Market Watch: Lindsey and Heidi Vaughan lose over $391,000 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: 4353 Hampton Ave., Western Springs
The 3,252-square-foot home has 4 bedrooms, 3 baths, an open floor plan and a finished basement. It is close to the rec center and the Metra station.
The seller: Lindsey and Heidi Vaughan
The seller: Lindsey and Heidi Vaughan
The purchase: In February 2004, the Vaughans paid $755,000 for the home, or roughly $1.02 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Vaughans sold the home for $629,000 on Feb. 11, or approximately $391,636 less than the original purchase price, in today's dollars.
The Vaughans originally listed the home for $839,000 on March 2011. They lowered the price in April 2011 to $799,900, but two months later took the house off the market. In February 2018, they put the house back on the market for $779,000 and dropped the price at the end of the month to $749,000. In April, July and December 2018, they dropped the price to $729,000, $699,000 and $664,000, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Vaughans paid $199,597 in property taxes between 2005 and 2017, or an estimated 32 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 |
| $755,000 | $629,000 | $199,597 |
