Market Watch: Dana & Gregory Uebele lose over $365,000 on sale of Glencoe 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: 421 Adams Ave., Glencoe
The 3,300-square-foot home has 5 bedrooms; 4.5 baths, including one with a jetted tub; a finished basement with a bar and wine cellar; a two-car detached garage; and a Viking cooktop. It was built in 2006.
The seller: Dana and Gregory Uebele
The seller: Dana and Gregory Uebele
The purchase: In June 2008, the Uebeles paid $1.25 million for the home, or roughly $1.43 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Uebeles sold the home for $1.07 million on Jan. 3, or approximately $365,190 less than the original purchase price, in today's dollars.
The Uebeles originally listed the home for $1.23 million in May 2018. They dropped the price in June 2018 to $1.18 million and again in August 2018 to $1.14 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Uebeles paid $237,205 in property taxes between 2008 and 2017, or an estimated 22 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 |
| $1,435,190 | $1,250,000 | $237,205 |
