Market Watch: Gary Jensen loses over $261,000 on sale of Wayne home
The home: 31W720 Percheron Lane, Wayne
The 2,840-square-foot home has 3 bedrooms, 2.5 baths, heated floors, a pantry closet, an attached garage, and professional landscaping on a 1.11 acre lot.
The seller: Gary S. Jensen
The purchase: In December 2009, Jensen paid $661,500 for the home, or roughly $771,050 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2009, Jensen paid $661,500 for the home, or roughly $771,050 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Jensen sold the home for $510,000 on Jan. 31, or $261,050 less than the original purchase price, in today's dollars.
Jensen originally listed the home for $625,000 in early June 2018. By the end of the month, the price was lowered to $600,000. In July and August 2018, he continued to lower the price to $599,000 and $580,000, respectively. The price dropped twice in September 2018 to $550,000 and $545,000. In October 2018, the home was listed at $529,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Jensen paid $110,656 in property taxes between 2009 and 2017, or 21.17 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 |
| $661,500 | $510,000 | $110,656 |
