Market Watch: Penny Clancy loses over $375,000 on sale of Geneva home
The home: 3488 Winding Meadow Lane, Geneva
The 3,970-square-foot home has 5 bedrooms, 5 baths, a gourmet kitchen, a screened porch, stone fireplace in the family room, a den, a powder room, a grand foyer, a loft, finished lower level and a 2-way fireplace with a spa in the master suite.
The seller: Penny Clancy
The purchase: In July 2004, Clancy paid $672,000 for the home, or roughly $906,696 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2004, Clancy paid $672,000 for the home, or roughly $906,696 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Clancy sold the home for $531,500 on May 15, or approximately $375,196 less than the original purchase price, in today's dollars.
Clancy originally listed the home for $559,900 in July 2018. She lowered the price in August 2018 to $557,900. In October 2018, the price was reduced again to $545,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Clancy paid $90,603 in property taxes between 2013 and 2017, or about 17.05 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 |
| $672,000 | $531,500 | $90,603 |
