Market Watch: Julie Keefe loses over $418,000 on sale of Park Ridge 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: 707 S. Prospect Ave., Park Ridge
The home has 4 bedrooms, 3 baths, a large covered front porch, walk-in pantry, a master suite with a separate sitting area and steam heat. It was built in 1917.
The seller: Julie Keefe
The seller: Julie Keefe
The purchase: In August 2007, Keefe paid $789,000 for the home, or roughly $953,374 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Keefe sold the home for $535,000 on Jan.4, or an estimated $418,374 less than the original purchase price, in today's dollars.
Keefe originally listed the home for $650,000 in early October 2018. She dropped the price in mid-October to $625,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Keefe paid $160,737 in property taxes between 2007 and 2015, or approximately 30 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $789,000 | $535,000 | $160,737 |
