russo paid $62,357 in property taxes from 2007 to 2017, or an estimated 21 percent of the sale price.
