Market Watch: Joseph and Janet Page lose over $413,000 on sale of Lake Forest 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: 311 Cherokee Road, Lake Forest
The 4,400-square-foot home has six bedrooms, five baths, with a gourmet kitchen featuring a large marble island. The home sits on a half acre of land.
The seller: Joseph F. Page and Janet L. Page
The seller: Joseph F. Page and Janet L. Page
The purchase: In July 2008, the Pages paid $1.67 million for the home, or roughly $1.19 million in today's dollars.
The sale: According to Zillow, the Pages sold the home for $1.5 million on Jan.11, or an estimated $413,109 less than the original purchase price, in today's dollars.
The couple originally listed the home for $1.54 million in September 2018.
The property taxes: The Pages paid $184,650 in property taxes from 2008 to 2017, or 12 percent of the sale price.
