Market Watch: Xudong Yu & Mei Chris Huang lose over $198,000 on sale of Springfield home
The home: 6205 Mackenzie Place, Springfield
The 5,049-square-foot Moughan Builders home has 5 bedrooms, 5 baths, a 3-car garage, hardwoods, Corian countertops, maple cabinets, a three-season porch, a walk-out basement and an in-ground pool. It is located in the prestigious Piper Glen subdivision.
The seller: Xudong Yu & Mei Chris Huang
The purchase: In June 2006, Yu and Huang paid $455,100 for the home, or roughly $564,584 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2006, Yu and Huang paid $455,100 for the home, or roughly $564,584 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Yu and Huang sold the home for $366,500 on March 13, or approximately $198,084 less than the original purchase price, in today's dollars.
Yu and Huang originally listed the home for $395,000 in July 2018 and lowered the price in August to $379,900. The home was last listed in October 2018 for $374,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Yu and Huang paid $128,097 in property taxes between 2007 and 2017, or an estimated 34.95 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 |
| $455,100 | $366,500 | $128,097 |
