Market Watch: Rodolfo Piedra loses over $696,000 on sale of Naperville home
The home: 106 N. Columbia St., Naperville
The 4,220-square-foot home has 5 bedrooms, 5 baths, a 3-car garage with a partially finished 2nd story, crown molding, high ceilings, glass door knobs, 4 fireplaces, reverse osmosis system, screened porch off the master suite, enclosed sun room, upgraded white millwork, paver patio and hot tub.
The seller: Rodolfo A. Piedra
The purchase: In July 2002, Piedra paid a little over $1.02 million for the home, or roughly $1.44 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2002, Piedra paid a little over $1.02 million for the home, or roughly $1.44 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Piedra sold the home for $750,000 on March 19, or approximately $696,735 less than the original purchase price, in today's dollars.
Piedra originally listed the home for $935,000 in May 2017. He lowered the price in June and September 2017 to $899,900 and $864,900. In February 2018, he dropped the price to $859,900. The price dipped again in March 2018 to $845,000. Piedra briefly raised the price in early December 2018 to $850,000 and he quickly dropped the price back down a few weeks later to $824,900. The home was last listed in January for $800,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Piedra paid $285,093 in property taxes between 2002 and 2017, or about 38.01 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 |
| $1,025,000 | $750,000 | $285,093 |
