Market Watch: John & Melissa Rotunno lose over $234,000 on sale of Chicago home
The home: 2709 N. Paulina St., Chicago
The 4,400-square-foot home has 5 bedrooms, 4 baths, a 2-car garage, 3 fireplaces, a . large den, high ceilings, a custom updated kitchen, cathedral ceilings in the master suite, large walk-in closets and a loft.
The seller: John & Melissa Rotunno
The purchase: In June 2010, the Rotunnos paid $1.26 million for the home, or almost $1.47 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2010, the Rotunnos paid $1.26 million for the home, or almost $1.47 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Rotunnos sold the home for a little over $1.23 million on April 2, or $234,476 less than the original purchase price, in today's dollars.
The Rotunnos originally listed the home for $1.33 million in August 2012. They lowered the price in April, May and July 2018 to $1.49 million, $1.39 million and $1.33 million, respectively. The home was last listed in August 2018 for $1.29 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, paid $169,557 in property taxes between 2010 and 2017, or about 13.73 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 |
| $1,260,000 | $1,235,000 | $169,557 |
