Market Watch: Sawsan & Seif Martini lose over $597,000 on sale of Burr Ridge home
The home: 9377 S. Madison St., Burr Ridge
The 3,825-square-foot Frank Lloyd Wright-inspired home has 5 bedrooms, 5 baths, 3 fireplaces, a possible in-law arrangement, double stainless steel ovens, a finished basement with a full bathroom, hardwoods, granite countertops and unique windows. It sits on a 0.46 acre lot.
The seller: Sawsan & Seif Martini
The purchase: In August 2014, the Martinis paid $930,000 for the home, or roughly $1.22 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2014, the Martinis paid $930,000 for the home, or roughly $1.22 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Martinis sold the home for $630,000 on Feb.19, or approximately $597,541 less than the original purchase price, in today's dollars.
The Martinis originally listed the home for $949,000 in August 2014. The home was taken on and off the market, and the price changed 12 times between 2014 and 2018. It was last listed in October 2018 for $699,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Martinis paid $200,509 in property taxes between 2005 and 2017, or 31.83 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 |
| $930,000 | $630,000 | $200,509 |
