Market Watch: David & Karen Rappaport lose over $235,000 on sale of Riverwoods home
The home: 2 Deepwood Trail, Riverwoods
The 5,555-square-foot home has 6 bedrooms, 5 baths, a 3-season room that leads to a pool, a hot tub, an upgraded gourmet kitchen, large rooms, finished basement, fireplace and vaulted ceilings.
The seller: David M. & Karen M. Rappaport
The purchase: In April 2011, the Rappaports paid $925,000 for the home, or roughly $1.04 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In April 2011, the Rappaports paid $925,000 for the home, or roughly $1.04 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Rappaports sold the home for $810,000 on March 22, or approximately $235,489 less than the original purchase price, in today's dollars.
The Rappaports originally listed the home in early June 2017 for about $1.12 million. By the end of the month, they lowered the price to $1.05 million. In July and October 2017, the price decreased to $997,000 and $990,000, respectively. In January 2018, the Rappaports dropped the price to $975,000. In March, June, July 2018, the price plummeted to $960,000, $949,000 and $939,000, respectively. It continued to dip in August, September and November 2018 to $920,000, $895,000 and $880,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, The Rappaports paid $142,376 in property taxes between 2011 and 2017, or about 17.58 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 |
| $925,000 | $810,000 | $142,376 |
