Market Watch: Armando Torres loses over $160,000 on sale of Lemont 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: 13103 Red Drive, Lemont
The 3,800-square-foot home has 5 bedrooms, 4 baths, a gorgeous remodeled kitchen and sits on 1.45 acres of land.
The seller: Armando Torres
The seller: Armando Torres
The purchase: In October 2006, Torres paid $532,000 for the home, or roughly $662,318 in today's dollars.
The sale: According to Zillow, Torres sold the home for $502,000 on Dec.28, or approximately $160,318 less than the original purchase price, in today's dollars.
Torres originally listed the home for $579,000 in October 2017. By September 2018, he had lowered the price to $519,000.
The property taxes: Torres paid $125,224 in property taxes from 2006 to 2017, or an estimated 25 percent of the sale price.
