Market Watch: James Conway loses over $192,000 on sale of Western Springs 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: 4441 Harvey Ave., Western Springs
The 1,161-square-foot home has 3 bedrooms, 2 baths, a 3-car garage, beautiful hardwoods and is a split- level residence.
The seller: James Conway
The seller: James Conway
The purchase: In August 2006, Conway paid $432,000 for the home, or roughly $532,283 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Conway sold the home for $340,000 on Jan. 31, for approximately $192,283 less than the original purchase price, in today's dollars.
Conway originally listed the home for rent at $2,200 per month in May 2018. He then listed the home for sale in November 2018 at $365,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Conway paid $83,392 in property taxes between 2006 and 2017, or an estimated 25 percent of the sale price.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $432,000 | $340,000 | $83,392 |
