Market Watch: Sheryl & Jonathan Mellin lose over $257,332 on sale of Northbrook home
The home: 835 Shermer Road, Northbrook
The 4,022-square-foot home has 4 bedrooms, 4 baths, a finished basement, stainless appliances, hardwoods, a walk-in pantry, a sunroom, a recreation room, vaulted ceilings, a fireplace, a barbecue area, and a pool and hot tub.
The seller: Sheryl & Jonathan Mellin
The purchase: In May 2014, the Mellins paid $987,500 for the home, or roughly $1.04 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2014, the Mellins paid $987,500 for the home, or roughly $1.04 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Mellins sold the home for $787,500 on Feb.1, or approximately $257,332 less than the original purchase price, in today's dollars.
The Mellins originally listed the home for $949,000 in February 2018 and lowered the price in April 2018 to $899,000. In August 2018, the home was listed for $849,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Mellins paid $65,723 in property taxes between 2014 and 2017, or about 8.35 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 |
| $987,500 | $787,500 | $65,723 |
