Market Watch: Ross Dowd loses over $306,000 on sale of Western Springs home
The home: 4745 Woodland Ave., Western Springs
The 3,617-square-foot home has 6 bedrooms, 5 baths, a stone fireplace, vaulted ceilings, a large covered porch with ceiling fans, plantation shutters, an exercise room and a recreation room.
The seller: Ross Dowd
The purchase: In July 2014, Dowd paid a little over $1.37 million for the home, or roughly $1.45 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2014, Dowd paid a little over $1.37 million for the home, or roughly $1.45 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Dowd sold the home for $1.15 million, or $306,000 less than the original purchase price, in today's dollars.
Dowd originally listed the home in April 2017 for a little over $1.47 million, but lowered the price to approximately $1.44 million in May 2017. In September and November 2017, he dropped the price to $1.41 million and $1.38 million, respectively. In February 2018, the home was listed at $1.35 million; and by July, the price went down to $1.29 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Dowd paid $56,457 in property taxes between 2015 and 2017, or about 4.9 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $1,379,000 | $1,150,000 | $56,457 |
