Market Watch: Donald Patton Jr. loses over $299,000 on sale of Lake Bluff home
The home: 236 E. North Ave., Lake Bluff
The 3,200-square-foot home has 5 bedrooms, 5 baths, a gourmet kitchen that features a wine cooler and island, custom millwork, a family room with cozy fireplace, beautiful natural light throughout and a finished lower level with a den.
The seller: Donald V. Patton Jr.
The purchase: In March 2010, Patton paid a little over $1.33 million for the home, or roughly $1.54 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2010, Patton paid a little over $1.33 million for the home, or roughly $1.54 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Patton sold the home for a little over $1.24 million on Feb. 21, or approximately $299,452 less than the original purchase price, in today's dollars.
Patton originally listed the home for $1.29 million in January.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Patton paid $187,190 in property taxes between 2011 and 2017, or an estimated 15.01 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 |
| $1,337,500 | $1,247,500 | $187,190 |
