Market Watch: Parham & Jennifer Parastaran lose over $148,000 on sale of Champaign home
The home: 4606 Westborough Drive, Champaign
The 5,083-square-foot home has 5 bedrooms, 6 baths, vaulted ceilings, hardwoods, a walk-in pantry, a breakfast bar, wet bar, first-floor laundry, recreation room, game room, fireplace, attached garage and a fenced yard.
The seller: Parham & Jennifer Parastaran
The purchase: In July 2012, the Parastarans paid $800,000 for the home, or roughly $878,944 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2012, the Parastarans paid $800,000 for the home, or roughly $878,944 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Parastarans sold the home for $730,000 on March 27, or approximately $148,944 less than the original purchase price, in today's dollars.
The Parastarans originally listed the home for $925,000 in December 2016. They lowered the price in July 2017 to $895,000. They briefly took the home off the market, but listed it again in February 2018 for $895,000. In April, June, September and October 2018, they continued to drop the price to $880,000, $855,000, $830,000 and $815,000, respectively. In November and December 2018, the price continued to drop to $795,000 and $785,000, respectively. In January, the price changed twice to $775,000 and $765,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Parastarans paid $90,542 in property taxes between 2013 and 2017, or an estimated 12.4 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 |
| $800,000 | $730,000 | $90,542 |
