Market Watch: Scott & Linda Butler lose over $148,000 on sale of Huntley home
The home: 10840 Cambria Court, Huntley
The 2,596-square-foot home has 4 bedrooms, 2.5 baths, a loft, a finished basement with a workout room, paver patio with beautiful landscaping, a master bath with a jacuzzi tub and separate shower, and master bedroom with custom closets. The spacious gourmet kitchen has 42 cabinets, Brazilian flooring, a large pantry, an island and a work desk. The home is located in the prestigious Northbridge subdivision.
The seller: Scott A. and Linda A. Butler
The purchase: In September 2003, the Butlers paid $332,570 for the home, or approximately $453,919 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2003, the Butlers paid $332,570 for the home, or approximately $453,919 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Butlers sold the home for $303,500 on March 7, or $150,533 less than the original purchase price, in today's dollars.
The Butlers originally listed the home in early May 2018 at $359,900 and dropped the price that same month to $349,900. In June, July, and September 2018, they lowered the price to $339,900, $329,900 and $319,000, respectively. In October and December 2018, they dropped the price again to $315,000 and $300,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Butlers paid $55,272 in property taxes between 2010 and 2017, or approximately 18 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 |
| $332,570 | $303,500 | $55,272 |
