Market Watch: Paul & Margaret Ditomo lose over $443,000 on sale of St. Charles home
The home: 2702 Royal Fox Drive, St. Charles
The 3,895-square-foot home has 4 bedrooms, 4 baths, a 3-car heated garage, 2-story foyer, stone fireplace, floor to ceiling windows, gourmet kitchen with Cambria countertops, office with built-in book cases, vaulted ceilings, finished basement with a wine cellar and gorgeous golf course views.
The seller: Paul L. & Margaret H. Ditomo
The purchase: In November 2008, the Ditomos paid $780,000 for the home, or roughly $938,342 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2008, the Ditomos paid $780,000 for the home, or roughly $938,342 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Ditomos sold the home for $495,000 on May 13, or about $443,342 less than the original purchase price, in today's dollars.
The Ditomos originally listed the home for $697,500 in May 2016. They lowered the price twice in November 2016, to $672,500 and $649,900. In December 2016, the home price dropped again to $598,500. In May 2017, the home was listed at $583,500. In March, April and May 2018, the home price plummeted to $575,000, $565,000 and $549,900, respectively. In September 2018, they reduced the price further to $539,900. The last price drop was in January when the home was listed at $519,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Ditomos paid $90,880 in property taxes between 2013 and 2017, or about 18.36 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 |
| $780,000 | $495,000 | $90,880 |
