Market Watch: Wilmette home sells for more than half 2005 purchase price
The home: 825 Michigan Ave., Wilmette
The 5,089-square-foot home has 4 bedrooms, 7 baths, a gourmet kitchen, Thermador appliances, a gas fire pit, a hot tub with a waterfall, an outdoor kitchen with Wolf appliances and a basement recreation room featuring an alabaster bar with a refrigerated tap. The home overlooks Gillson Park and Lake Michigan.
The seller: Natalie Teresa Waterbury
The purchase: In July 2005, the home was purchased by Joan and David Evans for $3.47 million, or $4.51 million in today's dollars, according to the U.S. Bureau of Labor Statistics. Waterbury and her then-husband, Scott, purchased the home from the Evans for $2.15 million in 2014 ($2.31 million in today's dollars)
The purchase: In July 2005, the home was purchased by Joan and David Evans for $3.47 million, or $4.51 million in today's dollars, according to the U.S. Bureau of Labor Statistics. Waterbury and her then-husband, Scott, purchased the home from the Evans for $2.15 million in 2014 ($2.31 million in today's dollars)
The sale: According to Zillow, the home sold for a little over $1.72 million last month. That's $2.79 million less than the Evanses paid for it and $590,000 less than the Waterburys paid.
Waterbury listed the home for $2.5 million in early May 2018. She lowered the price twice that month to $2.39 million and $2.34 million. In June 2018, she dropped the price to $2.27 million and then $2.19 million. In August, October and November 2018, the price plummeted to $1.99 million, $1.85 million and $1.8 million, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the property taxes between 2005 and 2017 were $735,235, or 42.62 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 |
| $3,465,000 | $1,725,000 | $735,235 |
