Market Watch: Margrit Hammar loses over $353,000 on sale of 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: 634 Academy Woods Drive, Lake Forest
The 3,033-square-foot home has 2 bedrooms, 3 baths, a butler's station and a beautiful library.
The seller: Margarit C. Hammar (Trustee)
The purchase: In February 2001, the home was purchased for $737,500, or roughly $1.05 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Hammar sold the home for $700,000 on Dec.28, or approximately $353,949 less than the original purchase price, in today's dollars.
Hammar originally listed the home for $780,000 in May 2018. She dropped the price to $750,000 in December 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Hammar paid $166,426 in property taxes between 2002 and 2007, or about 24 percent of the sale price.
The Financial Facts in Today’s Dollars
|Seller's Purchase Price||Amount Home Sold for in 2019||Seller’s Property Taxes|