Market Watch: Joseph Roth loses over $327,000 on sale of Downers Grove home
The home: 4904 Highland Ave., Downers Grove
The 4,853-square-foot home has 5 bedrooms, 5 baths, a 3-car garage, a stone patio and fireplace, a wrap-around porch, heated basement floors, a hot tub and a private guest suite. The home is located 1 block from town, shopping, restaurants and the train.
The seller: Joseph R. Roth
The purchase: In August 2005, Roth paid $987,000 for the home, or approximately $1.26 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2005, Roth paid $987,000 for the home, or approximately $1.26 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Roth sold the home for $935,000 on Dec. 28, or an estimated $327,560 less than the original purchase price, in today's dollars.
Roth originally listed the home in early May 2018 at $1.19 million and lowered the price at the end of the month to $1.14 million. In June 2018, the price dropped again to $1.07 million and by August 2018 it was listed at $999,000. It was last listed in October 2018 at $950,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Roth paid $156,140 in property taxes between 2006 and 2017, or about 17 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $987,000 | $935,000 | $156,140 |
