Market Watch: Ronald & Erin Toast lose over $117,000 on sale of Lake Bluff 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: 359 Park Lane, Lake Bluff
The 2,233-square-foot home has 4 bedrooms, 3 baths, is newly renovated and in a great location.
The seller: Ronald K. and Erin Toast
The seller: Ronald K. and Erin Toast
The purchase: In May 2017, the Toasts paid $515,000 for the home, or roughly $632,537 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Toasts sold the home for $515,000 on Jan.10, or approximately $117,537 less than the original purchase price, in today's dollars.
The Toasts originally listed the home in August 2018 at $599,000 and lowered the price in September to $579,000. They dropped the price twice in October to $575,00 and then to $559,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Toasts paid $11,199 in property taxes in 2017, or about 2 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 |
| $615,000 | $515,000 | $11,199 |
