Market Watch: Mohammed Alahmed & Samar Al-Atout lose over $161,000 on sale of Orland Park 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: 9318 Dunmore Drive, Orland Park
The 2,371-square-foot home has 5 bedrooms, 3.5 baths and was built in 2006.
The seller: Mohammed Alahmed and Samar Al-Atout
The seller: Mohammed Alahmed and Samar Al-Atout
The purchase: In April 2007, Alahmed and Al-Atout paid $414,000 for the home, or roughly $503,229 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Alahmed and Al-Atout sold the home for $342,000 on Jan. 9, for approximately $161,229 less than the original purchase price, in today's dollars.
They originally listed the home for rent in 2014 and 2015. By June 2018, they put the house on the market for $407,000. In August 2018, they dropped the price of the home twice, to $399,900 and $374,900. In September 2018, the sale price decreased again to $360,900. It was last listed at $357,900 in October 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Alahmed and Al-Atout paid $98,455 in property taxes between 2007 and 2017, or an estimated 29 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $414,000 | $342,000 | $98,455 |
