Market Watch: James Buchanan loses over $427,000 on sale of Mahomet 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: 1510 Riverwood Point, Mahomet
The 4,374-square-foot home has 4 bedrooms, 5 baths, a three-car garage, an in-ground pool, a finished basement and two fireplaces. It sits on 4 acres.
The seller: James Craig Buchanan, a real estate agent and former standout basketball player for Mahomet-Seymour from 1989 to 1993. He is also a member of the Illinois Basketball Coaches Association state Hall of Fame
The seller: James Craig Buchanan, a real estate agent and former standout basketball player for Mahomet-Seymour from 1989 to 1993. He is also a member of the Illinois Basketball Coaches Association state Hall of Fame
The purchase: In July 2014, Buchanan paid $850,000 for the home, or roughly for $780,000 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Buchanan sold the home for $780,000, or about $247,154 less than the original purchase price, in today's dollars.
Buchanan originally listed the home for $875,000 in March 2018. In April, he lowered the price to $859,900. The price was dropped again twice in June to $849,900 and $839,900. In July, the price decreased to $835,000. In August, the price fluctuated as it went down to $825,000 and up to $829,000 by the end of the month. The price then dropped two times in September to $819,000 and $809,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Buchanan paid $65,736 in property taxes between 2015 and 2017, or an estimated 8 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 |
| $850,000 | $780,000 | $65,736 |
