Market Watch: Dennis & Susan Donelon lose over $260,000 on sale of Vernon Hills home
The home: 1702 Shoal Creek Terrace, Vernon Hills
The 3,084-square-foot home has five bedrooms, five baths, and a two-story family room with a fireplace and large windows
The seller: Dennis M. and Susan M. Donelon
The purchase: In August 1999, the Donelons paid $494,500 for the home, or roughly $743,475 in today's dollars.
The purchase: In August 1999, the Donelons paid $494,500 for the home, or roughly $743,475 in today's dollars.
The sale: According to Zillow, the Donelons sold the home for $482,500 on Jan. 11, or $260,975 less than the original purchase price, in today's dollars.
The Donelons originally listed the home for $609,000 in April 2018. The price dropped continuously until it was last listed at $499,000 in December.
The property taxes: The couple paid $218,424 in property taxes from 2000 to 2017, or an estimated 45 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.
