Market Watch: Hewitt Associates loses over $258,000 on sale of Glen Ellen 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: 663 Forest Ave., Glen Ellen
The 2,300-square-foot home has 4 bedrooms, 3 baths, an open floor plan, and is a short walk to the lake and park.
The seller: Hewitt Associates LLC
The seller: Hewitt Associates LLC
The purchase: In March 2007, Hewitt Associates paid $745,000 for the home, or roughly $913,190 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Hewitt Associates sold the home for $655,000 on Feb. 19, or approximately $258,190 less than the original purchase price, in today's dollars.
Hewitt Associates originally put the home on the market in April 2018 for $795,000. In May, June and July 2018, they lowered the price to $785,000, $775,000 and $765,000, respectively. They dropped the price twice more in August 2018 to $760,000 and $749,500. In September, they lowered the price to $699,000. In December 2018, the price was at $695,000. The home was last listed in January at $690,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Hewitt Associates paid approximately $159,167 in property taxes between 2008 and 2017, or an estimated 24 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 |
| $745,000 | $655,000 | $159,167 |
