Market Watch: Barbara & Rose Diakos lose over $791,000 on sale of Lincolnwood 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: 6532 N. Nokomis Ave., Lincolnwood
The 5,855-square-foot home has 5 bedrooms, 5.5 baths, a gorgeous backyard with a patio and three cozy fireplaces.
The seller: Barbara and Rose Diakos
The seller: Barbara and Rose Diakos
The purchase: In November 2007, the Diakos paid $1.75 million for the home, or roughly $2.09 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Diakos sold the home for $1.3 million on Jan. 2, or approximately $791,845 less than the original purchase price, in today's dollars.
The couple originally listed the home for $1.79 million in March 2018 and lowered to price to $1.69 million in May 2018. They dropped the price again in May to $1.59 million, and it was last listed in July 2018 at $1.39 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Diakos paid $213,445 in property taxes between 2007 and 2017, or an estimated 16 percent of the sale price.
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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 |
| $1,750,000 | $1,300,000 | $213,445 |
