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Market Watch: Lake Forest homeowners lose over $1.3 million on sale of house

The home: 1331 Elm Tree Road, Lake Forest

The 4,902-square-foot brick home has 5 bedrooms, 4 baths, an attached garage, kitchen island, hardwoods, central air, sunroom, recreation room and lush professional landscaping.

The seller: M Preston, C Jansing & Mary Preston Cain

The purchase: In April 2012, Preston, Jansing and Cain paid $2.65 million for the home, or roughly $2.89 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In April 2012, Preston, Jansing and Cain paid $2.65 million for the home, or roughly $2.89 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, they sold the home for a little over $1.57 million on March 1, or an estimated $1.32 million less than the original purchase price, in today's dollars.

Preston, Jansing and Cain originally listed the home for $2.92 million in October 2014 and lowered the price in February 2015 to $2.84 million.  The price dropped again in September 2015 to $2.74 million.  In January 2018, the home was re-listed at $2.69 million.  The price continued to drop in February, May and October 2018 to $2.49 million, $1.99 million and $1.79 million, respectively.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, Preston, Jansing and Cain paid $226,600 in property taxes between 2013 and 2017, or about 14.39 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$2,650,000$1,574,615$226,600

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