Market Watch: James Fullerton loses over $140,000 on sale of Springfield home
The home: 944 Williams Blvd., Springfield
The 5,076-square-foot home has 5 bedrooms, 4 baths, a 2-car garage, original hardwoods, cherry cabinets in the kitchen, quartz countertops, a study on the main level, a sunroom, a finished attic and a beautiful balcony overlooking mature trees.
The seller: James K. Fullerton
The purchase: In February 2014, Fullerton paid $425,000 for the home, or roughly $460,155 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In February 2014, Fullerton paid $425,000 for the home, or roughly $460,155 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Fullerton sold the home for $320,000 on April 15, or approximately $140,155 less than the original purchase price, in today's dollars.
Fullerton originally listed the home in March 2016 for $475,000. He dropped the price in May and October 2016 to $465,000 and $450,000, respectively. In July and August 2017, he continued to lower the price to $419,900 and then $400,000. In January, April and June 2018, the price plunged to $399,000, $389,000 and $349,900, respectively. He tried to rent the home briefly in September 2018 for $3,500 per month. In March, the home was back on the market for $339,900.
The property taxes: Based on data compiled from Zillow, Fullerton paid $47,400 in property taxes between 2014 and 2017, or about 14.81 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 |
| $425,000 | $320,000 | $47,400 |
