Market Watch: Daniel and Jeannie Frey lose $160,000 on Glenview home
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.
The home: 2223 Thistle Road, Glenview
It has five bedrooms, five baths, an impressive kitchen with significant prep space featuring a large island, new granite countertops, a pantry and an eating area.
The seller: Daniel K. and Jeannie C. Frey
The purchase: In December 2001, the Freys paid $747,500 for the home, or $1.06 million in today's dollars.
The sale: According to Zillow, the couple sold the home for $900,000 on Jan. 3, $160,000 less than the original purchase price, in today's dollars.
The home was originally listed at $1.05 million in June 2018, but by October 2018 the price was down to $949,000.
The property taxes: The Freys paid $236,616 in property taxes from 2003 to 2017, or 26 percent of the sale price.