Market Watch: Thaveri & Ravi Jani lose over $83,000 on sale of Chicago townhome
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: 472 W. Superior St., Chicago
Located in popular River North, the 3,200-square-foot custom-built townhome has 4 bedrooms; 3 baths; a chef's kitchen with Viking, Subzero and Bosch appliances; and a balcony off the kitchen and a roof-top deck.
The seller: Thaveri Jani and Ravi H. Jani
The seller: Thaveri Jani and Ravi H. Jani
The purchase: In May 2017, the Janis paid $1.25 million for the home, or roughly $1.28 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Janis sold the home for $1.2 million, or approximately $83,199 less than the original purchase price, in today's dollars.
The Janis originally listed the home for $1.39 million in June 2018. In July, August and September 2018, they lowered the price to $1.38 million, $1.37 million and $1.32 million, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Janis paid $24,512 in property taxes in 2017, or about 20 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $1,250,000 | $1,200,000 | $24,512 |
