Market Watch: Oremus family trust loses over $319,000 on sale of Burr Ridge home
The home: 803 Burr Ridge Club, Burr Ridge
The 4,985-square-foot home has 3 bedrooms, 3 baths, a large 2-car garage, gorgeous hardwoods, a double oven, loft, multiple fireplaces, vaulted ceilings, recreation room, huge kitchen island, wine cellar, finished basement, large backyard with fire pit, security system and pond views.
The seller: Oremus (Trust)
The purchase: In August 2016, the Oremus family paid $1.7 million for the home, or roughly $1.79 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2016, the Oremus family paid $1.7 million for the home, or roughly $1.79 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the home sold for a little over $1.47 million on March 21, or approximately $319,250 less than the original purchase price, in today's dollars.
The home was listed for sale in January for almost $1.6 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Oremus trust paid $31,609 in property taxes between 2016 and 2017, or about 2.14 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 |
| $1,700,000 | $1,475,000 | $31,609 |
