Market Watch: John & Louis Starmann lose over $133,000 on sale of Burr Ridge home
The home: 5 Southgate Court, Burr Ridge
The 2,200-square-foot condo home has 3 bedrooms, 3 baths, an attached garage, scenic pond views and a cozy patio.
The seller: John F. & Louis H. Starmann
The purchase: In July 2007, the Starmanns paid $520,000 for the home, or roughly $628,376 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2007, the Starmanns paid $520,000 for the home, or roughly $628,376 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Starmanns sold the home for $495,000 on Feb. 4, or $133,376 less than the original purchase price, in today's dollars.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Starmanns paid $73,762 in property taxes between 2007 and 2017, or about 14.9 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 |
| $520,000 | $495,000 | $73,762 |
