Market Watch: Comie & George Pagones lose over $799,000 on sale of Inverness home
The home: 1515 Newport Lane, Inverness
The 3,630-square-foot home has 4 bedrooms, 4 baths, a 3-car heated garage, a large backyard and is located in the popular Glencrest subdivision.
The seller: Comie and George Pagones
The purchase: In November 2006, the Pagones paid $1.2 million for the home, or almost $1.5 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2006, the Pagones paid $1.2 million for the home, or almost $1.5 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Pagones sold the home for $700,000 on Feb. 22, or approximately $799,029 less than the original purchase price, in today's dollars.
The Pagones originally listed the home in May 2018 at $895,000. In June 2018, they lowered the price three times to $875,000, $859,000 and then to $846,000. In July 2018, they dropped the price to $829,000. The price was decreased again twice in August 2018 to $815,000 and $800,000. In November 2018, they lowered the price again to $775,000. It was last listed in December 2018 at $750,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Pagones paid $74,637 in property taxes between 2013 and 2017, or about 11 percent of the sale price.
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 Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $1,200,000 | $700,000 | $74,637 |
