Market Watch: Anthony & Cheryl Farrell lose over $235,000 on sale of Mokena home
The home: 20051 Oakwood Drive, Mokena
The 4,620-square-foot home has 6 bedrooms, 5 baths, a 3-car garage, Viking appliances, a den with scenic pond views, a bonus room, a walk-out basement with a second kitchen, a home theater, heated floors, in-law arrangement, a concrete patio and a concrete driveway. The immaculate home rests on a 0.46 acre lot.
The seller: Anthony & Cheryl Farrell
The purchase: In September 2010, the Farrells paid $695,000 for the home, or roughly $800,863 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2010, the Farrells paid $695,000 for the home, or roughly $800,863 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Farrells sold the home for $565,000 on March 26, or $235,863 less than the original purchase price, in today's dollars.
The Farrells originally listed the home for $740,000 in July 2013 and lowered the price in September 2013 to $730,000. In March 2014, they dropped the price to $699,873. The sale price dropped again in July, October and December 2017 to $649,000, $639,000 and $624,900, respectively. The home was last listed for sale in January for $599,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Farrells paid $119,896 in property taxes between 2011 and 2017, or 21.22 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 |
| $695,000 | $565,000 | $119,896 |
