Market Watch: Kildeer homeowners lose over $530,000 on sale
The home: 21583 W. Swan Court, Kildeer
The 4,002-square-foot home has 6 bedrooms, 5 baths, a 3-car garage, a 2-story family room, a breakfast room, a luxury master suite with a private balcony, a finished walk-out basement, Phillips Hue voice-controlled lighting and beautiful water views.
The seller: Kim Hyun Seoung (Trustee), Kim In Sook (Trustee)
The purchase: In March 2005, Seoung and Sook paid $870,000 for the home, or roughly $1.15 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2005, Seoung and Sook paid $870,000 for the home, or roughly $1.15 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Seoung and Sook sold the home for $620,000 on May 24, or approximately $530,164 less than the original purchase price, in today's dollars.
Seoung and Sook originally listed the home in March 2014 for $799,900. In February, April and October 2016, they dropped the price to $745,000, $735,000 and $699,900, respectively. In March 2017, they dropped the price to $688,000. The price decreased twice in April 2017 to $685,000 and $675,000. In June 2017, they lowered it twice more to $669,000 and $659,000. In April 2018, the home was listed for $650,000. In June 2018, the price dipped again to $649,000. The home was last listed in January for $645,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Seoung and Sook paid $164,985 in property taxes between 2008 and 2017, or about 26.61 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 |
| $870,000 | $620,000 | $164,985 |
