Market Watch: Janice & Gary Richman lose over $1.47 million on the sale of their Winnetka home
The home: 932 Pine Tree Lane, Winnetka
The 8,800-square-foot home has 7 bedrooms, 9 baths, a 3-car garage, 4-levels of living, an immaculate bridal staircase in the entry, custom millwork throughout, large gourmet kitchen with high end appliances, giant kitchen island, sunroom, French patio doors, a bluestone patio, stone spa bath in the master suite and multiple entertainment rooms in the finished lower level.
The seller: Janice B. & Gary S. Richman
The purchase: In September 2006, the Richmans paid $2.9 million for the home, or roughly $3.65 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2006, the Richmans paid $2.9 million for the home, or roughly $3.65 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Richmans sold the home for $2.18 million on May 23, or approximately $1.47 million less than the original purchase price, in today's dollars.
The Richmans originally listed the home for a little over $2.69 million in February 2018. In April 2018, they lowered the price to an estimated $2.59 million. In May 2018, the price was dropped to a little over $2.49 million. The home was last listed in February, for a little more than $2.33 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Richmans paid $528,224 in property taxes between 2006 and 2017, or about 24.23 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 |
| $2,900,000 | $2,180,000 | $528,224 |
