Market Watch: Rachelle Leach & Thomas Farnsworth lose over $389,000 on sale of Shiloh home
The home: 318 W. Waters Edge, Shiloh
The 5,600-square-foot home has 4 bedrooms, 4 baths, a 2-story great room, loft, eat-in kitchen, breakfast bar, wet bar, bay window, master suite with a private deck, tray ceilings, multiple fireplaces, marble pillar, finished basement, large deck and beautiful lake views.
The seller: Rachelle M. Leach & Thomas Farnsworth
The purchase: In August 2006, Leach and Farnsworth paid $675,000 for the home, or about $841,522 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2006, Leach and Farnsworth paid $675,000 for the home, or about $841,522 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Leach and Farnsworth sold the home for $452,000 on April 25, or roughly $389,522 less than the original purchase price, in today's dollars.
Leach and Farnsworth originally listed the home for $695,000 in April 2014. In March 2018, they lowered the price to $575,000. In July and November 2018, they dropped the price to $549,000 and $524,900, respectively. The price dipped to $449,000 in early March and that same month, they raised it slightly to $459,000 before the sale.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Leach and Farnsworth paid $62,396 in property taxes between 2013 and 2017, or approximately 13.8 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.
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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 |
| $675,000 | $452,000 | $62,396 |
