Market Watch: Courtney & Benjamin Johnson lose over $103,000 on sale of Burr Ridge home
The home: 1140 Laurie Lane, Burr Ridge
The 3,354-square-foot home has 6 bedrooms, 4 baths, hardwoods, granite countertops, stainless steel appliances, high ceilings, an enclosed porch, Carrera marble with heated flooring in the master bath, a main level office,a potential in-law arrangement and a relaxing backyard patio.
The seller: Courtney V. & Benjamin S. Johnson
The purchase: In July 2011, the Johnsons paid $750,000 for the home, or roughly $843,881 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2011, the Johnsons paid $750,000 for the home, or roughly $843,881 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Johnsons sold the home for $740,000 on April 9, or approximately $103,881 less than the original purchase price, in today's dollars.
The Johnsons originally listed the home in May 2016 for $935,000, but lowered the price in June 2016 to $920,000. In January, March, May and June 2017, the sale price dropped to $900,000, $885,500, $869,900 and $849,000, respectively. In September 2018, the price decreased again to $825,000. The home was last listed in January for $799,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Johnsons paid $87,663 in property taxes between 2011 and 2017, or about 11.85 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 |
| $750,000 | $740,000 | $87,663 |
