Market Watch: Lawrence and Karen King lose $451,000 on sale of Long 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: 5822 Blue Heron Drive, Long Grove
Built in 1989, this home has five bedrooms and five baths.
The seller: Lawrence M. and Karen M. King
The seller: Lawrence M. and Karen M. King
The purchase: In July 2004, the Kings paid $785,000 for the home, or roughly $1.04 million in today's dollars.
The sale: According to Zillow, the Kings sold the home for $590,000 on Jan. 3, or roughly $451,277 less than the original purchase price, in today's dollars.
The Kings originally listed the home for $699,000 in October 2018. The price continuously dropped until it was last listed at $649,000 in November 2018.
The property taxes: The Kings paid $213,329 in property taxes while owning the home, or approximately 36 percent of the sale price.
