Market Watch: Michael J. Connolly lost over $351,000 on Lemont 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: 58 Deer Lane, Lemont
This 5,000-square-foot-home has five bedrooms and five baths, and features a huge luxury master bedroom with enormous walk-in closets, a gourmet kitchen with Viking appliances and a two-story great room with custom milled arches.
The seller: Michael J. Connolly
The purchase: In September 2005, Connolly paid $903,000 for the home, or a little over $1.14 million in today's dollars.
The sale: According to Zillow, Connolly sold the home for $790,000 on Jan.4, or more than $351,000 less than the original purchase price, in today's dollars.
Connolly originally listed the home for $1.09 million in February 2008. The price continuously dropped until the home landed at $859,900 in December 2017.
The property taxes: Connolly paid $129,521 in property taxes while owning the home, or 16 percent of the sale price.