Market Watch: Stephen & Stephanie Heyroth lose over $124,000 on sale of Long Grove home
The home: 5839 Teal Lane, Long Grove
The 4,972-square-foot home has 4 bedrooms, 4 baths, Viking appliances, a sunroom with a double-sided fireplace, a study with custom woodwork, high-end finishes throughout, large walk-in closets and a sitting area with pond views in the master suite.
The seller: Stephen & Stephanie Heyroth
The purchase: In June 2015, the Heyroths paid $900,000 for the home, or roughly $949,307 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2015, the Heyroths paid $900,000 for the home, or roughly $949,307 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Heyroths sold the home for $825,000 on Feb. 15, or approximately $124,307 less than the original purchase price, in today's dollars.
The Heyroths originally listed the home in May 2018 for $912,000 and lowered the price in July to $899,000. In August, they dropped the price again to $869,000. The home was last listed in September for $849,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Heyroths paid $49,855 in property taxes between 2016 and 2017, or 6.04 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 |
| $900,000 | $825,000 | $49,855 |
