Market Watch: Owners of Roy Binkley-designed midcentury modern home lose $400K on sale
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a Lake County Gazette series on recent home sales that demonstrate the consequences.
The home: 1130 Walden Lane in Lake Forest
Built in 1961, the 3,962-square-foot home overlooking a wooded ravine was designed by architect Leroy "Roy" Binkley, who was known for his midcentury modern designs around Chicago.
Although the home has been updated throughout, it maintains all the architectural details for the era in which it was built. It as four bedrooms, three full bathrooms, two half baths, and a new Bulthaup kitchen with Gaggenau ovens and a Subzero refrigerator.
The seller: John Gibbons and Carlette McMullan
McMullan is a wealth adviser and principal at William Blair & Company LLC. She has twice been named to Barron's Top 100 Women Financial Advisers in America list.
Her family is known for its philanthropic efforts, including providing scholarships at the University of Mississippi and donating to Rush University. McMullan, herself, serves on the board of the Chicago Public Library Foundation and the Women's Board at the Adler Planetarium.
The purchase: Gibbons and McMullan purchased the home for $1.49 million in 2006, or $1.85 million in today's dollars.
The sale: According to Zillow, the couple listed the home for $1.50 million in October 2018. It sold for $1.45 million on Jan. 2, or $400,000 less than the original purchase price, in today's dollars.
The property taxes: Gibbons and McMullan paid $204,481 in property taxes while owning the home, or 14 percent of the sale price.