Market Watch: Mark Bruns & Janet Oriatti lose over $65,000 on sale of Buffalo Grove 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: 915 Hobson Drive, Buffalo Grove
The 2,470-square-foot home has 4 bedrooms, 2.5 baths, a large deck and a two-car garage.
The seller: Mark Bruns and Janet Oriatti
The seller: Mark Bruns and Janet Oriatti
The purchase: In June 2015, Bruns and Oriatti paid $455,000 for the home, or roughly $479,927 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Bruns and Oriatti sold the home for $414,000 on Jan. 10 or approximately $65,927 less than the original purchase price, in today's dollars.
Bruns and Oriatti originally listed the home for $438,400 in July 2018, but dropped the price soon after to $429,900. In August 2018, they lowered the price again to $409,900 before raising it in November to $414,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, they paid $39,368 in property taxes between 2015 and 2017, or an estimated 10 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 |
| $455,000 | $414,000 | $39,368 |
