Market Watch: Steven & Sarah Lake lose over $56,000 on sale of Glencoe home
The home: 595 Dundee Road, Glencoe
The 3,264-square-foot bungalow home has 5 bedrooms, 5 baths, a 2-car garage, 2 ensuite bedrooms, hardwood floors, a fenced yard, and a finished lower level with a recreation room and laundry.
The seller: Steven & Sarah Lake
The purchase: In July 2014, the Lakes paid $825,000 for the home, or roughly $871,615 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2014, the Lakes paid $825,000 for the home, or roughly $871,615 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Lakes sold the home for $815,000 on Feb. 15, or approximately $56,615 less than the original purchase price, in today's dollars.
The Lakes originally listed the home for $929,000 in September 2018 and lowered the price in November 2018 to $879,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Lakes paid $50,107 in property taxes between 2015 and 2017, or about 6.15 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 |
| $825,000 | $815,000 | $50,107 |
