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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 and Zillow, Lee paid $190,800 in property taxes between 2005 and 2017, or an estimated 29 percent of the sale price. 


The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes

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