Market Watch: Mark & Susan Manning lose over $196,000 on sale of Wheaton home
The home: 341 Brighton Drive, Wheaton
The 2,990-square-foot home has 4 bedrooms, 3 baths, a 2-car garage, and a finished basement and recreation room.
The seller: Mark and Susan Manning
The purchase: In December 2003, the Mannings paid $538,500 for the home, or roughly $735,468 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2003, the Mannings paid $538,500 for the home, or roughly $735,468 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Mannings sold the home for $520,000 on Feb. 27, or approximately $196,968 less than the original purchase price, in today's dollars.
The Mannings originally listed the home for $588,000 in July 2018 and dropped the price in August 2018 to $575,000. In September, October and November 2018, the price was lowered to $569,000, $559,900 and $550,000, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Mannings paid $164,736 in property taxes between 2004 and 2017, or about 32 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 |
| $538,500 | $520,000 | $164,736 |
