Market Watch: Susan Nickey and Robert Donath lose over $42,000 on sale of Springfield 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: 11 Turnberry Place, Springfield
The 1,894-square-foot condo has 3 bedrooms, 2 baths, an open floor plan and an eat-in kitchen.
The seller: Susan D. Nickey and Robert W. Donath
The seller: Susan D. Nickey and Robert W. Donath
The purchase: In August 2017, Nickey and Donath paid $227,000 for the condo, or roughly $232,283 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Nickey and Donath sold the condo for $190,000 on Feb.1, or approximately $42,283 less than the original purchase price, in today's dollars.
Nickey and Donath originally listed the condo for $239,000 in January 2018. They dropped the price in April to $229,000 and again in June to $219,000. In October 2018, the price was down to $205,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Nickey and Donath paid $5,515 in property taxes between in 2017 or about 3 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 |
| $227,000 | $190,000 | $5,515 |
