Market Watch: Simon Lee loses over $495,000 on sale of Morton Grove 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: 6516 Lyons St., Morton Grove
The 3,500-square-foot home has 5 bedrooms, 4 baths, high-end stainless steel appliances in a luxury kitchen and is located in the prestigious Delaine Farms Subdivision.
The seller: Simon Lee
The seller: Simon Lee
The purchase: In December 2005, Lee paid $900,000 for the home, or approximately $1.14 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Lee sold the home for $653,500 on Dec. 31, or an estimated $495,431 less than the original purchase price, in today's dollars.
Lee originally listed the home for $799,900 in May 2016. He upped the price a few days later to $829,900 and quickly brought the price back to $799,900 again in June 2016. The price dropped again in July 2016 to $779,000 and again in January 2017 to $735,000. In January 2018, he lowered the price to $735,000 and increased it in April to $736,000. The price of the home fluctuated again in May 2018 when it was lowered to $715,000. In September 2018, he dropped the price of the home again to $705,000 and then $702,000. It was last listed at $702,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Lee paid $190,800 in property taxes between 2005 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 |
| $900,000 | $653,500 | $190,800 |
