Market Watch: James Orme loses over $366,000 on sale of Wheaton home
The home: 1051 Mackenzie Place, Wheaton
The 2,611-square-foot home has 4 bedrooms, 4 baths, 3 stories of finished living, tons of natural light, vaulted ceilings, large windows, a granite kitchen island, breakfast room, versatile loft space, cozy private patio and the finished basement has a recreation and workout room.
The seller: James L. Orme
The purchase: In October 2006, Orme paid $641,000 for the home, or roughly $799,541 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In October 2006, Orme paid $641,000 for the home, or roughly $799,541 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Orme sold the home for $433,000 on Jan.18, or $366,541 less than the original purchase price, in today's dollars.
Orme originally listed the home in October 2013 for $550,000. In July 2014, he raised the price to $599,900. In May, June and August 2017 he began to lower the price to $575,000, $550,000 and $539,000 respectively. In April, June and September 2018 the price continued to drop to $525,000, $500,000 and $475,000 respectively. The home was last listed in November 2018 at $450,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Orme paid $137,111 in property taxes between 2007 and 2017, or about 31.67 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 |
| $641,000 | $433,000 | $137,111 |
