Market Watch: Mary & Symour Jacobs lose over $312,000 on the sale of their Downers Grove home
The home: 319 4th St., Downers Grove
The 3,573-square-foot home has 4 bedrooms, 4 baths, hardwoods, a bonus 3rd floor, high ceilings, custom closets, wainscoting, a beautiful foyer, a cozy front porch and is filled with natural light. There is also an extra 1,520 square feet in the basement that can be customized.
The seller: Mary L. Jacobs & Symour Jacobs
The purchase: In November 2005, the Jacobs paid $779,500 for the home, or roughly $1 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2005, the Jacobs paid $779,500 for the home, or roughly $1 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Jacobs sold the home for $690,000 on March 27, or approximately $312,785 less than the original purchase price, in today's dollars.
The Jacobs originally listed the home for $859,900 in May 2015. They lowered the price in March and September 2018 to $788,000 and $725,000, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Jacobs paid $114,904 in property taxes between 2005 and 2017, or 16.65 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 |
| $779,500 | $690,000 | $114,904 |
