Market Watch: Lake Forest homeowner loses over $61,000 on sale

The home: 901 Forest Hill Road, Lake Forest

The 3,704-square-foot home has 4 bedrooms, 4 baths, an attached garage, a first-floor library, a renovated master suite with vaulted ceilings, a finished basement with a recreation room, detailed millwork throughout, 2 fireplaces and professional landscaping.

The seller: Nancy B. Fletcher (Trustee)

The purchase: In July 2015, Fletcher paid a little over $1.03 million for the home, or roughly $1.1 million in today's dollars, according to the U.S. Bureau of Labor Statistics. 

The purchase: In July 2015, Fletcher paid a little over $1.03 million for the home, or roughly $1.1 million in today's dollars, according to the U.S. Bureau of Labor Statistics. 

The sale: According to Zillow, Fletcher sold the home for a little over $1.04 million on April 23, or approximately $61,591 less than the original purchase price, in today's dollars.

Fletcher originally listed the home for a little over $1.19 million in early September 2018, but by the end of that month had dropped the price to $1.15 million. In January, the price was lowered again to a little over $1.09 million.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, Fletcher paid $61,591 in property taxes between 2015 and 2017, or about 4 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
$1,037,500	$1,043,500	$41,763