Market Watch: Westmont homeowner loses over $409,000 on sale
The home: 428 E. 58th St., Westmont
The 3,334-square-foot home has 4 bedrooms, 4 baths, a 3-car garage, Brazilian cherry hardwoods, granite countertops, cherry cabinets, walk-in closets in all the bedrooms, marble flooring in the master bath and a new water heater.
The seller: Zhaoping C. Lowery
The purchase: In January 2005, Lowery paid $858,000 for the home, or roughly $1.14 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2005, Lowery paid $858,000 for the home, or roughly $1.14 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Lowery sold the home for $740,000 on May 24, or approximately $409,764 less than the original purchase price, in today's dollars.
Lowery originally tried to rent the home in October 2015 for $3,500 per month. In November 2018, Lowery put the home on the market for $780,000. He lowered the price in March to $760,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Lowery paid $174,644 in property taxes between 2005 and 2017, or about 23.6 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 |
| $858,000 | $740,000 | $174,644 |
