Market Watch: Gregory & Deborah Haddad lose $30,000 on Lake Forest home
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.
The home: 1400 Arbor Lane, Lake Forest
The 5,052-square-foot home has five bedrooms, five baths and features a huge screened in porch with vaulted ceilings.
The seller: Gregory L. and Deborah H. Haddad
Gregory Haddad is president of GD Properties Lake Forest, a limited liability company that his wife is the registered agent of, according to records from the Illinois Secretary of State.
Deborah Haddad is a former 4th Ward Alderman for the Lake Forest City Council. She practices real estate law at her own firm, Haddad Law, which is based in Libertyville. While serving on the city council, she was chairman of the Zoning Board of Appeals and a member of the Lake Forest Planning Commission.
The purchase: In December1994, the Haddads paid $690,000 for the home, or $1.15 million in today's dollars.
The sale: According to Zillow, the Haddads sold the home for $1.12 million on Jan. 6, or $30,000 less than the original purchase price, in today's dollars.
The Haddads originally listed the home for $1.97 million in June 2010. The price gradually dropped again and again until October 2018 where it was last listed at $1.19 million.
The property taxes: The Haddads paid $233,861 in property taxes from 2000 to 2017, or 21 percent of the sale price.