Market Watch: Sultan and Molly Ghahtani lose over $416,000 on sale of Plainfield 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: 13252 Lake Mary Drive, Plainfield
This 4,228-square-foot home has four bedrooms, four baths, a huge deck and a screened porch.
The seller: Sultan Ghahtani and Molly Ghahtani
The seller: Sultan Ghahtani and Molly Ghahtani
Sultan Ghahtani is a Chicago fashion photographer. He and Molly divorced in 2015.
The purchase: In July 2009, the Ghahtanis paid $764,450 for the home, or roughly $891,823 in today's dollars.
The sale: According to Zillow, the Ghahtanis sold the home for $475,000 on Jan. 7, or $416,823 less than the original purchase price, in today's dollars.
The Ghahtanis originally listed the home for $615,000 in February 2018. The price continuously dropped until it landed at $499,900 in July 2018.
The property taxes: The Ghahtanis paid $129,114 in property taxes from 2009 to 2017, or approximately 27 percent of the sale price.
