Market Watch: Jacqueline & Bruce Schinelli lose over $202,000 on sale of unique Park Ridge home
The home: 627 Parkwood Ave., Park Ridge
The 2,750-square-foot castle-like home has 5 bedrooms, 5 baths, a 2-car garage, hardwoods, multiple fireplaces, a gourmet kitchen, white cabinetry, large windows, a beautiful office, fully finished basement and lush backyard.
The seller: Jacqueline S. & Bruce G. Schinelli
The purchase: In November 2008, the Schinellis paid $850,000 for the home, or roughly $1.01 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2008, the Schinellis paid $850,000 for the home, or roughly $1.01 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Schinellis sold the home for $815,000 on April 5, or approximately $202,167 less than the original purchase price, in today's dollars.
The Schinellis listed the home in September 2018 for $839,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Schinellis paid $163,016 in property taxes between 2008 and 2017, or about 20 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 |
| $850,000 | $815,000 | $163,016 |
