Market Watch: Christopher & Jennifer Warner lose over $341,000 on sale of North Barrington home
The home: 12 Averill Court, North Barrington
The 5,983-square-foot home has 5 bedrooms, 5.5 baths, a great room with 2-story windows, custom fireplace, gourmet kitchen, breakfast room, screened porch, double walk-in closets in the master suite, beautiful curved staircase, vaulted ceilings, finished walk-out basement, an outdoor pool and is located on a 1.07 acre lot with golf course views.
The seller: Christopher & Jennifer Warner
The purchase: In August 2016, the Warners paid $845,000 for the home, or roughly $891,847 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2016, the Warners paid $845,000 for the home, or roughly $891,847 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Warners sold the home for $550,000 on March 19, or about $341,847 less than the original purchase price, in today's dollars.
The Warners originally listed the home for a little over $1.09 million in November 2017, but dropped the price in December 2017 to $1.04 million. They lowered the price twice in January 2018 to $980,000 and $925,000. In February, April, June and July 2018, the price plummeted to $899,000, $865,000, $820,000 and $780,000, respectively. In September 2018, the home was listed at $750,000; and by November 2018, it had dropped to $699,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Warners paid $42,907 in property taxes between 2016 and 2017, or about 7.8 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 |
| $845,000 | $550,000 | $42,907 |
