Market Watch: Andrew & Penny Knight lose over $673,000 on sale of immaculate English Cotswold stone home in Lake Forest
The home: 153 Ridge Lane, Lake Forest
The 3,803-square-foot English Cotswold stone home has 4 bedrooms, 4 baths, a 2-car garage, multiple fireplaces, natural light galore, kitchen island, granite counters and shower in the newly remodeled master bath, a wet bar, BBQ area that is great for entertaining and scenic large cottonwood trees in the garden. The home was designed by the popular architect, Stanley Anderson.
The seller: Andrew & Penny Knight
The purchase: In January 2011, the Knights paid a little over $1.52 million for the home, or approximately $1.74 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2011, the Knights paid a little over $1.52 million for the home, or approximately $1.74 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Knights sold the home for $1.07 million on Jan.22, or roughly $673,054 less than the original purchase price, in today's dollars.
The Knights originally listed the home in May 2012 for a little over $1.69 million and tried to rent the home in August 2012 for $5,500 per month. In May 2014, they lowered the sale price to $1.67 million. In September, October and November 2015 they dropped the price to $1.62 million, $1.59 million and $1.49 million respectively. In October and November 2018, they dropped the price again to $1.39 million and $1.35 million, while listing the home for rent in November for $6,750 per month.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Knights paid $123,424 in property taxes between 2012 and 2017, or 11.53 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 |
| $1,525,000 | $1,070,000 | $123,424 |
