Market Watch: John Driscoll and Kelly Abell lose over $215,000 on sale of Flossmoor 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: 2124 Cummings Lane, Flossmoor
The 3,595-square-foot home has 5 bedrooms, 4 baths and was built in 1953.
The seller: John O. Driscoll & Kelly Abell
The seller: John O. Driscoll & Kelly Abell
The purchase: In December 2014, Driscoll and Abell paid $385,000 for the home, or roughly $508,274 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Driscoll and Abell sold the home for $293,000 on Jan.15, or approximately $215,274 less than the original purchase price, in today's dollars.
Driscoll and Abell first listed the home in May 2015 for $369,000. They dropped the price twice in May 2018 to $360,000 and $349,900. In June 2018, the price fell again to $339,900; and in August 2018, it dropped to $324,900. The home was last listed at $314,900 in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Driscoll and Abell paid $149,370 in property taxes between 2005 and 2017, or about 51 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 |
| $385,000 | $293,000 | $149,370 |
