Market Watch: Faisal Lala loses over $104,000 on sale of Champaign 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: 2411 Prairie Ridge Place, Champaign
The 2,550-square-foot home has 3 bedrooms, 3 baths, an open floor plan and large windows with natural light throughout. It overlooks a beautiful lake.
The seller: Faisal I. Lala
The purchase: In May 2010, Lala paid $395,000 for the home, or roughly $454,844 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Lala sold the home for $350,000 on Jan. 23, or approximately $104,844 less than the original purchase price, in today's dollars.
Lala originally listed the home for $525,000 in April 2017. He dropped the price seven more times in 2017 to: $520,000, $517,500, $509,900, $499,900, $474,900, $450,000 and $424,900. In March 2018, he lowered the price again to $409,900. It was last listed in April 2018 at $399,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Lala paid $51,406 in property taxes between 2010 and 2017, or 15 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|