Market Watch: Kylene & David Lawlor Jr. lose over $133,000 on sale of Cary condo
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: 585 Cary Woods Circle, Cary
The 1,574 square-foot condo has two bedrooms, two baths, a multi-sided gas fireplace and a balcony. It's a rarely available end unit with numerous south-facing windows for optimal natural lighting.
The seller: David Lawlor Jr. and Kylene Lawlor
The purchase: In September 2004, the Lawlors paid $220,227 for the condo, or roughly $291,354 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Lawlors sold the condo for $158,000 on Jan. 25, or approximately $133,354 less than the original purchase price, in today's dollars.
The Lawlors originally listed in the condo for rent at $1,400 per month in July 2013. In September 2018, they put the condo on the market at $159,000 and it remained at that price until the sale.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Lawlors paid $25,693 in property taxes between 2013 and 2017, or an estimated 16 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|