Market Watch: Sri & Ravi Veeramachaneni lose over $88,000 on sale of Riverwoods 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: 520 Muirfield Lane, Riverwoods
The 3,593-square-foot home has 4 bedrooms, 3.5 baths, a finished basement and professional landscaping. It was built in 1995.
The seller: Sri and Ravi Veeramachaneni
The seller: Sri and Ravi Veeramachaneni
The purchase: In August 2013, the Veeramachanenis paid $607,000 for the home, or roughly $653,288 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Veeramachanenis sold the home for $565,000 on Feb.14, or roughly $88,288 less than the original purchase price, in today's dollars.
The Veeramachanenis originally listed the home for $635,000 in May 2018 and lowered the price in mid-June to $615,000. They lowered the price again at the end of June to $609,000 and dropped it again in July to $599,000. It was last listed in August 2018 at $585,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Veeramachanenis paid $72,942 in property taxes between 2013 and 2017, or about 13 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 |
| $607,000 | $565,000 | $72,942 |
