Market Watch: Jonathan Rienstra & Christine Rienstra-Kiracofe lose over $212,000 on sale of Deer Park home
The home: 21493 N. Bobwhite Lane, Deer Park
The 2,820-square-foot home has 4 bedrooms, 2.5 baths, quartz countertops, a patio with a built-in fire pit perfect for entertaining and energy efficient solar panels. It is located on a beautiful 1+ acre lot.
The seller: Jonathan Rienstra and Christine Rienstra-Kiracofe
The purchase: In August 2007, Rienstra and Rienstra-Kiracofe paid $520,000 for the home, or roughly $629,531 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2007, Rienstra and Rienstra-Kiracofe paid $520,000 for the home, or roughly $629,531 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Rienstra and Rienstra-Kiracofe sold the home for $417,500, or an estimated $212,031 less than the original purchase price, in today's dollars.
Rienstra and Rienstra-Kiracofe originally listed the home for sale in April 2016 for $549,900 and dropped the price twice in June 2016 to $509,000 and $499,900. They dropped the price twice again in July 2016 to $495,000 and $475,000. They removed the home listing in August 2016 and put the house back on the market in April 2018, listed at $525,000. They dropped the price three times in May 2018 to $500,000, $485,000 and $470,000. In June 2018, they decreased the price twice to $468,500 and $458,500. In July 2018, the home price was changed to $450,000; and by the end of August 2018, it was listed at $445,000. In October 2018, it was down to $425,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Rienstra and Rienstra-Kiracofe paid $89,662 in property taxes between 2008 and 2017, or about 21 percent of the sale price.
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 Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $520,000 | $417,500 | $89,662 |
