Market Watch: James & Mary Jo Cureton lose over $193,000 on sale of Channahon 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: 25121 S. Deer Creek Court, Channahon
The 4,009-square-foot home has 4 bedrooms, 2.5 baths, a pool, and sits next to a 110-acre farm that provides a lot of privacy
The seller: James W. Cureton and Mary Jo Cureton
The seller: James W. Cureton and Mary Jo Cureton
The purchase: In October 2007, the Curetons paid $460,500 for the home, or roughly $553,723 in today's dollars.
The sale: According to Zillow, the Curetons sold the home for $360,000 on Jan.15, or approximately $193,723 less than the original purchase price, in today's dollars.
The Curetons originally listed the home for $420,000 in August 2018. In September 2018, the price of the home dropped to $415,000. The price dropped twice in October -- to $399,000 on Oct. 4 and $389,000 on Oct.18. They dropped the price again in November 2018 to $384,000.
The property taxes: The Curetons paid $93,509 in property taxes between 2008 and 2017, or approximately 26 percent of the sale price.
