Market Watch: Eun Seong & Ock Chang lose over $327,000 on sale of Highland Park home
The home: 2605 Kelly Lane, Highland Park
The 5,853-square-foot home has 6 bedrooms, 5 baths, an attached garage, hardwoods, a fireplace, a breakfast bar, an in-ground pool, professional landscaping and a recreation room. It sits on a 1.74-acre lot.
The seller: Eun Seong & Ock Chang
The purchase: In July 2008, Seong and Chang paid $950,000 for the home, or roughly $1.08 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2008, Seong and Chang paid $950,000 for the home, or roughly $1.08 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Seong and Chang sold the home for $760,000 on March 4, or approximately $327,116 less than the original purchase price, in today's dollars.
Seong and Chang originally listed the home for $1.09 million in March 2017, but lowered the price in May 2017 to $999,000. In June, July and September 2018, they dropped the price to $989,000, $949,000 and $899,000, respectively. The home was last listed at $849,000 in January.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Seong and Chang paid $205,866 in property taxes between 2008 and 2017, or 27.08 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 |
| $950,000 | $760,000 | $205,866 |
