Market Watch: Gregory Giles loses over $1.02 million on sale of Lake Forest home
The home: 940 W. James Court South, Lake Forest
The 4,212-square-foot home has 5 bedrooms, 5 baths, a 3-car garage, custom cabinetry, hardwoods, a giant recreation room, 2 luxurious master suites, 5 fireplaces, an eat-in kitchen with large island and a pantry.
The seller: Gregory P. Giles
The purchase: In August 2005, Giles paid $1.75 million for the home, or roughly $2.24 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2005, Giles paid $1.75 million for the home, or roughly $2.24 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Blockshopper.com, Giles sold the home for a little over $1.22 million on Feb. 20, or an estimated $1.02 million less than the original purchase price, in today's dollars.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Giles paid $273,633 in property taxes between 2006 and 2017, or 22.43 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 |
| $1,750,000 | $1,220,000 | $273,633 |
