Market Watch: Robert Reisinger loses over $69,000 on sale of Chicago 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: 1836 N. Normandy Ave., Chicago
The 1,800-square-foot home has 3 bedrooms, 2 baths, a finished basement and screened in sun porch. It was built in 1938.
The seller: Robert M. Reisinger
The seller: Robert M. Reisinger
The purchase: In July 2007, Reisinger paid $315,000 for the home, or roughly $379,926 in today's dollars.
The sale: According to Zillow, Reisinger sold the home for $310,000 on Jan. 7, or an estimated $69,926 less than the original purchase price, in today's dollars.
Reisinger originally listed the home for $335,000 in September 2018. In October he dropped the price to $325,000.
The property taxes: Reisinger paid $46,717 in property taxes while owning the home, or 15 percent of the sale price.
