Market Watch: Jolene & Roy Sroka lose over $160,000 on sale of South Barrington home
The home: 17 Olympic Drive, South Barrington
The 3,225-square-foot home has 6 bedrooms, 4 baths, a 3-car garage, wainscoting, crown molding, quartzite counters, custom cabinets, Carrera marble in the master bath, a sitting area in the master suite, a recreation room, a media room and a private office on the first floor.
The seller: Jolene M. & Roy E. Sroka
The purchase: In May 2012, the Srokas paid $790,000 for the home, or roughly $865,271 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2012, the Srokas paid $790,000 for the home, or roughly $865,271 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Srokas sold the home for $705,000 on Feb. 15, or approximately $160,271 less than the original purchase price, in today's dollars.
The Srokas originally listed the home for $825,000 in July 2018 and lowered the price in early August 2018 to $799,000. The dropped the price again at the end of August to $775,000. The home was last listed at $725,000 in October 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Srokas paid $77,474 in property taxes between 2013 and 2017, or 10.99 percent of the sale price.
The Srokas even offered to pay 2019 property taxes for the new buyers.
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 |
| $790,000 | $705,000 | $77,474 |
