Market Watch: After buying Burr Ridge home for $2.4 million, doctors lose $1.01 million on sale
The home: 6451 S. Elm St., Burr Ridge
The 6,929-square-foot custom home has 5 bedrooms, 5 baths, a 3-car garage, a gourmet kitchen and a fully finished lower level. The architecture is reminiscent of Frank Lloyd Wright and the immaculate home lays on more than 2 acres of lush and beautifully manicured land.
The sellers: Anthony S. & Mary E. Rinella. Anthony is a spinal surgeon in Homer Glen and Mary is a professor of medicine at Northwestern specializing in gastroenterology and hepatology.
The purchase: In August 2011, the Rinellas paid $2.35 million for the home, or roughly $2.61 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2011, the Rinellas paid $2.35 million for the home, or roughly $2.61 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the couple sold the home for $1.6 million on March 1, or approximately $1.01 million less than the original purchase price, in today's dollars.
The Rinellas originally listed the home in January 2017 at $2.75 million. They lowered the price in June 2017 to $2.65 million and again in October 2017 to $2.49 million. In February 2018, the price dropped again to a little over $2.39 million. In June and September 2018, the price was lowered to roughly $2.19 million and $1.95 million, respectively. The home was last listed for sale in January at $1.75 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Rinellas paid $190,561 in property taxes between 2012 and 2017, or an estimated 12 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.
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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 |
| $2,350,000 | $1,600,000 | $190,561 |
