Market Watch: Jeremy Youse loses over $115,000 on sale of Champaign home
The home: 510 S. Willis Ave., Champaign
The 4,017-square-foot home has 5 bedrooms, 5 baths, a newly remodeled gourmet kitchen with a built-in espresso station, French doors, a pool, a gas fireplace, a wine bar, a master suite with heated floors and a walk-in shower finished with Indonesian beach pebbles. It is located on a double lot.
The seller: Jeremy S. Youse
The purchase: In December 2011, Youse paid $630,000 for the home, or approximately $702,694 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2011, Youse paid $630,000 for the home, or approximately $702,694 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Youse sold the home for $587,500 on March 7 or about $115,194 less than the original purchase price, in today's dollars.
Youse originally listed the home in May 2015 at $725,000 and lowered the price in September 2015 to $699,000. The price was lowered again in February 2016 to $679,900, but then it was taken off of the market. The home was back on the market in June 2018, listed at $619,900. Youse dropped the price once again in August 2018 to $614,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Youse paid $56,060 in property taxes between 2012 and 2017, or an estimated 10 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 |
| $630,000 | $587,500 | $56,060 |
