Market Watch: Stephen & Alane Inacker lose over $616,000 on sale of Lake Forest home
The home: 1490 S. Ridge Rd., Lake Forest
The 4,494-square-foot home has 5 bedrooms, 6 baths, a 3-car garage, 2 powder rooms on the first floor, updated bathrooms, name brand appliances, a butlers pantry, island, wet bar, French doors, master bath with whirlpool tub and separate shower, fresh paint and a private yard with a new deck.
The seller: Stephen A. & Alane J. Inacker
The purchase: In September 2001, the Inackers paid $975,000 for the home, or roughly $1.37 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2001, the Inackers paid $975,000 for the home, or roughly $1.37 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Inackers sold the home for $760,000 on Jan. 23, or approximately $616,439 less than the original purchase price, in today's dollars.
The Inackers originally listed the home for a little over $1.35 million in August 2014 and lowered the price in September 2014 to $1.31 million. In August 2015, they dropped the price again to $1.19 million. The price continued to plummet in May, July, August and December 2018 to $1.1 million, $985,000, $875,000 and $799,000 respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Inackers paid $266,494 in property taxes between 2004 and 2017, or about 35.06 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $975,000 | $760,000 | $266,494 |
