Market Watch: Erika & Howard Goldstein lose over $413,000 on sale of Glencoe home
The home: 573 Grove St., Glencoe
The 5,212-square-foot home has 6 bedrooms, 5 baths, an immaculate kitchen with white quartz countertops, a subway tile backsplash, a 6-foot fireplace, a sunroom, master bath spa with marble floors, and a steam shower and tub. The home sits on a 0.42-acre lot that is entirely fenced in.
The seller: Erika L. & Howard A. Goldstein
The purchase: In November 2011, the Goldsteins paid $1.55 million for the home, or roughly $1.72 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2011, the Goldsteins paid $1.55 million for the home, or roughly $1.72 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Goldsteins sold the home for a little over $1.31 million on Jan. 18, or approximately $413,338 less than the original purchase price, in today's dollars.
The Goldsteins originally listed the home for $1.74 million in early February 2018, but lowered the price to $1.69 million by the end of the month. In April and May 2018, they dropped the price to $1.59 million and $1.49 million, respectively. In July 2018, they also tried to rent the home for $9,000 per month and dropped the sale price to $1.39 million. The home was last listed in September 2018 for $1.39 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Goldsteins paid $203,951 in property taxes between 2012 and 2017, or about 15.55 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 |
| $1,550,000 | $1,311,250 | $203,951 |
