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Market Watch: Jill & Kevin Ripley lose over $39,000 on sale of Elmhurst home

The home: 687 S. Fairview Ave., Elmhurst

The 3,600-square-foot home has 5 bedrooms, 5 baths, 10-foot ceilings, hardwoods, a first-floor office, custom window treatments, Knotty Alder cabinetry, a gourmet kitchen, a finished basement, a fenced yard with a fountain and a fireplace.

The seller: Jill A. & Kevin L. Ripley

The purchase: In June 2012, the Ripleys paid $830,000 for the home, or roughly $924,292 in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In June 2012, the Ripleys paid $830,000 for the home, or roughly $924,292 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Ripleys sold the home for $885,000 on May 24, or approximately $39,292 less than the original purchase price, in today's dollars.

The Ripleys originally listed the home for $900,000 in March. They lowered the price in May to $885,000.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Ripleys paid $100,881 in property taxes between 2012 and 2017, or 11.4 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$830,000$885,000$100,881

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