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Market Watch: Andrea & Gregroy Barrett lose over $124,000 on sale of Wheaton mid-century modern home

The home: 916 W. Elm St., Wheaton

The 4,000-square-foot mid-century modern home designed by Edward Dart has 4 bedrooms, 3 baths, a 3.5-car garage with connected mini garage, wall-to-ceiling windows, oak floors, an open floor plan, Frank Lloyd Wright St. Charles cabinets, a central brick fireplace and lifted patio overseeing the lush large backyard.

The seller: Andrea & Gregroy Barrett

The purchase: In June 2013, the Barretts paid $600,000 for the home, or roughly $646,786 in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In June 2013, the Barretts paid $600,000 for the home, or roughly $646,786 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Barretts sold the home for $522,000 on Feb. 20, or about $124,786 less than the original purchase price, in today's dollars.

The Barretts originally listed the home for $600,000 in March 2010 and removed the listing shortly after.  It was put back on the market in April 2012 for $600,000 and removed again.  It was back on the market in April 2017 when the price jumped to $699,500.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Barretts paid $51,763 in property taxes between 2014 and 2017, or an estimated 9.92 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$600,000$522,000$51,763

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