Market Watch: Roberta Hedger loses over $61,000 on sale of Orland Park apartment
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: 14131 Norwich Lane, Apt. 304, Orland Park
The 1,500-square-foot apartment has three bedrooms, two baths, a large balcony and features a gas fireplace in the two-story living room.
The seller: Roberta Hedger
The seller: Roberta Hedger
The purchase: In January 2008, Hedger paid $232,000 for the apartment, or roughly $276,132 in today's dollars.
The sale: According to Zillow, Hedger sold the apartment for $215,000 on Jan.14, or approximately $61,132 less than the original purchase price, in today's dollars.
She originally listed the apartment for $197,000 in March 2009. The price fluctuated over the years and it was last listed in November 2018 at $219,000.
The property taxes: Hedger paid $26,223 in property taxes while owning the home, or an estimated 12 percent of the sale price.
