Market Watch: Latika Bhide & Satyen Barve lose over $130,000 on sale of Palatine home
The home: 663 N. Charter Hall Drive, Palatine
The 1,620-square-foot home has 3 bedrooms, 2.1 baths, a 2-car garage, a new roof, a garden tub in the master bathroom and new stainless steel appliances.
The seller: Latika V. Bhide and Satyen Barve
The purchase: In May 2005, Bhide and Barve paid $284,000 for the home, or roughly $367,727 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2005, Bhide and Barve paid $284,000 for the home, or roughly $367,727 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Bhide and Barve sold the home for $237,000 on Feb. 10, or about $130,727 less than the original purchase price, in today's dollars.
Bhide and Barve originally listed the home in June 2018 at $265,000 and lowered the price in August to $258,900. In September 2018, they dropped the price again to $250,000. It was last listed at $248,000 in January.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Bhide and Barve paid $73,758 in property taxes between 2006 and 2007, or 31 percent of the sale price.
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.
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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 |
| $284,000 | $237,000 | $73,758 |
