Market Watch: Robert Happach & Arlene Pahhach lose over $64,803 on sale of Park Ridge home
The home: 101 Wilma Place, Park Ridge
The 2,460-square-foot home has 4 bedrooms, 3 baths, a 2-car garage, a recreation room and professional landscaping.
The seller: Robert E. Happach & Arlene L. Pahhach
The purchase: In May 2015, Happach and Pahhach paid $669,000 for the home, or roughly $715,128 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2015, Happach and Pahhach paid $669,000 for the home, or roughly $715,128 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Happach and Pahhach sold the home for $650,235 on March 18 or, approximately $64,803 less than the original purchase price, in today's dollars.
Happach and Pahhach originally listed the home for $740,000 in June 2018, but lowered the price to $699,000 a month later. In October and November 2018, they dropped the price to $679,000 and $669,000, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Happach and Pahhach paid $33,559 in property taxes between 2015 and 2017, or about 5.16 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 |
| $669,000 | $650,235 | $33,559 |
