Market Watch: Elizabeth Hayano & Peter Jensen lose over $161,000 on sale of River Forest home
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.
The home: 555 Williams St., River Forest
Built in 1920, this home has been completely updated inside with stainless-steel appliances and modern fixtures throughout. It has three bedrooms and three baths.
The seller: Elizabeth Hayano and Peter Jensen
The purchase: In May 2005, Hayano and Jensen paid $665,000 for the home, or roughly $771,215 in today's dollars.
The sale: According to Zillow, Hayano and Jensen sold the home for $610,000 on Jan. 4, or $161,215 less than the original purchase price, in today's dollars.
Hayano and Jensen originally listed the home for $629,000 in October 2018. By November, the price had dropped down to $619,000.
The property taxes: Hayano and Jensen paid $127,881 in property taxes while owning the home or almost 21 percent of the sale price.