Market Watch: Peruvemba Satish & Rupa Sethu lose over $470,000 on the sale of their Winnetka home
The home: 1225 Pine St., Winnetka
The white colonial home has 5 bedrooms, 3.5 baths, an attached garage, custom moldings, white kitchen, family room with a fireplace, white kitchen, master suite with a dressing room, relaxing sitting room, butlers pantry with a wine fridge and is located in a great location on a large lot.
The seller: Peruvemba Satish & Rupa Sethu
The purchase: In June 2010, Satish and Sethu paid a little over $1.68 million for the home, or roughly $1.97 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2010, Satish and Sethu paid a little over $1.68 million for the home, or roughly $1.97 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Satish and Sethu sold the home for a little over $1.5 million on May 17, or approximately $473,470 less than the original purchase price, in today's dollars.
Satish and Sethu originally listed the home in April 2015 for a little over $1.99 million. They lowered the price twice in May 2015 to about $1.92 million and $1.87 million, respectively. In June 2015, they dropped the price again to a little over $1.79 million. In June 2016, they tried to rent the home for $7,995 per month. The home was last listed in February 2019 for a little over $1.53 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Satish and Sethu paid $276,455 in property taxes between 2010 and 2017, or 18.37 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 |
| $1,687,500 | $1,505,000 | $276,455 |
