Market Watch: Donald Bedell & Marlene Smith-Bedell lose almost $19,000 on sale of Bradley 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: 495 S. Wabash Ave., Bradley
The 1,416-square-foot home has 3 bedrooms, 1 bath, and features a corner lot with a fenced in yard.
The seller: Donald R. Bedell and Marlene R. Smith-Bedell
The purchase: In November 2011, the Bedells paid $95,000 for the home, or roughly $105,499 in today's dollars.
The sale: According to Zillow, the Bedells sold the home for $86,500 on Jan.15, or an estimated $18,999 less than the original purchase price, in today's dollars.
The Bedells originally listed the home for $109,900 in February 2018. They dropped the price in May and August to $99,900 and $94,900, respectively. They changed the price twice in October 2018. On Oct.16, it was listed at $92,900, and it was last listed on Oct. 18 at $89,000.
The property taxes: The Bedells paid $15,653 in property taxes between 2013 and 2017, or approximately 18 percent of the sale price.