Market Watch: Mark & Sharon O'Connor lose over over $263,000 on sale of Oak Lawn home
The home: 4908 W. 106th Place, Oak Lawn
The 3,329-square-foot home has 5 bedrooms, 2.5 baths, a high-end kitchen with custom cabinetry, a Jacuzzi tub and shower in the master bathroom, and a cozy family room fireplace.
The seller: Mark & Sharon O'Connor
The purchase: In March 2005, the O'Connors paid $525,000 for the home, or roughly $683,646 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2005, the O'Connors paid $525,000 for the home, or roughly $683,646 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the O'Connors sold the home for $420,000 on Feb. 22 or an estimated $263,000 less than the original purchase price, in today's dollars.
The O'Connors first listed the home in June 2018 at $499,000 and dropped the price in the same month to $489,000. They lowered the price twice in July 2018 to $474,900 and $459,500. The home was last listed for sale in October 2018 at $449,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the O'Connors paid $144,517 in property taxes between 2006 and 2017, or approximately 34 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.
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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 |
| $525,000 | $420,000 | $144,517 |
