Market Watch: Cynthia & Thomas Rau lose over $168,000 on sale of Geneva home
The home: 39W383 Weaver Lane, Geneva
The 2,460-square-foot home has 4 bedrooms, 4 baths, a 2-car garage, a 2-story foyer, Brazilian cherry hardwoods throughout, oak moldings, custom cabinetry, a stone fireplace, new air conditioning, new roof and a basement that includes a full bath. The home is near the 11th tee of a golf course with scenic views and has access to over 17 miles of hiking trails.
The seller: Cynthia J. & Thomas L. Rau
The purchase: In July 2006, the Raus paid $423,000 for the home, or roughly $528,390 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2006, the Raus paid $423,000 for the home, or roughly $528,390 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Raus sold the home for $360,000 on April 18, or approximately $168,390 less than the original purchase price, in today's dollars.
The Raus originally listed the home in October 2017 for $389,900, but lowered the price a month later to $385,000. In September and October 2018, they dropped the price again to $369,900 and $368,500, respectively. The price dropped again in February to $365,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Raus paid $51,490 in property taxes between 2013 and 2017, or about 14.3 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 |
| $423,000 | $360,000 | $51,490 |
