Market Watch: Bruce Culleton loses over $801,000 on sale of Winnetka home
The home: 927 Cherry St., Winnetka
The 3,198-square-foot Colonial home has 5 bedrooms, 5 baths, a detached garage, hardwoods, stainless appliances, a pantry closet, wet bar, a fireplace, an exercise room, a study, a security system, a patio and fenced yard.
The seller: Bruce Culleton
The purchase: In July 2007, Culleton paid a little over $1.85 million for the home, or roughly $2.26 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2007, Culleton paid a little over $1.85 million for the home, or roughly $2.26 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Culleton sold the home for approximately $1.46 million on March 28, or about $801,287 less than the original purchase price, in today's dollars.
Culleton originally listed the home for a little over $1.64 million in July 2018. He lowered the price in January to $1.57 million. In February, the price dropped again to $1.54 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Culleton paid $281,330 in property taxes between 2008 and 2017, or an estimated 19.24 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 |
| $1,855,000 | $1,462,500 | $281,330 |
