Market Watch: Former Bears coach loses $108K on Glencoe townhome
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: 314 South Ave., Glencoe
The 2,200-square-foot home has three bedrooms, three-and-a-half baths and a two-car garage.
The seller: Former Chicago Bears Coach Marc Trestman and his wife, Cynthia.
The seller: Former Chicago Bears Coach Marc Trestman and his wife, Cynthia.
Marc Trestman coached the Bears during the 2013 and 2014 seasons. He went on to coach the Toronto Argonauts in the Canadian Football League, but was fired in November 2018.
The purchase: The Trestmans purchased the Glencoe townhome for $625,000 in April 2015, or $663,657 in today's dollars.
The sale: According to Zillow, the couple sold the home for $555,500 on Dec. 9 or $108,157 less than the original purchase price, in today's dollars.
They originally listed the home for $695,000 in February 2017. By June of that year, they took the home off the market with the price having dropped to $670,000.
They relisted the home in September 2018 for $619,000 and lowered the price a month later to $599,000.
The property taxes: The Trestmans paid $36,499 in property taxes while they owned the home, or 7 percent of the sale price.
