Market Watch: Patrick D. Cavanaugh loses over $232,000 on sale of Barrington home
The home: 137 W. Lincoln Ave., Barrington
The 3,300-square-foot Victorian home has 3 bedrooms, 3 baths, a recreation room, a breakfast room, tandem room, fireplace, stainless appliances, hardwoods, a study, professional landscaping and an inviting gazebo.
The seller: Patrick D. Cavanaugh
The purchase: In August 2006, Cavanaugh paid $990,000 for the home, or roughly $1.22 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2006, Cavanaugh paid $990,000 for the home, or roughly $1.22 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Cavanaugh sold the home for $655,000 on Feb. 22, or $232,142 less than the original purchase price, in today's dollars.
Cavanaugh originally listed the home for $890,000 in May 2015 and lowered the price in July 2015 to $850,000. In January and September 2016, he lowered the price again to $799,000 and $775,000, respectively. The price dropped twice in March and July 2017 to $745,000 and $725,000. The sale price dipped in March 2018 to $695,000, and it was last listed in July 2018 for $655,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Cavanaugh paid $116,464 in property taxes between 2006 and 2017, or an estimated 11.76 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 |
| $990,000 | $655,000 | $116,464 |
