Market Watch: Timothy & Vicky Froderman lose over $356,000 on sale of Deer Park home
The home: 20288 N. Wallingford Lane, Deer Park
The 3,362-square-foot home has 4 bedrooms, 3 baths, a 2-story foyer, vintage patina chandelier, fluted casings, crown molding, hardwoods, a study with built-in bookcases, a gourmet kitchen with breakfast bar, a powder room, a fully finished basement, two decks and gorgeous pond views.
The seller: Timothy C. & Vicky L. Froderman
The purchase: In April 2006, the Frodermans paid $702,500. for the home, or roughly $886,237 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In April 2006, the Frodermans paid $702,500. for the home, or roughly $886,237 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Frodermans sold the home for $530,000 on April 22, or approximately $356,237 less than the original purchase price, in today's dollars.
The Frodermans originally listed the home in April 2018 for $619,000. In June, September and November 2018, they lowered the price to $599,000, $579,900 and $575,000, respectively. In January, the home was priced at $568,000 and by February the price dropped to $555,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Frodermans paid $127,965 in property taxes between 2008 and 2017, or about 24.14 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 |
| $702,500 | $530,000 | $127,965 |
