Market Watch: Morand trust loses over $259,000 on sale of Wilmettte home
The home: 2419 Meadow Drive South Wilmette
The 2,400-square-foot home has 4 bedrooms, 2 baths, an attached 2-car garage, hardwoods, a marble foyer, a transparent living room fireplace, an oversized eat-in kitchen, a brick driveway, and a partial basement with a recreation room and office.
The seller: Laurence T. Morand (Trustee), T. Morand Laurence (Trust) and Joanne B. Morand (Trustee)
The purchase: In September 2008, Morand paid $643,000 for the home, or about $739,777 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2008, Morand paid $643,000 for the home, or about $739,777 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Morands sold the home for $480,000 on Jan. 9, or an estimated $259,777 less than the original purchase price, in today's dollars.
The home was originally put on the market in May 2018 for $595,000. The price dropped in June, July and early August 2018 to $575,000, $560,000 and $549,000, respectively. At the end of August, the price was lowered again o $539,000. It was last listed in October 2018 at $525,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Morand paid $103,153 in property taxes between 2009 and 2017, or about 21.49 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 |
| $643,000 | $480,000 | $103,153 |
