Market Watch: Christopher Ferraro & Stephanie Passoff lose over $29,000 on sale of Downers Grove home
The home: 1233 Maple Ave., Downers Grove
The 1,620-square-foot home has 3 bedrooms, 3 baths, vaulted ceilings, a recreation room, hardwoods, custom cabinets, plantation shutters, a paver driveway, lush trees and perennial gardens.
The seller: Christopher Ferraro & Stephanie Passoff
The purchase: In September 2016, Ferraro and Passoff paid $527,000 for the home, or approximately $549,448 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2016, Ferraro and Passoff paid $527,000 for the home, or approximately $549,448 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Ferraro and Passoff sold the home for $520,000 on Feb. 1, or an estimated $29,448 less than the original purchase price, in today's dollars.
Ferraro and Passoff originally listed the home for $550,000 in September 2018 and lowered the price to $545,000 in October 2018. It was last listed in November 2018 for $535,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Ferraro and Passoff paid $6,663 in property taxes in 2017, or about 1.28 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 |
| $527,000 | $520,000 | $6,663 |
